Business
Canlan Reports Q1 Results
Burnaby, British Columbia--(Newsfile Corp. - May 14, 2020) -  Canlan Ice Sports Corp. (T...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"Canlan Reports Q1 ResultsUpdate on Operations Since Closure of Facilities on March 13, 2020 Burnaby, British Columbia--(Newsfile Corp. - May 14, 2020) -  Canlan Ice Sports Corp. (TSX: ICE) (the \"Corporation\") today reported its financial results for the first quarter ended March 31, 2020.Overview of Q1 2020As at March 31, 2020, the Company was in a strong liquidity position with $13.4 million of cash on hand and access to available credit lines;As previously reported, the Corporation's recreation facilities were temporarily closed end of day March 13, 2020 in response to the outbreak of Coronavirus (COVID-19);Due to the closure, approximately 20% of the Company's quarterly sport surface inventory was unavailable for sale. As a result, total revenue of $20.9 million decreased by $5.1 million or 19.6% while same store revenue of $20.0 million decreased by $3.8 million or 15.9% mainly due to the facility closures; andThe revenue decline resulted in EBITDA decreasing by 37.5% to $4.8 million compared to 2019.First Quarter Results For the 3 months ended March 31(in thousands)20202019Revenue$20,883$25,986Operating expense14,77416,9816,1099,005G&A expense1,3521,387EBITDA14,7577,618EBITDA per share$0.36$0.57Depreciation, interest and taxes2,7723,755Loss on interest rate swap1,056487Gain on sale of assets-(408)Loss (gain) on foreign exchange(116)21Net earnings $1,045$3,763Net earnings per share$0.08$0.281 Earnings before interest, taxes, depreciation and amortization (EBITDA) is often used as a measure of financial performance. However, EBITDA is not a term that has specific meaning in accordance with IFRS, and may be calculated differently by other companies. Canlan reconciles EBITDA to its net earnings.Key Balance Sheet Figures (in thousands): March 31, 2020December 31, 2019AssetsCash and cash equivalents$13,441$16,528Property plant and equipment105,885105,209Assets held-for-sale6,3716,406Note receivable2,7062,492Other assets10,39310,528Total assets$138,796$141,163Liabilities and Equity  Interest bearing debt$64,677$65,574Accounts payable and accrued liabilities10,03811,578Deferred revenue7,48912,199Other liabilities3,7643,428Total liabilities85,96892,779Share capital and contributed surplus       Foreign currency translation reserve63,6525,66963,6522,270Deficit(16,493)(17,538)Total shareho...