The Skor Food Group Q3-2010 Earnings Increase 123%
27 Juli 2010 - 1:45PM
PR Newswire (Canada)
TORONTO, July 27 /CNW/ -- CONFERENCE CALL TODAY - 2:00 P.M.
TORONTO, July 27 /CNW/ - The Skor Food Group Inc. (TSX.V:
SKF)("SKOR"), a vertically integrated food service company,
announced financial results for the third quarter of fiscal 2010.
Consolidated results for the third quarter and the year to date are
as follows:
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Three months ended May 31 Nine months ended May 31
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2010 2009 2010 2009
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Revenue $ 35,898,790 $ 35,966,383 $105,482,009 $105,173,319
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EBITDA* from continuing operations $ 896,699 $ 837,490 $ 2,655,909
$ 2,257,901
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Net Earnings $ 405,335 $ 181,658 $ 1,149,480 $ 35,994
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EPS (basic) $ 0.015 $ 0.01 $ 0.045 $ 0.00
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Shares (diluted) 25,894,320 25,880,670 25,884,037 26,007,215
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*EBITDA is a non-GAAP measure - earnings before interest, tax,
depreciation and amortization. SKOR closed the quarter in a strong
financial position with a working capital ratio of 1.95:1, working
capital of $11,234,746 ($0.43 per share) and a conservative long
term debt to equity ratio of 0.15:1. "The past two years have been
challenging for us but we are now on the move again" said Vince
Capobianco, President and CEO. "SKOR is well positioned to service
substantial new business with our existing infrastructure and has
ample cash on hand and the financial flexibility to make accretive
acquisitions." A conference call to discuss the results will be
held today: Tuesday July 27, 2010 at 2:00 pm EST. The conference
call can be accessed by dialing the following numbers: Local:
416-644-3426, Toll free: 1-800-731-5319 SKOR, is an integrated,
full service, midsized, wholesale food supplier to the food service
and retail industries. SKOR services a wide range of multi location
food service establishments, quick service restaurant chains, day
care facilities, government institutions, independent food service
operators, independent grocery stores as well as vending operators
and convenience stores in Ontario. The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or
accuracy of this release. %SEDAR: 00007944E Vince Capobianco,
President and CEO, 905-660-1212 ext 234, vincec@skorfoodgroup.com;
John Lewis, Linear Capital Corp., (416)364-2266, Toll free
1-877-954-6327, jrlewis@linearcapital.com
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