Business
Canlan reports fourth quarter and year-end 2009 financial results
Canlan reports fourth quarter and year-end 2009 financial results
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"\n\n\n\nBURNABY, BC, Mar. 24, 2010 (Canada NewsWire Group) -- /CNW/ -- Canlan Ice Sports Corp., providers of the on-ice experience to youth and adults across North America, today announced its financial results for the three and 12-month periods ended December 31, 2009.2009 Key Financial Metrics-------------------------------------------------------------------------In millions except share data FY 2009 FY 2008 Change-------------------------------------------------------------------------Total revenue $67.2 $64.7 +4%-------------------------------------------------------------------------EBITA(1) $10.9 $11.2 -3%-------------------------------------------------------------------------Earnings before taxes $3.3 $2.1 +55%-------------------------------------------------------------------------Net earnings after taxes $2.7 $3.8 -29%-------------------------------------------------------------------------Net earnings per share $0.20 $0.29 -31%-------------------------------------------------------------------------Total Assets $113.1 $114.7 -1%-------------------------------------------------------------------------Cash and Cash equivalents $9.2 $7.6 +21%-------------------------------------------------------------------------Total Interest bearing debt $48 $52.1 -8%-------------------------------------------------------------------------(1) Earnings before interest, taxes and amortization (EBITA) is oftenused as a measure of financial performance. However, EBITA is a not aterm that has specific meaning in accordance with generally acceptedaccounting principles, and may be calculated differently by othercompanies. Canlan reconciles EBITA to its net earnings.\"Despite very challenging economic conditions in many of the markets in which we operate, 2009 was a year of considerable accomplishment,\" said Joey St-Aubin, President and CEO of Canlan Ice Sports. \"We generated record revenue, earned a profit for the fifth straight year, introduced a new build-to-suit model for future expansions, and drove increased utilization in key product categories, such as leagues, tournaments and programs.\"2009 Operational and Financial Highlights- Same store revenue grew by $1.9 million or 3%.- Shoulder season revenue increased by $1.4 million or 5%- Invested $1.8 million in capital improvements to the Company'sexisting portfolio of facilities manag...