CYF Canyon Creek Food Company Ltd

CALGARY, Oct. 19 /CNW/ -- TSXV Symbol: CYF CALGARY, Oct. 19 /CNW/ - Canyon Creek Food Company Ltd. ("Canyon Creek") listed on the TSX Venture Exchange Inc. under the trading symbol "CYF" announces fiscal 2010 annual results. Listed below are some of the highlights. SALES Canyon Creek sales decreased 25.2% in fiscal 2010 compared to the fiscal year ended May 31, 2009. This decrease in sales primarily relates to further decline with our retail business. The retail customer took a price increase which adversely impacted sales.  This customer has worked on improving their sales through a variety of pricing and promotional tactics throughout the year and we should see the positive results by Q2 of fiscal 2011.  The Company continues to focus on building sales through this customer, along with others and has secured a short term co-packing arrangement with the opportunity for both parties to extend it. GROSS PROFIT The gross profits increased from 16.5% to 27.1% during the fiscal year ended May 31, 2010, compared to the fiscal year ended May 31, 2009. This increase is attributed to lower cost of ingredients, efficiencies at plant level, and improving product yields. NET LOSS The net loss for the year ended May 31, 2010 decreased by $402,859 compared to the fiscal year ended May 31, 2009. This improvement in net loss is driven by the significant increase in gross profit margins. The net loss for the year ended May 31, 2010 was $648,484. About Canyon Creek Canyon Creek is a food processing company based in Calgary and 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 or disapproved of the contents of this press release. %SEDAR: 00004242E To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/October2010/19/c3768.html p/p p align="center"Mr. Terry Alty, President and Director/p p align="center"Telephone: 1-888-217-1246. ext. 222/p

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