Canyon Creek Food Company Ltd. Announces Fiscal 2010 Q1 Results
TSXV Symbol: CYF
- Sales Sales declined in Q1 vs. previous year by $411,113 or 35% ($760,220 compared to $1,171,333 in the prior year). This decrease in sales can be traced to softness within the retail business and a discontinuation of a co-packing arrangement with a larger food manufacture. - Gross Profit The gross profit margins declined for Q1 fiscal 2010 vs. Q1 fiscal 2009 (12.8 % vs.15.0% 1st quarter year ago). The gross profit declined from $175,797 to $97,346. This can be attributed to lower revenue to cover the fixed cost portion of operating costs. - Net Loss The net loss for Q1 is $296,352. This compares to a $196,288 net loss in Q1 previous year. This again is driven by the decline in revenue for the quarter. Canyon Creek continues to work on driving efficiencies and has continued to reduce its staffing requirements.
Canyon Creek is a food processing company based in
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 the securities in any jurisdiction. The securities offered have not and will not be registered under the
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.
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For further information: Mr. Terry Alty, President and Director, Telephone: 1-888-217-1246. Ext. 222
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