The Skor Food Group Q3-2010 Earnings Increase 123%


TORONTO, July 27 /CNW/ - The Skor Food Group Inc. (TSX.V: SKF)("SKOR"), a vertically integrated food service company, announced financial results for the third quarter of fiscal 2010.

Consolidated results for the third quarter and the year to date are as follows:

                       Three months ended May 31    Nine months ended May 31
                          2010          2009          2010          2009
    Revenue           $ 35,898,790  $ 35,966,383  $105,482,009  $105,173,319
    EBITDA* from
     operations       $    896,699  $    837,490  $  2,655,909  $  2,257,901
    Net Earnings      $    405,335  $    181,658  $  1,149,480  $     35,994
    EPS (basic)       $      0.015  $       0.01  $      0.045  $       0.00
    Shares (diluted)    25,894,320    25,880,670    25,884,037    26,007,215

*EBITDA is a non-GAAP measure - earnings before interest, tax, depreciation and amortization.

SKOR closed the quarter in a strong financial position with a working capital ratio of 1.95:1, working capital of $11,234,746 ($0.43 per share) and a conservative long term debt to equity ratio of 0.15:1.

"The past two years have been challenging for us but we are now on the move again" said Vince Capobianco, President and CEO. "SKOR is well positioned to service substantial new business with our existing infrastructure and has ample cash on hand and the financial flexibility to make accretive acquisitions."

A conference call to discuss the results will be held today:

Tuesday July 27, 2010 at 2:00 pm EST. The conference call can be accessed by dialing the following numbers:

Local: 416-644-3426, Toll free: 1-800-731-5319

SKOR, is an integrated, full service, midsized, wholesale food supplier to the food service and retail industries. SKOR services a wide range of multi location food service establishments, quick service restaurant chains, day care facilities, government institutions, independent food service operators, independent grocery stores as well as vending operators and convenience stores in Ontario.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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For further information: For further information: Vince Capobianco, President and CEO, 905-660-1212 ext 234,; John Lewis, Linear Capital Corp., (416)364-2266, Toll free 1-877-954-6327,

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