Central's Sales, Production Output Increase in 2005.MISSISSAUGA, Ontario For the First Nation, see . Mississauga (pronounced: [ˌmɪsɪˈsɑgə] listen -- Central Canada Central Canada (sometimes the Central provinces) is a region comprised of Canada's two largest and most populous provinces: Ontario and Quebec. Central Canada, with the four Atlantic provinces, form Eastern Canada. Foods Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:CDF (1) (Central Distribution Frame) A connecting unit (typically a hub) that acts as a central distribution point to all the nodes in a zone or domain. See MDF. .A) increased sales for the fifth consecutive year with annual revenues increasing $22.4 million. Productivity gains in the new Timberlea plant helped cushion Cushion In the context of project financing, the extra amount of net cash flow remaining after expected debt service. cushion See call protection. the effects of industry wide pressures that resulted in lower pork pork, flesh of swine prepared as food, one of the principal commodities of the meatpacking industry. Pork has long been a staple food in most of the world, although religious taboos have limited its use, especially among Jews and Muslims. prices and reduced margins. The ability of the Timberlea plant to increase production allowed the Company to maintain sales and margins at 2004 levels and thus reduce the negative impact of the lower prices on the bottom line. During the year, pork prices and processor margins were well below the five year average according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. industry reports. As a result of this industry wide downward pressure on pork prices, the Company generated a loss of $199,458 before interest taxes and amortization, a drop of $538,912 from 2004. Earnings per share declined from $0.01 in 2004 to a loss per share of $0.02 in 2005, reflecting the drop in net profits from $154,067 in 2004 to a loss of $325,735. Throughout 2005, demand for the Company's products increased, which allowed the Company to increase production to offset lower market prices for pork products. Management has successfully increased its customer base and increased sales to existing customers, and by October October: see month. 2005, the Company was processing its products at a rate more than 50% greater than at the same time in 2004. Despite the pressures on raw material costs, increased productivity in the Timberlea plant resulted in a slight increase in the cost of meat products and labour. These costs rose slightly in fiscal 2005 as a percent of sales to 89.7% from to 89.5% in 2004, or an increase of $360,000 to $20,123,000 in 2005 from $19,763,000 in 2004. The company's selling and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. and expenses increased 26% from $1,987,000 in 2004 to $2,502,000 in 2005. As a percentage of sales, these costs increased to 11% from 9% in 2005 as compared to 2004. The increase in these costs is due to the higher overheads associated with the new plant, and the costs of carrying two plants for part of the year. Nonetheless, tonnage TONNAGE, mar. law. The capacity of a ship or vessel. 2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. produced and sold during 2005 was more than 40% greater than 2004. Options to purchase 1,000,000 common shares at $0.48 per share were granted during the year.
The Company's annual financial statements are summarized as follows:
October 31
2005 2004
Consolidated Balance Sheets ($'000)
Current Assets 3,126,183 2,535,458
Capital Assets 1,266,913 589,039
Goodwill 554,753 554,753
Other non-current assets - 500
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Total Assets 4,947,849 3,679,750
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Liabilities and Equity
Bank indebtedness 1,180,568 1,173,280
Other current liabilities 1,788,548 847,045
Non-current liabilities 391,724 31,801
Share capital 1,952,369 1,667,249
Deficit (365,360) (39,625)
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Total Liabilities and Equity 4,947,849 3,679,750
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Year ended
October 31
2005 2004
Consolidated Statements of Operations
($'000 except per share amounts)
Sales 22,462,012 22,090,400
Meat products and labour 20,123,120 19,763,219
Selling, general and administration 2,502,350 1,987,727
Other Costs 162,277 185,387
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Income (Loss) for the period 325,735 154,067
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Earnings (Loss) per share - basic
and fully diluted $(0.02) $0.01
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Year ended
October 31
2005 2004
Consolidated Statements of Cash Flows
($'000)
Cash (used in) operating activities 122,704 (451,092)
Cash (used in) by financing activities 663,908 720,995
Cash provided by investing activities (786,612) (269,903)
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(Decrease) increase in cash and
cash equivalents - -
Cash and cash equivalents-beginning
of year - -
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Cash and cash equivalents-end of year - -
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About Central Canada Foods Corporation Central Canada Foods Corporation is a meat processing company that converts both wholesale pork cuts and produces fresh boxed pork and case ready products, hams and boneless Bone´less a. 1. Without bones. Adj. 1. boneless - being without a bone or bones; "jellyfish are boneless" picnic and loins loin n. 1. The part of the body of a human or quadruped on either side of the backbone and between the ribs and hips. 2. . The Company's products are marketed and sold to Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. national and regional grocery chains. In addition, the Company uses international food brokers to sell its products abroad, primarily into the Asian Pacific market. This News Release may contain certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , which statements can be identified by the use of forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. terminology such as "may", "will", "expect", "anticipate", "estimate", "predict", "plans", or "continue" or the negative thereof or any other variations thereon there·on adv. 1. On or upon this, that, or it. 2. Archaic Following that immediately; thereupon. Adv. 1. thereon - on that; "text and commentary thereon" on it, on that or comparable terminology referring to future events or results. Forward looking statements are statements about the future and are inherently uncertain, and the Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous factors, including without limitation, the need for regulatory approval, marketing/manufacturing and partnership/strategic alliance risks, the effect of competition, disease, uncertainty of the size and existence of a market opportunity for the Company's products, as well as a description of other risks and uncertainties affecting the Company and its business, as contained in news releases and filings with the Canadian Securities Regulatory Authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities , any of which could cause actual results to vary materially from current results or the Company's anticipated future results. Forward-looking statements are based on the beliefs, opinions and expectations of the Company's management at the time they are made, and the Company does not assume any obligation to update its forward-looking statement if those beliefs, opinions or expectations, or other circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or should change. The Toronto Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this New s Release. Central Canada Foods Corporation (TSX VENTURE:CDF.A) |
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