Business
Canlan Reports Q2 Results Amid Restart of Operations
Burnaby, British Columbia--(Newsfile Corp. - August 13, 2021) - Canlan Ice Sports Corp. (TSX: ...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"Canlan Reports Q2 Results Amid Restart of OperationsBurnaby, British Columbia--(Newsfile Corp. - August 13, 2021) - Canlan Ice Sports Corp. (TSX: ICE) (the \"Corporation\") today reported its financial results for the second quarter ended June 30, 2021.Overview - Quarter Ended June 30, 2021Generated revenue of $3.6 million compared to $0.8 million in 2020 as health restrictions were lifted in U.S. facilities for the quarter and began easing in western Canada in May. Ontario and Manitoba facilities remained virtually closed during Q2; Loss before interest, depreciation and tax was reduced to $1.4 million compared to a loss of $4.9 million last year; andOn April 30, 2021, the Company entered into an agreement with the Village of Libertyville (a Chicagoland suburb) to lease and operate a non-ice 169,000 sq. ft. sports complex that contains two boarded turf fields, nine sport courts, a fitness center, rock-climbing, concession, and an outdoor baseball diamond (called Canlan Sports Libertyville). The lease agreement commenced on July 1, 2021. Three Months and Six Months Ended June 30, 2021 ResultsFor the 3 months ended June 30  For the 6 months ended June 30   (in thousands) 2021 2020 2021 2020 Ice rink & recreational facilities revenue$3,610$767$8,660$21,650Other income - government subsidy2,2621,3834,7011,383Operating expense (5,891)(5,769)(12,378)(20,543)(19)(3,619)9832,490G&A expense(1,333)(1,262)(2,713)(2,614)EBITDA1($1,352)($4,881)($1,730)($124)EBITDA per share($0.10)($0.37)($0.13)($0.01)Depreciation(1,913)(1,954)(3,858)(4,071)Interest(643)(574)(1,254)(1,205)Mark-to-market gain (loss) on held for trading financial liabilities112(128)243(1,184)Gain (loss) on foreign exchange(7)(43)1873Gain on sale of assets2211845118Income tax recovery1,1741,6461,7991,622 Net loss ($2,607)($5,816)($4,737)($4,771)Net loss per share($0.20)($0.44)($0.36)($0.36)  Key Balance Sheet Figures (in thousands):  June 30, 2021December 31, 2020 Assets     Cash and cash equivalents$4,589$7,480     Property plant and equipment94,50598,771     Assets held-for-sale6,0536,053     Investment350350     Other assets9,1858,830Total assets$114,682$121,484   Liabilities and Equity  &#...