Skor Food Group Reports 2009 Annual Financial Results

TORONTO , Dec. 24 /CNW/ - The Skor Food Group Inc. (TSX.V: SKF)("SKOR"), a fully integrated food service company announced results for the 2009 fiscal year ended August 31, 2009 .

    
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    Fiscal year ended August 31                  2009              2008
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    Revenue                                $  143,760,405    $  144,046,464
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    Gross Profit                           $   23,166,688    $   23,372,368
    EBITDA* - (excluding discontinued
     operations)                           $    2,893,946    $    3,610,677
    EBITDA* - (including discontinued
     operations)                           $    2,053,869    $    2,388,687
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    Earnings from continuing operations -
     before one time charges and taxes     $    1,548,100    $    2,006,187
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    Net Earnings/(Loss) from continuing
     operations                            $     (305,232)   $    1,828,410
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    Net Earnings/(Loss) - including one
     time charges and discontinued
     operations                            $   (1,891,030)   $      439,919
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    EPS (basic) (xx)                       $        (0.07)   $         0.02
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    Shares outstanding (basic)                 25,968,933        26,151,394
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    * EBITDA - This is a non-GAAP measure - earnings before interest, tax,
        depreciation and amortization.
    (xx)Non-cash, one time charges associated with goodwill / intangibles
        impairment and non-cash charges associated with discontinued
        operations were a total of $1,911,199. ($0.07/share).
    

SKOR enters fiscal 2010 in a strong financial position with cash and cash equivalents of $3,282,438 and working capital of $7,574,472 .

"The 2009 fiscal year was challenging in the manufacturing and wholesale food business however our core food service business was strong, with organic growth in excess of 6 %," commented Vince Capobianco , President and CEO. "As reflected in this years financials, management closed all under performing Wholesale Marketplace units and took all necessary provisions and write downs where required in both the wholesale and manufacturing businesses. These measures along with a 'back to basics' focus on growth and earnings will ensure the Company is well positioned to increase shareholder value."

SKOR, is a vertically integrated, full service, wholesale food supplier to Ontario's food service and independent retail industries.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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For further information: Vince Capobianco, President and CEO, [phone] ext 234, [email protected]; John Lewis, Linear Capital Corp., [phone], [email protected]