Business
Canlan Achieves Record Revenue and EBITDA in 2017 and Continues Dividend
Burnaby, British Columbia--(Newsfile Corp. - March 23, 2018) - Canlan Ice Sports Corp. (TSX: I...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"Canlan Achieves Record Revenue and EBITDA in 2017 and Continues DividendBurnaby, British Columbia--(Newsfile Corp. - March 23, 2018) - Canlan Ice Sports Corp. (TSX: ICE) (the \"Corporation\") today reported its financial results for the fourth quarter and year ended December 31, 2017. The Corporation also announced the continuation of its dividend for Q1 2018.Highlights of 2017Record revenue of $85.4 million increased $2.3 million or 2.8% compared to 2016; Record EBITDA of $12.8 million rose $0.6 million or 5.1% compared to 2016;Net earnings reached $3.6 million or $0.27 per share compared to $1.3 million or $0.10 per share a year ago;Cash flow from operations exceeded $10.0 million for the first time; A number of equipment renewal projects focused on energy conservation were completed and combined with capital expenditures deployed over the past eight quarters, utilities expenses were reduced by $0.6 million or 6.8% in 2017.Fourth Quarter and Annual Results For the 3 months ended December 31For the year ended December 31(in thousands)2017201620172016Revenue$24,278$23,845$85,411$83,079Operating expenses:   Salaries, wages and benefits8,4578,29532,87431,608   Selling and customer service2,4322,77211,32011,515   Utilities1,7972,0657,6048,155   Cost of goods sold1,5971,5725,7355,668   Repairs and maintenance1,2101,3544,5764,564   Property tax8618113,4043,023   Facility lease3483431,1881,184Total operating expenses16,70217,21266,70165,7177,5766,63318,71017,362G&A expense2,0741,3365,9195,194EBITDA1$5,502$5,297$12,791$12,168EBITDA per share$0.41$0.40$0.96$0.91Depreciation 1,7061,8006,9517,017Interest 5115342,1102,549Fee on settlement of debt---2,318Gain on financial assets held for trading(85)(1,056)(1,027)(259)Loss (gain) on foreign exchange(3)(8) 24 (474)Income taxes (recovery)9391,7901,176(277)Net earnings$2,434$2,237$3,557$1,294Net earnings per share$0.18$0.17$0.27$0.10 Key Balance Sheet Figures (in thousands):As at December 31:20172016Assets   Cash and cash equivalents$18,629$16,335   Property plant and equipment98,596101,934   Investment properties550566   Other assets7,9456,724Total assets$125,720$125,559Liabilities and Equity   Interest bearing debt$56,020$59,006   Accounts payable and accr...