CALGARY, Oct. 9 /CNW/ - Canyon Creek Food Company LTD ("Canyon Creek") a
food processing company listed in the TSX Venture Exchange under the trading
symbol "CYF" announces Fiscal 2007 annual results. Listed below are some of
the highlights of the year.
Canyon Creek sales declined by 13.8% in fiscal 2007. This drop in sales
can be primarily traced to the discontinuation of lower margin foodservice
customers which accounts for approximately $ 2.1 million reduction in sales
for this year or a 59% decline in the foodservice business. Conversely, the
retail business that Canyon Creek is focusing on grew 42%.
The gross profit declined from 12.4% to 10.0% and the net loss for the
year was $1,328,292 vs. $777,615 in fiscal 2006. This decline is attributed to
lower sales available to cover the fixed components of the cost of goods sold.
Canyon Creek will continue to primarily focus on building its presence in
the retail sector. It is the company's belief that this sector will offer the
greatest return on capital invested. Canyon Creek's business strategy is to
increase sales by expanding distribution of both private label and branded
product in new and existing markets with innovative food concepts, organic
capability and stronger brand positioning.
This news release contains forward-looking statements which involve known
and unknown risks, delays and uncertainties not under Canyon Creek's control
which may cause actual results, performance or achievements of Canyon Creek to
be materially different from the results, performance or expectations implied
by these forward-looking statements.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in any jurisdiction. The securities
offered have not and will not be registered under the United States Securities
Act of 1933, as amended, or any state securities laws and may not be offered
or sold in the United States absent registration or an applicable exemption
from the registration requirement.
The TSX Venture Exchange has neither approved nor disapproved of the
contents of the press release.
For further information:
For further information: Mr. Terry Alty, President and Director,
Telephone: 1-888-217-1246 Ext. 222