SKF Skor Food Group

TORONTO, Jan. 20 /CNW/ -- TORONTO, Jan. 20 /CNW/ - The Skor Food Group Inc. (TSX.V: SKF), ("SKOR"), an integrated food service company, announced its first quarter financial results for the period ended November 30, 2010. Quarterly Highlights 1. Net earnings increased 46% year over year to $709,892 2. Reduced long term debt by 23% or $562,122 to $1.8 M Consolidated results for the first quarter of fiscal 2011 are as follows:  ____________________________________________________________________ | | Three months ended November 30| |_______________________________|____________________________________| | | 2011 | 2010 | |_______________________________|__________________|_________________| |Revenue |$| 34,701,117|$| 35,799,627| |_______________________________|_|________________|_|_______________| |EBITDA *(excluding discontinued|$| 1,256,040|$| 1,038,599| |operations) | | | | | |_______________________________|_|________________|_|_______________| |Net Earnings |$| 709,892|$| 486,677| |_______________________________|_|________________|_|_______________| |EPS (basic) |$| 0.03|$| 0.02| |_______________________________|_|________________|_|_______________| |Shares (basic) | 25,830,190| 25,855,757| |_______________________________|__________________|_________________| *EBITDA is a non-GAAP measure - earnings before interest, tax, depreciation and amortization. The Company ended the quarter in a strong financial position with cash and cash equivalents of $6.36 million, working capital of $12.19 million and a long term debt to equity ratio of 0.10:1.  "We are pleased with the overall operating results for the first quarter," said Vince Capobianco, President and CEO. "The Company will continue to focus on operating costs while aggressively targeting higher margin business with existing and new customers. The Company is well capitalized, possesses strong working capital and has the capacity to increase leverage of its balance sheet in order to complete a material acquisition in its core competencies of food service and manufacturing." A conference call to discuss the results will be held on Jan. 21/11 at 11:00AM EST The conference call can be accessed by dialing 416-644-3426, 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/January2011/20/c3899.html table valign="top" border="0"trtdVince Capobianco          /td tdJohn Lewis/td/tr trtdPresident and CEO   /td tdLinear Capital Corp./td/tr trtd905-660-1212 ext 234   /td td(416)364-2266, Toll free 1-877-954-6327/td/tr trtda href="mailto:vincec@skorfoodgroup.com"vincec@skorfoodgroup.com/a      /td tda href="mailto:jrlewis@linearcapital.com"jrlewis@linearcapital.com/a/td/tr/table

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