Business
Canlan reports first quarter 2010 financial results
Canlan reports first quarter 2010 financial results
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"\n\n\n\n May 13, 2010 (Canada NewsWire Group) -- Canlan Ice Sports Corp., industry-leading providers of on-ice experiences to youth and adults across North America, today announced its financial results for the three month period ended March 31, 2010.\n\n\n >\n\n\n"We are pleased with the modest revenue and net earnings growth we experienced in Q1 given the slow economic recovery in several of our key markets," Joey St-Aubin, President and CEO of Canlan Ice Sports. "The initial results of Ice Sports Fort Wayne following its launch in February as well as the increased registrations in the Adult Safe Hockey League are encouraging signs that point to our continued steady performance for the year ahead."\n\n\n >\n\n\nReview of Q1 2010 Financial Results\n\nCanlan reported consolidated revenue of $19.9 million for the three-month period ended December 31, up 2% from $19.4 million for the corresponding period of 2009. The revenue increase was primarily attributable to the launch of Ice Sports Fort Wayne. Revenue gains were offset by a decline in food and beverage sales of $188,000 or 5.6% when compared to the corresponding period of 2009. The decline is consistent with reduced spending trends on restaurants throughout North America.\nSame store revenue in Q1 2010 grew by $204,000 or 1% over Q1 2009. The growth was principally due to increased registrations for the Adult Safe Hockey League in various markets across North America.\nCanlan derives its revenue from the rental of its playing surfaces, registrations for internal programming, food and beverage sales, sports stores sales, tournament registrations, management and consulting fees and other related fees.\nOperating expenses for Q1 2010 were $14 million, up 4% from $13.5 million for Q1 2009. The year-over-year increase was due primarily to higher wages, principally as a result of the launch of Ice Sports Fort Wayne and the addition of staff in strategic business areas, such as sales and marketing.\nGeneral and administrative expenses for Q1 2010 totaled $1.2 million, up 21% from $1 million for the corresponding period of 2009. The growth was primarily attributable to the recording of a $157,000 expense related to the Company's Stock Appreciation Rights Plan as a result of the appreciation of Canlan's share price.\nEarnings before income taxes and amortization (...