Business
Canlan Reports First Quarter 2013 Financial Results and the Continuation of its Dividend Policy
- Net earnings grow 9% year-over-year - BURNABY, BC, May 10, 2013 /CNW/ - Canlan Ice ...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"\n\n\n\n\n\n- Net earnings grow 9% year-over-year -\n\n\nBURNABY, BC, May 10, 2013 /CNW/ - Canlan Ice Sports Corp. (TSX: ICE), industry-leading providers of recreational and multi-sport facilities\n across North America, today announced its financial results for the\n three-month period ended March 31, 2013.\n\n\nQ1 2013 Key Financial Metrics\n\n\nIn thousands except share data\n\n\nQ1 2013\n\n\nQ1 2012\n\n\nChange\n\n\nTotal revenue\n\n\n$20,661\n\n\n$21,148\n\n\n-2%\n\n\nEBITDA1\n\n$4,665\n\n\n$4,760\n\n\n-2%\n\n\nNet earnings before taxes\n\n\n$2,742\n\n\n$2,855\n\n\n-4%\n\n\nNet earnings after taxes\n\n\n$2,030\n\n\n$1,867\n\n\n+9%\n\n\nNet earnings per share (FD)\n\n\n$0.15\n\n\n$0.14\n\n\n+7%\n\n\n \n\n\nMar. 31, 2013\n\n\nDec. 31, 2012\n\n\n \n\n\nTotal Assets\n\n\n$100,768\n\n\n$102,824\n\n\n-2%\n\n\nCash and Cash equivalents\n\n\n$9,318\n\n\n$12,900\n\n\n-28%\n\n\nTotal Interest bearing debt\n\n\n$39,084\n\n\n$39,018\n\n\n-\n\n\n\n\n\n\"Overall our first quarter results were in line with our expectations,\n highlighted by improved profitability, despite some increased\n competition,\" said Joey St-Aubin, President and CEO of Canlan Ice\n Sports.  \"Typically when new facilities are built in our markets, some\n customers will migrate to these facilities for price or for the\n excitement of being in a new facility. After having experienced this\n several times over the years, we are confident that our exceptional\n customer experience and continual reinvestment in our facilities\n position Canlan as the premier supplier of recreational services to our\n customers and is one of the main factors in our high customer loyalty.\"\n\n\nQ1 2013 Operational and Financial Highlights\n\n\nRevenue of $20.7 million, a decrease of 2.3% over Q1 2012\n\n\nOperating expenses decreased $0.3 million or 2.3% versus Q1 2012\n\n\nCorporate G&A expenses decreased by 3.4% compared to Q1 2012\n\n\nEBITDA of $4.7 million for Q1 2013, down $0.1 million from Q1 2012\n\n\nNet earnings after taxes were $2.0 million in Q1 2013, up 8.7% from Q1\n 2012\n\n\nTotal interest bearing debt decreased $2.6 million or 6.2% over the past\n 12 months\n\n\nAn extensive renovation project commenced at Les 4 Glaces in Quebec and\n is progressing as planned with one ice-pad and several dressing rooms\n fully refurbished\n\n\nDividend Policy\n\n\nCa...