Central Canada Foods Corporation: Record Sales Mean Higher Profits in First Quarter.MISSISSAUGA, Ontario For the First Nation, see . Mississauga (pronounced: [ˌmɪsɪˈsɑgə] listen -- For the first quarter ended January 31, 2006, 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 the highest quarterly sales in its history of $7.3 million, an increase of more than 75% from $4.1 million in 2005 (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 in the quarter were $195,000, up $118,000 from $77,000 in the first quarter of fiscal 2005. The Company's increased capacity allowed it to fill demand in the Asia Pacific and domestic markets as demand continues to be strong, particularly for the Company's Choice Pak brand. In the quarter, the company has doubled plant throughput The speed with which a computer processes data. It is a combination of internal processing speed, peripheral speeds (I/O) and the efficiency of the operating system and other system software all working together. 1. over the same period in 2005. Industry wide pressure on raw material prices led to an increase in the cost of meat products and labour expense as a percentage of sales to 87% in the first quarter of fiscal 2004 as compared to 83% in the same period last fiscal year. The company's selling, general and administration expenses increased 16.6% to $657,000 in the first quarter of 2006, an increase of $94,000 from $564,000 in the first quarter of 2005 as a result of the increase in the cost of operating the new plant that is more than twice as large as the plant that it replaced. As a percentage of sales, these expenses were 9% of sales versus 13% in the same period in 2005, as the benefits of the economies of scale begin to be realized. The Timberlea plant is already producing about 100% more products by weight than the old plant. 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 January 31, 2005 was $1, 214,000 up $34,000 from $1,181,000 at year end, October 31, 2005, and up $143,000 as compared to the same period in 2005. The Company's operating line of credit was used to finance sales and inventory. The Company's financial statements (in Canadian funds) are summarized as follows:
January 31, October 31,
2006 2005
C$ C$
Consolidated Balance Sheet
Current Assets $3,410,704 $3,126,183
Capital Assets 1,289,314 1,266,913
Goodwill 554,753 554,753
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Total Assets $5,254,771 $4,947,849
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Liabilities and Equity
Bank indebtedness $1,214,385 $1,180,568
Other current liabilities 1,890,828 1,788,548
Non-current liabilities 367,211 391,724
Share capital 1,952,369 1,952,369
Retained Earnings(Deficit) (170,022) (365,360)
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Total Liabilities and Equity $5,254,771 $4,947,849
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3 months ended January 31
2006 2005
C$ C$
Consolidated Statements
of Operations
Sales $7,297,704 $4,132,099
Meat products and labour 6,373,448 3,418,078
Selling, general and
administration 657,295 563,603
Other Costs
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Income for the period 195,338 $77,270
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Earnings per share -
basic and fully diluted $0.01 $0.01
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3 months ended January 31
2006 2005
C$ C$
Consolidated Statements of Cash Flows
Cash (used in) operating activities $ 21,202 $ 301,237
Cash from financing activities 9,304 (104,454)
Cash (used in) provided by investing
activities (30,506) (196,783)
-------------------------
(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 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 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 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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