TSXV Symbol: CYF
EDMONTON, Feb. 4 /CNW/ - Canyon Creek Food Company Ltd., ("Canyon Creek") listed on the TSX Venture Exchange Inc. under the trading symbol "CYF" is pleased to announce its second quarter results. Listed below are some of the highlights.
Canyon Creek sales declined 25.3% in Q2 or $438,511 compared to Q2, 2010 ($ 1,293,805 Q2, 2010 vs. $1,732,316 Q2, 2009). This decrease in sales primarily relates to the launch of Organic and bulk soups a year ago in Q2.
The gross profit increased from 23.2% to 33.9 % during the second quarter, compared to Q2 in 2009. This increase is attributed to lower cost of ingredients and efficiencies at plant level. A tremendous effort by all employees has demonstrated how the organization is able to improve its overall position. The company will continue to focus on driving costs down and improving yields.
The net profit for the Q2, 2010 is $6,463 compared to the loss of $55,436 in Q2, 2009. This profit improvement of $61,899 is the result of great improvement in the gross margins as noted above. Terence Alty, President, states "We are pleased with the significant improvement of both gross profit margins and net profit in Q2. The improvement in our cost base is remarkable given the decline in sales. We believe that we will continue to make progress in the upcoming quarters as we focus on further development in the retail sector and co-packing for other food companies."
About Canyon Creek
Canyon Creek is a food processing company based in Edmonton, Alberta providing fresh soups and other prepared food products for today's health conscious consumer. The company provides its fresh food product line to both grocery retailers and a broad range of food service establishments such as restaurants and institutions throughout Canada.
This news release contains forward-looking statements which involve known and unknown risks, delays, and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward-looking statements.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.
SOURCE Canyon Creek Food Company Ltd.
For further information: For further information: Mr. Terry Alty, President and Director, Telephone: 1-888-217-1246. ext. 226