| Summit's financial
stability reflects our ongoing focus and success in reducing
operating expenses, and achieving efficiencies through investment
in technology and by cost-effective management practices.
Given excess distributor capacity in Ontario, the Ontario
foodservice distribution industry has already recorded numerous
bankruptcies and warehouse closures. Published financial reports
indicate the profitability and even the financial viability
of several major distributors are questionable. Industry sources
and recent experience suggests further consolidation is likely.
Even in this competitive marketplace, Summit has achieved
consistent revenue growth, reductions in operating expenses
(on a % basis) and maintained the financial strength to facilitate
consistent investment in fleet, buildings and technology to
ensure superior customer service for years to come.
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