SKF Skor Food Group

TORONTO, Dec. 22 /CNW/ -- TORONTO, Dec. 22 /CNW/ - The Skor Food Group Inc. (TSX.V: SKF)("SKOR"), a fully integrated food service company announced its fourth quarter and year end financial results for the period ended August 31, 2010. ______________________________________________________________________________________________________________ | | | | | | | | | 4(th) | | | 4(th) | | | | | | | | | | Quarter | | | Quarter | | | |Year ended | | | Year ended | | | ended | | | ended | | | | 8/31/10 | | | 8/31/09 | | | 8/31/10 | | | 8/31/09 | |__________________________________________|_|___________|_|_|_________________|_|_|__________|_|__|___________| | | | | | | | | | | | | | |__________________________________________|_|___________|_|_|_________________|_|_|__________|_|__|___________| |Revenue |$| | |$| 137,590,885| |$|38,635,077| |$ | 36,489,982| | | |140,645,093| | | | | | | | | | |__________________________________________|_|___________|_|_|_________________|_|_|__________|_|__|___________| |Gross Profit |$| 23,192,959| |$| 22,216,591| | | | | | | |EBITDA* - (excluding discontinued |$| | |$| 3,033,054| | | 5,794,439| | | 5,406,863| |operations) |$| 4,317,265| |$| 1,224,935| | | | | | | |EBITDA* - (including discontinued | | | | | | | | 1,605,197| | | 726,328| |operations) | | 3,821,736| | | | | | | | | | | | | | | | | | | 1,331,047| | | 146,637| |__________________________________________|_|___________|_|_|_________________|_|_|__________|_|__|___________| |Earnings/(Loss) from continuing operations|$| | |$| (82,991)| | | | | | | | | | 1,917,736| | | | | | 591,961| | |(1,202,505)| |__________________________________________|_|___________|_|_|_________________|_|_|__________|_|__|___________| |Earnings/(Loss) including discontinued |$| 1,422,207| |$| (1,891,030)| | | | | | | |operations | | | | | | | | 272,707| | |(1,927,024)| |__________________________________________|_|___________|_|_|_________________|_|_|__________|_|__|___________| |EPS (basic) |$| .06| |$| (.07)| | | .01| | | | | | | | | | | | | | | | (.07)| |__________________________________________|_|___________|_|_|_________________|_|_|__________|_|__|___________| |Shares outstanding (basic) | | 25,843,803| | | 25,968,933| | |25,830,190| | | 25,855,670| |__________________________________________|_|___________|_|_|_________________|_|_|__________|_|__|___________| *EBITDA  - Is a non-GAAP measure - earnings before interest, tax, depreciation and amortization. SKOR enters fiscal 2011 in a strong financial position with cash and cash equivalents of $7,231,263, working capital of $11,970,706 and a debt to equity ratio of 0.14:1.  "The tough decisions taken in the past two years have had the intended positive impact on the financial results of the company. We are pleased with the turnaround in profitability and encouraged by the prospects for the future" said Vince Capobianco, President and CEO.  "Today, SKOR has the infrastructure in place to service substantial new business and is generating surplus cash flow to make accretive acquisitions, when they fit into our core competencies of food distribution and manufacturing." 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/December2010/22/c7495.html pVince Capobianco, President and CEO, (905)660-1212 ext 234, a href="mailto:vincec@skorfoodgroup.com"vincec/aa href="mailto:vincec@skorfoodgroup.com"@skorfoodgroup.com/abr/ John Lewis, Linear Capital Corp., (416) 364-2266, 1-877-954-6327, a href="mailto:jrlewis@linearcapital.com"jrlewis@linear/aa href="mailto:jrlewis@linearcapital.com"capital.com/a/p

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