Business
Canlan Reports Continued Same Store Revenue Growth and Announces a 10% Increase of its Quarterly Dividend
Burnaby, British Columbia--(Newsfile Corp. - August 13, 2019) - Canlan Ice Sports Corp. (TSX: ...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"Canlan Reports Continued Same Store Revenue Growth and Announces a 10% Increase of its Quarterly DividendBurnaby, British Columbia--(Newsfile Corp. - August 13, 2019) - Canlan Ice Sports Corp. (TSX: ICE) (the \"Corporation\") today reported its financial results for the second quarter ended June 30, 2019.Same Store AnalysisOn March 19, 2019, Canlan completed the purchase of an ice rink facility in Chicago, Illinois. The facility, called Ice Sports West Dundee, commenced operations as a Canlan facility in March 2019. On May 5, 2019, the Company's recreation facility located in Montreal, Quebec was closed and marketed for sale. This news release will refer to \"same store\" results, which excludes the results of these two facilities. Overview of Q2 2019Same store revenue of $18.7 million increased by $0.7 million or 3.7% compared to 2018; Same store EBITDA of $0.7 million increased by $0.2 million compared to prior year but decreased by $0.2 million after excluding the effects of presentation changes related to adoption of IFRS 16 - Leases; andSwift progress is being made with the ramp-up of operations, including upgrades to the refrigeration plant and other equipment at the new Ice Sports West Dundee facility acquired in March 2019.Three Months and Six Months Ended June 30, 2019 Results       For the 3 months ended June 30For the 6 months ended June 30(in thousands)2019201820192018Revenue$19,798$18,943$45,784$44,567Operating expense before facility lease 17,79116,64834,77232,920Facility lease-471-7582,0071,82411,01210,889G&A expense1,5641,3752,9512,858EBITDA1$443$449$8,061$8,031EBITDA per share$0.03$0.03$0.60$0.60Depreciation2,0331,7254,0243,450Interest6775021,2601,018Loss (gain) on held for trading financial liabilities219(8)706(133)Loss (gain) on foreign exchange21(35)42(45)Loss (gain) on sale of assets8-(400)(4)Income tax expense (recovery)(657)(458)524802Net earnings (loss) ($1,858)($1,277)$1,905$2,943Net earnings (loss) per share($0.14)($0.10)$0.14$0.22     Key Balance Sheet Figures (in thousands): June 30, 2019December 31, 2018Assets  Cash and cash equivalents$11,951$19,845  Property plant and equipment104,02399,582  Assets held-for-sale13,317596  Other assets9,9658,912Total assets$139,256$128,935Liabilities and Equity    Inte...