Business
Canlan reports first quarter earnings
Canlan reports first quarter earnings.
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"\n\n\n\nBurnaby, BC, May 10 /CNW/ - Canlan Ice Sports Corp. today reported\nresults for the three months ended March 31, 2007\n\n\n First Quarter Results (in thousands of dollars)\n-------------------------------------------------------------------------\n Three months ended March 31\n 2007 2006\n-------------------------------------------------------------------------\n\nRevenue:\n Ice rinks $ 18,396 $ 15,054\n\nExpenses:\n Ice rinks 12,454 10,333\n-------------------------------------------------------------------------\n\nEarnings from operations 5,942 4,721\n\nGeneral and administration expenses 898 673\n-------------------------------------------------------------------------\n\nEarnings before the undernoted 5,044 4,048\n\nOther expenses:\n Interest on debt on ice rinks 914 714\n Other interest 105 125\n Loss on foreign exchange (6) -\n Amortization 1,073 927\n-------------------------------------------------------------------------\n 2,086 1,766\n-------------------------------------------------------------------------\n\nEarnings before taxes 2,958 2,282\n\nCurrent income tax - 53\nFuture income tax 618 561\n-------------------------------------------------------------------------\n 618 614\n-------------------------------------------------------------------------\n\nNet earnings $ 2,340 $ 1,668\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n\nBasic earnings per share $ 0.01 $ 0.01\nFully diluted earnings per share $ 0.01 $ 0.01\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n\nWeighted average number of common shares\nOutstanding (in thousands)\n Basic 266,747 266,747\n Diluted 266,747 266,747\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n\n\nFirst quarter results (three months ended March 31, 2007 compared with\nthree months ended March 31, 2006):\n\n- Total revenue of $18.4 million increased by $3.3 million or 22%\n- Same store revenue of $16.0 million rose by $1.0 million or 7% (Ice\n Sports York was purchased on August 1, 2006)\n- Same store revenue increased principally due to continued growth of\n the Adult ...