Central Canada Foods Corporation: Record Sales In Third 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) generated record sales of $7,054,000 for the third quarter ended July July: see month. 31, 2005, up from $5,369,000 for the same period in 2004, an increase of $1,685,000. Third Quarter revenues were up by more than $1.7 million from the second quarter of 2005, due to higher sales to domestic retailers which offset anticipated slower growth in export sales in the Asia Pacific market. Year to date, the Company's sales declined 2% to $16,504,000 from $16,887,000, due to a drop in sales in the first quarter of 2005 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. For the 3 months ended July 31, 2005, the Company generated earnings before interest, taxes and amortization of $120,000 in this period, up $60,000 for the same period in 2004. The Company earned a profit of $31,000 ($0.00 per share), a decline of $16,000 from the same period in fiscal 2004 when the Company earned $47,000 ($0.00 per share) due to higher interest and income taxes. Year to date, the Company generated earnings before interest, taxes and amortization $362,000 in the first nine months of 2005, up from $335,000 in 2004, The Company was able to generate a net profit of $144,000 ($0.01 per share), a decline of $45,000 or 24% over the same period in previous fiscal year when the Company earned $189,000 ($0.01 per share), due to higher taxes, interest and amortization costs. In the third quarter, the cost of meat products and labour increased by $1,401,000 to $6,289,000 from $4,889,000 in 2004 due to increased sales. Lower raw material costs and increased productivity in the new Timberlea plant resulted in the decrease in meat products and labour as a percentage of sales to 89.2% in the current period, from 91.0% for the same period in 2004, despite industry wide higher costs of raw material in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . Year to date, lower sales resulted in lower cost of meat and labour for the period which fell $806,000 to $14,284,000 from $15,090,000 in the first nine months of fiscal 2004. As a percentage of sales, the cost meat products and labour improved to 86.6% of sales from 89.4% for the same period in 2004, reflecting improved productivity in the new plant. Although the company's selling, general and administration expenses increased this quarter by $225,000 from $420,000 in the third quarter of 2004 to $645,000, as a percentage of sales, these expenses declined from 12.2% in the second quarter and are down from 14% in the first quarter of 2005. 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 $1,498,000, an increase of $325,000 from $1,173,000 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, 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 $685,000 as productivity increased in the new Timberlea plant. During the quarter, stock options that were granted at an exercise price of $0.45 per share were re-priced to $0.48 per share. The Company's financial statements (in Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. funds) are summarized as follows:
July 31, October 31,
2005 2004
C$ C$
Consolidated Balance Sheet
Current Assets 3,551,713 2,535,458
Capital Assets 813,333 589,039
Goodwill 554,753 554,753
Other non-current assets 125 500
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Total Assets 4,919,924 3,679,750
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Liabilities and Equity
Bank indebtedness 1,498,027 1,173,280
Other current liabilities 1,340,957 847,045
Non-current liabilities 24,664 31,801
Share capital 1,952,369 1,667,249
Retained Earnings (Deficit) 103,907 (39,625)
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Total Liabilities and Equity 4,919,924 3,679,750
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3 months ended 9 months ended
July 31, July 31,
2005 2004 2005 2004
C$ C$ C$ C$
Consolidated Statements of
Operations
Sales 7,053,681 5,368,610 16,503,766 16,886,856
Meat products and labour 6,288,691 4,887,889 14,284,150 15,090,473
Selling, general and
administration 645,085 420,405 1,857,467 1,461,872
Interest 31,088 3,960 65,905 36,967
Amortization 19,843 14,846 58,082 43,136
Taxes 37,819 (5,426) 94,630 65,517
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Income for the period 31,155 46,936 143,532 188,891
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Earnings per share - basic
and fully diluted $0.00 $0.00 $0.01 $0.01
3 months ended 9 months ended
July 31, July 31,
2005 2004 2005 2004
C$ C$ C$ C$
Consolidated Statements of
Cash Flows
Cash (used in) operating
activities (58,736) (68,270) (343,900) (117,690)
Cash from financing
activities 76,034 87,527 598,901 161,816
Cash (used in) provided by
investing activities (17,298) (19,257) (281,571) (44,126)
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(Decrease) increase in
cash and cash equivalents - - - -
Cash and cash
equivalents-beginning of
period - - - -
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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 and smaller 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 and smaller cuts into 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´less a. 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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