CYF Canyon Creek Food Company Ltd

EDMONTON, May 2 /CNW/ -- 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. SALES 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. GROSS PROFIT 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 yields. NET PROFIT 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 statements. The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/May2011/02/c8605.html p align="center" Mr. Terry Alty, President and Director /p p align="center" Telephone: 1-888-217-1246. Ext. 226 /p

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