The Skor Food Group Q2-2010 earnings increase 186%

CONFERENCE CALL - 2:00 P.M. EST TODAY

TORONTO, April 29 /CNW/ - The Skor Food Group Inc. (TSX.V: SKF) ("SKOR"), an integrated food service company announced financial results for the second quarter of fiscal 2010.

Consolidated results for the second quarter and the year to date:

    
                        Six months ended Feb. 28   Three months ended Feb. 28
                           2010          2009          2010          2009

    Revenue           $ 69,583,219  $ 69,206,936  $ 32,465,858  $ 32,541,140
    EBITDA*
     (excluding
     discontinued
     earnings)        $  1,759,210  $  1,420,411  $    720,611  $    524,309
    Net Earnings
     (loss)           $    744,145  $   (145,664) $    257,468  $   (299,023)
    EPS (basic)       $       0.03  $      (0.01) $       0.01  $      (0.01)
    Shares (basic)      25,855,670    25,992,925    25,855,670    25,992,925

    * EBITDA is a non-GAAP measure - earnings before interest, tax,
        depreciation and amortization.
    

The Company ended the quarter in a strong financial position with a working capital ratio of 2.16:1, working capital of $10,899,246 ($0.42 per share) and a conservative long term debt to equity ratio of 0.17:1

"Skor is encouraged by the many new opportunities being presented in the food distribution and manufacturing sectors. We are also continuing to aggressively target new high value prospects while seeking out accretive acquisitions in distribution and manufacturing to redeploy surplus capital to enhance shareholder value," said Vince Capobianco, CEO.

A conference call to discuss the results will be held today:

Thursday April 29, 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.

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