Skor Food Group reports Q1 - 2008 financial results



    TORONTO, Jan. 30 /CNW/ - The Skor Food Group Inc. (TSX.V: SKF) ("SKOR"),
a rapidly growing, fully vertically integrated food service company announced
positive earnings for the three month period ended November 30, 2007.
    For the quarter, consolidated revenue was $42,696,171 compared to
$44,922,571 the prior year. Gross profit margins increased to 15.4% of
revenue, an absolute increase of 3.7% over the prior year. Net earnings after
income taxes were $446,012 versus $479,461 the prior year. Earnings per share
remained constant at $0.02 per share.

    
                                                  Three months ended Nov. 30
                                                       2007             2006

    Revenue                                    $ 42,696,137     $ 44,922,571
    Earnings before tax                        $    602,071     $    688,041
    Net Earnings                               $    446,012     $    479,461
    EPS (basic)                                $       0.02     $       0.02
    Shares (basic)                               26,142,670       25,703,340
    

    SKOR ended the quarter in a strong financial position with working
capital of $10,539,562 ($0.40/share), shareholders' equity of $17,248,745
($0.66/share) and a debt to equity ratio of 0.20:1.
    "As part of our effort to improve earnings, we are aggressively focused
on improving sales, gross margins and profitability," said Vince Capobianco,
President and CEO. "I am excited by SKOR'S prospects going forward as our
streamlining efforts in all divisions are expected to generate improved
financial results, strengthened balance sheet and ultimately increased
shareholder value."
    SKOR announces that Linear Capital Corp has been granted a total of
100,000 share options effective January 29, 2008, having an exercise price of
$0.45, expiring July 28, 2010.
    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.

    Conference Call:
    ----------------
    You are invited to attend a conference call on Wednesday, January 30,
2008 at 3 pm Eastern Standard Time to review the Q1 2008 financials and
receive a corporate update. The dial-in numbers are 416-644-3417 in Toronto,
or Toll Free 1-800-732-6179. Callers should request the Skor Food Group
Conference call.

    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: Mr. Vince Capobianco, President & CEO, (905)
660-1212 ext 234, vincec@skorfoodgroup.com; John Lewis, Linear Capital Corp.,
(416) 364-2266, toll free 1-877-600-6001, jrlewis@linearcapital.com

Organization Profile

THE SKOR FOOD GROUP INC.

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