Business
Canlan Reports Q1 Results and Announces Quarterly Dividend
Burnaby, British Columbia--(Newsfile Corp. - May 14, 2019) - Canlan Ice Sports Corp. (TSX: ICE...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"Canlan Reports Q1 Results and Announces Quarterly DividendBurnaby, British Columbia--(Newsfile Corp. - May 14, 2019) - Canlan Ice Sports Corp. (TSX: ICE) (the \"Corporation\") today reported its financial results for the first quarter ended March 31, 2019.Overview of Q1 2019Revenue of $26.0 million increased by $0.4 million or 1.4% compared to 2018;EBITDA of $7.6 million remained consistent compared to the prior year;On March 19, 2019, the Company completed the purchase of a 3-pad ice rink facility in Chicago, Illinois for US$10.0 million. This acquisition expands the Company's footprint in one of its targeted U.S. markets; andThe Company announced a planned divestiture of its ice rink facility in Brossard, Quebec.First Quarter Results For the 3 months ended March 31(in thousands)20192018Revenue$25,986$25,624Operating expense16,98116,559 9,0059,065G&A expense1,3871,483EBITDA17,6187,582EBITDA per share$0.57$0.57Depreciation, interest and taxes4,2423,376Gain on sale of assets(408)(4)Loss (gain) on foreign exchange21(10)Net earnings $3,763$4,220Net earnings per share$0.28$0.32 ____________________1 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, 2019December 31, 2018Assets    Cash and cash equivalents$15,001$19,845   Property plant and equipment117,19899,582   Assets held-for-sale565596   Other assets10,9808,912Total assets$143,744$128,935Liabilities and Equity    Interest bearing debt$69,005$52,525   Accounts payable and accrued liabilities12,53712,567   Deferred revenue7,97612,881   Other liabilities2,4171,138Total liabilities91,93579,111    Share capital and contributed surplus 63,652 63,652   Foreign currency translation reserve3,3133,775   Deficit(15,156)(17,603)Total shareholders' equity51,80949,824Total liabilities and equity$143,744$128,935 First Quarter Results(three months ended March 31, 2019 compared with three months ended March 31, 2018)Total revenue of $26.0 million increased by $0.4 million ...