Business
Canlan Reports Higher Revenue and Earnings for Q1 2023
- And Completed Purchase of Canlan Sports Libertyville - Burnaby, British Columbia--(Newsfile Co...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"Canlan Reports Higher Revenue and Earnings for Q1 2023- And Completed Purchase of Canlan Sports Libertyville -Burnaby, British Columbia--(Newsfile Corp. - May 12, 2023) - Canlan Ice Sports Corp. (TSX: ICE) (the \"Corporation\") today reported its financial results for the first quarter ended March 31, 2023.Overview of Q1 2023Total operating revenue of $24.5 million increased by $5.5 million or 29.2% compared to a year ago;Total operating earnings was $7.4 million compared to $4.9 million in 2022; andCanlan exercised its option to purchase Canlan Libertyville Sportsplex, a recreation facility in Libertyville, Illinois that had been operated under a lease agreement. The purchase establishes the Company's long-term sportsplex operations in that market with indoor field/court facilities in both Lake Barrington and Libertyville, Illinois.At quarter end, cash-on-hand combined with unused credit lines totaled $42.1 million that is available for operating and capital expenditure requirements.First Quarter Results For the 3 months ended March 31(in thousands) 20232022Ice rink & recreational facilities revenue$ 24,477$18,948Operating expenses  15,01812,485 9,4596,463G&A expense 2,0311,609Operating earnings 1$7,428$4,854Operating earnings per share$ 0.56$0.36Depreciation 1,9301,975Interest 449527Mark-to-market (gain) loss on held-for-trading financial liabilities 580(315)Loss on foreign exchange -3Gain on sale of assets (10)-Income tax expense 1,034547Net earnings$3,445$2,117Net earnings per share$ 0.26$0.16       Key Balance Sheet Figures (in thousands): March 31, 2023December 31, 2022Assets   Cash $16,578$18,532Property plant and equipment 94,66195,523Investment 350350Other assets 7,4287,308Total assets $119,017$121,713Liabilities and Equity   Debt $42,374$39,812Lease liabilities 5,47510,331Accounts payable and accrued liabilities 10,6949,693Deferred revenue 9,57814,081Other liabilities 1,2411,145Total liabilities 69,36275,062Share capital and contributed surplus 63,65263,652Foreign currency translation reserve 3,6213,662Deficit (17,618)(20,663)Total shareholders' equity 49,65546,651Total liabilities and equity&#x...