Central Canada Foods Corporation: Record Sales For Second Quarter.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) had its best second quarter sales in its history as sales increased by more than 20% to $5,166,000 for the three months ended April 30 2004, up from $4,308,000 for the same period in 2003, for an increase of $858,000. This follows the Company's record sales in the first quarter, resulting in revenues for the first six months of the 2004 fiscal year of $11,518,000 from $8,145,000, an increase of 20% over 2003. These revenues were due to the Company's ongoing successful efforts to generate export sales, primarily in the Asia Pacific market, and customer acceptance of the Company's Choice Pak brand. A[paragraph]Market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" strategies and raw material price volatility led to an increase in the cost of meat products and labour from $3,612,000 in the second quarter of 2003 to $4,630,000 in 2004, an increase of $1,018,000. The cost of meat products and labour rose as a percentage of sales to 89.6% in the current period, from 83.8% for the same period in 2003. A[paragraph]For the three months ended April 30, 2004, the company's selling, general and administration expenses increased to $521,000 from $486,000 in the second quarter of 2003, an increase of only $35,000 or 7%, as a result of continuing higher costs for external cold storage and higher delivery and packaging costs. As a percentage of sales, selling, general and administration expenses fell sharply from 11.3 % to 10.1% of sales as management continues to monitor these expenses and gain economies of scale associated with certain fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). . Year to date, the company's selling, general and administration expenses increased to $1,074,000 in the six months of 2004, an increase of $188,000 or 21% from $886,000 in the same period in 2003. Selling, general and administration expenses declined, as a percentage of sales, from 10.9 % to 9.3% of sales. A[paragraph]As a result of increased sales, despite competitive pressure and the costs of external storage, the Company was able to generate a profit of $142,000 for the six months ended April 30, 2004 or $0.01 per share, a decline of $116,000 or 45% from the same period in previous fiscal year. A[paragraph]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, 2004 was $598,000, an increase of $162,000 from $436,000 at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. , October October: see month. 31, 2003, and was used to finance sales growth. Working capital increased from year-end by $85,000 to $ 754,000 at the end of the second quarter from $669,000, an increase of 13%. This increase was due to the profitability of the Company for the six months ended April 30, 2004.
The Company's financial statements are summarized as follows:
April 30, October 31,
2004 2003
$ $
Consolidated Balance Sheets
Current Assets 2,487,008 2,457,088
Capital Assets 267,822 270,744
Goodwill 554,753 554,753
Other non-current assets 1,000 15,415
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Total Assets 3,310,583 3,298,000
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Liabilities and Equity
Bank indebtedness 597,732 435,872
Other current liabilities 1,135174 1,351,934
Non-current liabilities 37,045 111,517
Share capital 1,592,369 1,592,369
Deficit (51,737) (204,584)
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Total Liabilities and Equity 3,310,583 3,298,000
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3 months ended 6 months ended
April 30 April 30
2004 2003 2004 2003
$ $ $ $
Consolidated Statements of Operations
Sales 5,166,445 4,308,388 11,518,246 8,145,484
Meat products and labour 4,630,076 3,612,355 10,202,584 6,833,194
Selling, general and
administration 521,430 486,167 1,074,474 886,208
Other Costs 14,294 83,430 99,233 167,980
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Income for the period 645 126,436 141,955 258,102
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Earnings per share
- basic and fully diluted $0.00 $0.01 $0.00 $0.02
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3 months ended 6 months ended
April 30 April 30
2004 2003 2004 2003
$ $ $ $
Consolidated Statements of Cash Flows
Cash (used in) operating
activities 35,002 336,498 (49,421) 161,950
Cash from financing activities (24,004) (331,181) 74,289 (144,114)
Cash (used in) provided by
investing activities (10,998) (5,317) (24,868) (17,836)
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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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A[paragraph]About Central Canada Foods Corporation A[paragraph]Central Canada Foods Corporation is a meat processing company that converts both 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 ("primal pri·mal adj. 1. Being first in time; original. 2. Of first or central importance; primary. pri·mal  i·ty n. meat cuts") and smaller cuts derived from the primal
cuts (sub primal meat cuts) and produces fresh boxed 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. 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 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. for shipment to its customers. A[paragraph]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 and in so doing, continues to build increased recognition for its "Choice Pak" brand. A[paragraph]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 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 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 "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, fluctuations in food commodity markets, 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. |
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