Business
Canlan reports first quarter 2009 financial results
- Grows revenue and reduces debt despite negative economic conditions - BURNABY, BC, May 14 /CNW/...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"\n\n\n\n- Grows revenue and reduces debt despite negative economic conditions -\n\n\nBURNABY, BC, May 14 /CNW/ - Canlan Ice Sports Corp., providers of the\non-ice experience to youth and adults across North America, today announced\nits financial results for the first quarter ended March 31, 2009.\n\n\nFirst Quarter Operational and Financial Highlights\n\n- Consolidated revenue was $19.4 million, up 3.0% from $18.9 million\n for the first quarter of 2008.\n- Same store revenue grew by 1.6% to $19.2 million.\n- EBITA(1) was $5.0 million or $0.37 per share compared to $5.3 million\n or $0.39 per share for Q1 2008, on a post-consolidated basis.\n- Revenue for the Adult Safe Hockey League, Canlan's flagship hockey\n program, increased by $0.5 million or 6.8% over Q1 2008.\n- Food and beverage sales decreased by 5.2% or $0.2 million to $3.4\n million.\n- Invested $0.2 million in capital expenditures relating to new\n equipment purchase and improvements to facilities.\n- Net earnings before taxes were $3.0 million compared to $3.3 million\n for Q1 2008.\n- Net earnings after taxes were $2.0 million or $0.15 per share,\n compared to $2.6 million or $0.19 per share for Q1 2008.\n- Completed the integration of Ice Sports Vineland in Vineland, New\n Jersey into the Company's operations.\n\n\n"We are pleased with our solid financial results for the first quarter,"\nsaid Joey St-Aubin, President and CEO of Canlan Ice Sports. "Against a\nbackdrop of negative economic conditions, we grew our revenue and reduced our\ndebt load on the strength of our programs and increased utilization of our\nrecreational ice facilities. Through our strong brand and high customer\nloyalty as well as through the launch of new programs and revenue streams, we\nare solidly positioned to sustain our performance growth over the past 10\nyears."\n\n\nFinancial Results\n\n\nCanlan reported consolidated revenue of $19.4 million for the three-month\nperiod ended March 31, 2009, up 3% from $18.9 million for Q1 2008. The growth\nwas principally attributable to an expanded facility portfolio following the\nacquisition of Ice Sports Vineland, a two-pad facility in Vineland, New\nJersey.\n\n\nOn a same store basis, revenue in Q1 2009 grew by $309,000 or 1.6% to\n$19.2 million compared to $18.9 million for the first quarter of 2008. The\ngrowth was due to ...