SKOR Food Group reports 2007 financial results



    TORONTO, Dec. 28 /CNW/ - The Skor Food Group Inc. (TSX.V: SKF)("SKOR"), a
rapidly growing, fully integrated food service company announced results for
the 2007 fiscal year ended August 31, 2007.

    
    Fiscal year ended August 31                         2007            2006

    Revenue                                    $ 180,160,588   $ 154,054,467
    Earnings/(Loss) before one time costs      $     (87,199)  $   3,089,280
    Net Income/(Loss)                          $    (205,582)  $   1,728,947
    EPS (basic)                                $       (0.00)  $        0.08
    Shares outstanding (basic)                    25,716,821      21,614,286
    

    EBITDA decreased to $1,375,582 from $4,301,497 one year ago. EBITDA was
$0.05 per share in the current year.
    SKOR enters fiscal 2008 in a strong financial position with working
capital of $7.8 million ($0.31/ share) and a debt to equity ratio of 0.22:1.
    "The 2007 financial results were well below management's expectations,
however, management has been taking the necessary steps to deal with the
issues affecting the business over the past year," commented Vince Capobianco,
President and CEO. "We have implemented changes in the operations and
management at Skor Food Service to increase sales and improve the overall
efficiencies of the operations. Skor Cash and Carry has established and
implemented a specific plan of action to profitably grow and diversify the
customer base of the business and we have also identified and are finalizing
opportunities to grow and consolidate operations at Skor Culinary Concepts
manufacturing division. With these changes, we feel that SKOR is on the right
track to once again deliver the financial results that management and our
shareholders expect."

    SKOR, through its operating divisions Skor Food Service, Skor Culinary
Concepts and Skor Cash and Carry is a fully vertically integrated, full
service, mid sized, wholesale food supplier to the food service and retail
industries. The products sold include frozen goods, refrigerated products,
canned goods, paper and plastic products as well as dry goods including
tobacco and confectionary items. SKOR services a wide range of multi location
food service establishments, Quick Service Restaurant chains, day care
facilities, government institutions, independent food service operators,
independent grocery stores as well as vending operators and convenience stores
in Ontario.

    SKOR announces that the Directors of the corporation were collectively
granted a total of 300,000 share options on Dec. 28/07 having an exercise
price of $0.45, expiring on Dec. 27/10.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

    %SEDAR: 00007944E




For further information:

For further information: you may call: Vince Capobianco, President and
CEO, (905) 660-1212 ext 234, vincec@skorfoodgroup.com; John Lewis, Linear
Capital Corp., (416) 364-2266, or toll free 1-877-600-6001,
jrlewis@linearcapital.com

Organization Profile

THE SKOR FOOD GROUP INC.

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