Business
Canlan Reports 11% Revenue Increase for Q3 2023 and Continues Quarterly Dividend
Burnaby, British Columbia--(Newsfile Corp. - November 10, 2023) - Canlan Ice Sports Corp. (TSX: I...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"Canlan Reports 11% Revenue Increase for Q3 2023 and Continues Quarterly DividendBurnaby, British Columbia--(Newsfile Corp. - November 10, 2023) - Canlan Ice Sports Corp. (TSX: ICE) (the \"Corporation\") today reported its financial results for the third quarter ended September 30, 2023.Overview of Q3 2023Total operating revenue of $17.2 million increased by $1.7 million or 10.8% compared to same quarter last year;Food and beverage revenue was up 48.3% compared to Q3 2022 resulting from increased tournament, third-party contract users and programs traffic;Excluding extraordinary items related to accounting gains on lease termination, swap contract valuations, and special roof remediation costs, net loss for the quarter was $1.3 million compared to a loss of $2.4 million in 2022; andThe Company continued its roof remediation program with renewal projects at the Scarborough and Etobicoke ice rink facilities. During the quarter, approximately $3.2 million was incurred on roof remediation compared to $1.3 million in 2022. These projects are expected to complete by December 2023 and the renewal should provide long-term moisture protection and energy efficiencies for both facilities.Three Months and Nine Months Ended September 30, 2023 Results  For the 3 months ended September 30   For the 9 months ended September 30  (in thousands) 2023   2022   2023   2022  Ice rink & recreational facilities revenue$17,246$15,564$61,534$51,585Operating expense (18,330)(14,779)(48,853)(40,626 (1,084)78512,68110,959 G&A expense(2,197)(1,644)(6,283)(5,015  Operating earnings (loss)1($3,281)($859)$6,398$5,944Operating earnings (loss) per share($0.25)($0.06)$0.48$0.45 Depreciation(1,908)(2,479)(5,750)(6,432Interest(612)(629)(1,530)(1,803Mark-to-market gain on held for trading financial liabilities700341,227541Gain on foreign exchange612513Gain (loss) on sale of assets-(27)1079Gain on early lease termination-4,530-4,530 Income tax recovery (expense)1,243(218)35(634 Net earnings (loss) (3,852)$364$395$2,238 Net earnings (loss) per share($0.29)$0.03$0.03$0.17  Key Balance Sheet Figures    (in thousands)September 30, 2023December 31, 2022 Assets  Cash$13,179$18,532Property plant and equipment94,15795,523Investment35035...