April 18/Toronto/The Canadian Press -- Skor Food Group Inc. reported a second-quarter profit of $384,595, up from a year-earlier $257,648 as the distributor benefited from an improved product mix and cost containment.

Skor, which provides wholesale food supplies to the food service and retail industries, said its earnings amounted to two cents per share, compared with one cent per share in the same period a year earlier.

Revenue declined to $30 million from $31.4 million.

"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%," chief executive Vince Capobianco said in a statement.

Skor is currently in the midst of a friendly takeover bid from food distributor Colabor Group Inc. Skor's board of directors has unanimously recommended that shareholders accept the deal and two major shareholders, who together hold a 60% stake in the company, have already entered an agreement to tender their shares to Colabor.

 

From the April 18, 2011, Prepared Foods' Daily News.