Business
Canlan Reports Q3 Results
Burnaby, British Columbia--(Newsfile Corp. - November 10, 2017) - Canlan Ice Sports Corp. (TSX...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"Canlan Reports Q3 ResultsBurnaby, British Columbia--(Newsfile Corp. - November 10, 2017) - Canlan Ice Sports Corp. (TSX: ICE) (the \"Corporation\") , home of the world's largest adult recreation hockey league, today reported its financial results for the third quarter ended September 30, 2017. Overview of Q3 2017:Q3 revenue of $17.4 million increased by $0.5 million or 3.3 % compared to Q3 2016; Q3 EBITDA was positive $0.2 million compared to a loss of $0.2 million in the prior year; andDespite rising electricity surcharges in Ontario and the addition of the Calgary ice facility in August 2016, overall energy costs were reduced by 2.4% as a result of ongoing energy management initiatives. Three and Nine Months Ended September 30, 2017 ResultsFor the 3 months ended September 30For the 9 months ended September 30(in thousands)2017201620172016Revenue$17,370$16,821$61,133$59,234Operating expense15,99815,94149,99948,5051,37288011,13410,729G&A expense1,1441,1093,8453,858EBITDA 1 $228($229)$7,289$6,871EBITDA per share$0.02($0.02)$0.55$0.52Depreciation1,6991,7525,2455,217Interest5445261,6062,036Fee on settlement of debt---2,318Loss (gain) on held for trading financial liabilities (542)(66)(942)797Loss (gain) on foreign exchange17(3)27(466)Gain on sale of assets(1)(16)(7)(21)Income tax expense (recovery)(324)(1,307)237(2,067)Net earnings (loss)($1,165)($1,115)$1,123($943)Net earnings (loss) per share($0.09)($0.08)$0.08($0.07) 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):September 30, 2017December 31, 2016Assets  Property plant and equipment$98,651$101,934  Cash and cash equivalents14,09016,335  Investment properties548566  Financial asset held for trading1,201259  Other assets7,0726,465Total assets$121,562$125,559Liabilities and Equity  Interest bearing debt$57,013$59,006  Deferred revenue12,24712,635  Accounts payable and accrued liabilities7,9829,455  Other liabilities1,326898Total liabilities78,56881,994  Share capital and contributed surplus xxx63,65263,652  Foreign curren...