Central Canada Foods Corporation: Higher Sales Generate Profits In Second Quarter.MISSISSAUGA, Ontario For the First Nation, see .Mississauga (pronounced: [ˌmɪsɪˈsɑgə] listen -- For the second quarter ended April 30, 2005, 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) earned profits of $35,000, an increase of $34,000 from the same period in fiscal 2004 (All amounts in 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. funds). Earnings before interest, taxes and amortization were $92,000 in this period, up $64,000 from $28,000 for the same period in 2004. Sales for the quarter increased by 3% to $5,318,000 from $5,166,000 for the same period in 2004, an increase of $152,000. The increase in sales was due to higher export sales primarily in the Asia Pacific market. Nonetheless, the Company's 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. sales growth into Japan stalled stall 1 n. 1. A compartment for one domestic animal in a barn or shed. 2. a. A booth, cubicle, or stand used by a vendor, as at a market. b. in the later part of the second quarter, which carried over into the third quarter, due to import tax evasion The process whereby a person, through commission of Fraud, unlawfully pays less tax than the law mandates. Tax evasion is a criminal offense under federal and state statutes. A person who is convicted is subject to a prison sentence, a fine, or both. charges filed against Japanese importers. Management expects Japanese pork sales to recover by the fourth quarter of fiscal 2005. Year to date, the Company's sales declined 18% to $9,400,000 from $11,518,000, due to a drop in sales in the first quarter attributed to lower unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. prices which was offset by a corresponding reduction in the raw material prices, and reduced sales of lower margin products. Lower raw material costs and increased productivity in the Timberlea plant resulted in the decrease in meat products and labour as a percentage of sales to 86.1% in the current period, from 89.6% for the same period in 2004. Year to date, for the six months ended April 30,2005, as a percentage of sales, the cost meat products and labour improved to 84.6% of sales from 88.6% for the same period in 2004. For the quarter ended April 30, 2005, the Company's selling, general and administration expenses increased by $141,000 from $508,000 in the second quarter of 2004 to $649,000, an increase of 28%, as a result of increased administration costs associated with moving to a new plant and higher inventory levels due to increased plant productivity which lead to higher external storage costs. The company's bank indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. as at April 30, 2005 was $1,418,000, an increase of $245,000 from $1,173,000 at year-end, October 31, 2004 as funds were used to finance sales and inventory. Inventory increased from $965,000 at year end to $1,812,000 as at April 30, 2005, an increase of $847,000 as productivity increased in the new Timberlea plant. The Company's financial statements (in Canadian funds) are summarized as follows:
April 30, October 31,
2005 2004
C$ C$
Consolidated Balance Sheet
Current Assets 3,333,353 2,535,458
Capital Assets 815,751 589,039
Goodwill 554,753 554,753
Other non-current assets 250 500
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Total Assets 4,704,107 3,679,750
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Liabilities and Equity
Bank indebtedness 1,418,239 1,173,280
Other current liabilities 1,232,600 847,045
Non-current liabilities 28,147 31,801
Share capital 1,952,369 1,667,249
Retained Earnings (Deficit) 72,752 (39,625)
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Total Liabilities and Equity 4,704,107 3,679,750
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3 months ended 6 months ended
April 30, April 30,
2005 2004 2005 2004
C$ C$ C$ C$
Consolidated Statements
of Operations
Sales 5,317,986 5,166,445 9,450,085 11,518,246
Meat products and labour 4,577,381 4,630,076 7,995,459 10,202,584
Selling, general and
administration 648,779 508,179 1,212,382 1,041,467
Interest 19,610 13,251 34,817 33,007
Amortization 20,205 14,282 38,239 28,290
Taxes 16,904 12 56,811 70,943
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Income for the period 35,107 645 112,377 141,955
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Earnings per share -
basic and fully diluted $0.00 $0.00 $0.01 $0.01
3 months ended 6 months ended
April 30, April 30,
2005 2004 2005 2004
C$ C$ C$ C$
Consolidated Statements of
Cash Flows
Cash (used in) operating
activities (559,831) 35,002 (258,594) (49,421)
Cash from financing
activities 627,321 (24,004) 522,867 74,289
Cash (used in) provided by
investing activities (67,490) (10,998) (264,273) (24,868)
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(Decrease) increase in cash
and cash equivalents - - - -
Cash and cash
equivalents-beginning
of period - - - -
------------------------------------------
Cash and cash
equivalents-end of
period - - - -
------------------------------------------
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About Central Canada Foods Corporation Central Canada Foods Corporation (CCFC CCFC Campaign for a Commercial-Free Childhood (formerly Stop Commercial Exploitation of Children) CCFC Crohn's and Colitis Foundation of Canada CCFC Coventry City Football Club CCFC California Cut Flower Commission ) is a federally inspected, HACCP HACCP hazard analysis critical control points. approved, meat processing company that converts wholesale cuts from a hog carcass carcass, carcase 1. the body of an animal killed for meat. The head, the legs below the knees and hocks, the tail, the skin and most of the viscera are removed. The kidneys are left in and in most instances the body is split down the middle through the sternum and the vertebral or "primal pri·mal adj. 1. Being first in time; original. 2. Of first or central importance; primary. pri·mal  i·ty n. meat cut" and converts smaller
cuts derived from the primal cuts or "sub primal meat cuts"
into fresh-boxed pork and case ready products, hams and boneless Bone´lessa. 1. Without bones. Adj. 1. boneless - being without a bone or bones; "jellyfish are boneless" picnic 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. for shipment to its customers. CCFC's products are marketed and sold to Canadian national and regional grocery chains, as well as in the Asian-Pacific market and other international markets. The Toronto Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release. 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 terminology such as "may", "will", "expect", "anticipate", "estimate", "predict", "plans", or "continues" 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, 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. Central Canada Foods Corporation (TSX VENTURE:CDF.A) |
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