Business
Canlan Reports a 23% Increase in Q3 Operating Revenue, Resumes and Increases Dividend
Burnaby, British Columbia--(Newsfile Corp. - November 11, 2022) - Canlan Ice Sports Corp. (TSX...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"Canlan Reports a 23% Increase in Q3 Operating Revenue, Resumes and Increases DividendBurnaby, British Columbia--(Newsfile Corp. - November 11, 2022) - Canlan Ice Sports Corp. (TSX: ICE) (the \"Corporation\") today reported its financial results for the third quarter ended September 30, 2022.Overview - Quarter Ended September 30, 2022Total operating revenue of $15.6 million increased by $2.9 million or 23% compared a year ago;Q3 same-facility surface revenue reached approximately 90% of pre-pandemic (Q3 2019) levels;Total operating loss was $0.9 million compared to operating earnings of $1.4 million in 2021; however, the prior year had the advantage of $6.4 million of government subsidies. In 2022, operating expenses also increased as facilities completed a number of maintenance projects that had been deferred from the prior year, most notably, large roof remediation projects that totaled $1.3 million plus $0.4 million of building renovation upgrades at specific locations;Team registrations of the fall/winter Adult Safe Hockey League season returned to 98% of pre-pandemic levels;Given the return to full operations and the Company's relatively strong liquidity position, Canlan's Board of Directors has approved the resumption of the Corporation's quarterly dividend distribution and has set the quarterly dividend amount at $0.03 a share, up from $0.0275 a share;Canlan received cash consideration of $4.5 million in September 2022 to surrender its lessee position of a sports complex lease prior to the maturity date of the lease agreement; andThe Company continued to make important progress in reducing its carbon foot-print while also improving facility indoor air quality by investing in new electric ice re-surfacers, roof replacement initiatives, and enhanced refrigeration automation systems.Three Months and Nine Months Ended September 30, 2022 ResultsFor the 3 months endedSeptember 30For the 9 months ended September 30 (in thousands)2022202120222021 Ice rink & recreational facilities revenue$15,564$12,629$51,585$21,289 Other income - government subsidy-1,707-6,408 Operating expense (14,779)(10,007)(40,626)(22,385)7854,32910,9595,312 G&A expense(1,644)(1,253)(5,015)(3,966)Operating earnings (loss)1($859)$3,076$5,944$1,346 Operating earnings (loss) per share($0.06)$0.23$0.45$0.10 Depreciation(...