TORONTO, April 30 /CNW/ - The Skor Food Group Inc. (TSX.V: SKF)("SKOR"),
a fully vertically integrated food service company announced financial results
for the second quarter of fiscal 2009.
Consolidated results for the second quarter and the year to date:
Six months ended Feb. 29 Three months ended Feb. 29
2009 2008 2009 2008
Revenue $ 69,828,262 $ 73,559,059 $ 32,825,083 $ 34,692,486
operations) $ 1,433,381 $ 1,483,673 $ 524,309 $ 522,189
Net Earnings $ (145,664) $ 477,275 $ (299,023) $ 31,263
EPS (basic) $ (0.00) $ 0.02 $ (0.01) $ 0.00
Shares (diluted) 26,113,868 26,177,606 25,994,848 26,148,670
(*) EBITDA is a non-GAAP measure - earnings before interest, tax,
depreciation and amortization.
The Company ended the quarter in a strong financial position with working
capital of $7,546,464 and a conservative long term debt to equity ratio of
Revenue in the Company's core food service distribution business
increased for the quarter and it remains strong and profitable. Manufacturing
and cash and carry revenues have been negatively impacted by the downturn in
the economy. However, since quarter end, these operations have experienced a
stabilization of their revenue base. Manufacturing is also aggressively
pursuing new business opportunities and is completing the process required to
obtain its HACCP certification that will positively impact business volumes.
Due to challenging operating environments the company has added two additional
cash and carry locations to discontinued operations.
"The second quarter is typically the Company's weakest, but this year it
was dramatically exacerbated by the general economic downturn, especially in
the manufacturing sector," said Vince Capobianco, President and CEO.
"Subsequent to the quarter we have seen some stability in the local economy
and when combined with the traditional seasonal increase in Skor's business in
South-Central Ontario, we expect that sequential consolidated revenue will
increase in the third and fourth quarter."
SKOR is a vertically integrated, full service, wholesale food supplier to
Ontario's food service and independent retail industries.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Vince Capobianco, President and CEO, (905)
660-1212 ext 234, firstname.lastname@example.org; John Lewis, Linear Capital Corp.,
(416) 364-2266, email@example.com