Business
Canlan Reports 2019 Financial Results and an Update on Temporary Facility Closures
Burnaby, British Columbia--(Newsfile Corp. - March 24, 2020) -   Canlan Ice Sports Corp. ...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"Canlan Reports 2019 Financial Results and an Update on Temporary Facility ClosuresBurnaby, British Columbia--(Newsfile Corp. - March 24, 2020) -  Canlan Ice Sports Corp. (TSX: ICE) (the \"Corporation\") today reported its financial results for the fourth quarter and year ended December 31, 2019. The Corporation also provided an update on the temporary closure of recreation facilities to help slow the spread of Coronavirus COVID-19. Overview of 2019Total revenue of $88.3 million increased by $0.7 million or 0.8% compared to 2018; same store revenue increased by $2.2 million or 2.7%; EBITDA of $13.2 million decreased by $1.4 million or 9.7% from 2018; same store EBITDA of $13.3 million decreased by $1.6 million or 10.5% as incremental costs of $1.3 million related to the Company's roof remediation program were incurred; For comparative purposes, excluding the effects of incremental roof project costs and changes to accounting policies on lease expense as required by International Financial Reporting Standards, same store EBITDA for 2019 was $14.6 million compared to $14.9 million a year ago;On March 19, 2019, the Company completed the purchase of a 3-pad ice rink facility in West Dundee, Illinois for US$10.0 million, increasing its footprint in Chicagoland. Post-acquisition capital projects to upgrade equipment, locker rooms and offices were completed and operating results have increased since the acquisition; andDuring the year ended December 31, 2019, the Company recognized a gain on sale of assets of $1.6 million which included divestiture of a recreation property and three parcels of vacant land. Fourth Quarter and Annual Results For the 3 months ended December 31For the year ended December 31 (in thousands)2019201820192018 Revenue$23,957$24,799$88,341$87,638Operating expenses:       Salaries, wages and benefits7,9118,31732,65932,769   Selling and customer service2,7962,79612,69211,303   Utilities1,6371,6666,7276,889   Cost of goods sold1,5221,6375,5695,697   Repairs and maintenance2,7032,0897,5895,730   Property tax8778523,7163,433   Other295-295-   Facility lease-332-1,380Total operating expenses 17,741  17,689  69,247  67,201 6,2167,11019,09420,437G&A expense 1,7...