THE SKOR FOOD GROUP Q2-2010 EARNINGS INCREASE 49.3%
April 18 2011 - 8:30AM
PR Newswire (Canada)
TORONTO, April 18 /CNW/ -- Cash Take-Over Bid from Colabor Group
Inc. of $1.33 per Share Expires May 9, 2011 TORONTO, April 18
/CNW/ - The Skor Food Group Inc. (TSXV: SKF), ("SKOR"), an
integrated food service company, announced its second quarter
financial results for the period ended February 28, 2011.
Consolidated results for the second quarter and the year to date:
Six months ended Feb. 28 Three months ended Feb. 28 2011 2010 2011
2010 Revenue $ 64,709,276 $ 67,212,706 $ 30,008,159 $ 31,413,078
EBITDA* (excluding discontinued earnings) $ 2,171,535 $ 1,793,061 $
915,495 $ 743,559 Net Earnings (loss) $ 1,094,487 $ 744,145 $
384,595 $ 257,648 EPS (basic) $ 0.04 $ 0.03 $ 0.02 $ 0.01 Shares
(basic) 25,938,063 25,855,670 26,047,134 25,855,670 *EBITDA is a
non-GAAP measure - earnings before interest, tax, depreciation and
amortization. "While year to date revenue is tracking marginally
behind last year, the product mix combined with a continued focus
on cost containment has enabled SKOR to improve its year to date
net earnings by more than 47%," said Vince Capobianco CEO. SKOR's
Board of Directors has unanimously determined that the cash
take-over bid of $1.33 per share announced by Colabor Group Inc. on
March 22, 2011 is fair, from a financial point of view, to the
shareholders and is in the best interests of Skor and unanimously
recommends that shareholders accept the Colabor offer and tender
their common shares in accordance with the instructions contained
in the take-over bid circular of Colabor dated March 30, 2011 and
filed on www.sedar.com. SKOR is a vertically
integrated, full service, mid sized, 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.
To view this news release in HTML formatting, please use the
following URL:
http://www.newswire.ca/en/releases/archive/April2011/18/c4753.html
p Vince Capobiancobr/ President and CEObr/ 905-660-1212 ext 234br/
a href="http://vincec@skorfoodgroup.com"vincec@sk/aa
href="mailto:vincec@skorfoodgroup.com"orfoodgroup.com/a /p
Copyright
Skor Food Group (TSXV:SKF)
Historical Stock Chart
From Apr 2024 to May 2024
Skor Food Group (TSXV:SKF)
Historical Stock Chart
From May 2023 to May 2024