TSXV Symbol: CYF
EDMONTON, May 2 /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 third quarter results. Listed below are some
of the highlights.
Canyon Creek sales declined 15.2% in Q3, 2011 or $172,256 compared to
Q3, 2010 ($963,608 Q3, 2011 vs. $1,135,864 Q3, 2010). This decrease in
sales traces to a softer consumer off take in the retail segment.
The gross profit margin for the quarter ending February 28, 2011
remained steady at 32%. Gross profit margin YTD is 31% vs. 28% year
ago. This is the result of continued focus on reducing the ingredient
costs and labor reductions, while looking at ways to increase product
The net loss for Q3, 2011 is $109,881 compared to a loss of $71,877 in
Q3, 2010. This loss is attributable to higher repair and maintenance
cost, an increase in Quality assurance along with a Retail
Merchandising Fee. Terence Alty, President, states "Though we continue
to be pleased about our improvements on an operational basis, we are
disappointed with the performance on the revenue side of the equation.
We continue to focus now on increasing our top line through innovative
product offerings that we believe have wide consumer appeal and will
attract both retailers and food service operators."
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
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:
Mr. Terry Alty, President and Director
Telephone: 1-888-217-1246. Ext. 226