Business
Canlan Reports Q3 Results & Continues Limited Operations
Burnaby, British Columbia--(Newsfile Corp. - November 13, 2020) - Canlan Ice Sports Corp. (TSX...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"Canlan Reports Q3 Results & Continues Limited OperationsBurnaby, British Columbia--(Newsfile Corp. - November 13, 2020) - Canlan Ice Sports Corp. (TSX: ICE) (the \"Corporation\") today reported its financial results for the third quarter ended September 30, 2020.Overview of Three Months Ended September 30, 2020Cash on-hand at September 30, 2020 was $9.4 million with additional access to working capital credit lines of $10.0 million; As a result of the COVID-19 pandemic that forced facility closures and continue to limit the Company's operations, Q3 revenue was $9.4 million compared to $18.6 million a year ago and EBITDA was $0.3 million compared to $0.7 million. Facilities resumed operations beginning the week of June 15, 2020; andThe sale of a parcel of surplus land was completed and a note receivable related to the sale of an ice rink facility that completed in 2019 was collected. These transactions resulted in cash inflows of $4.9 million.Three Months and Nine Months Ended September 30, 2020 ResultsFor the 3 months ended September 30For the 9 months ended September 30(in thousands)2020201920202019Ice rink & recreational facilities revenue$9,365$18,600$31,015$64,384Other income - government subsidy2,242-3,625-Operating expense 10,00116,73430,54451,5061,6061,8664,09612,878G&A expense1,3441,1833,9584,134EBITDA1$262$683$138$8,744EBITDA per share$0.02$0.05$0.01$0.66Depreciation1,9191,9425,9905,966Interest5716831,7761,943Mark-to-market loss (gain) on held for    trading financial liabilities(14)(26)1,170680Loss (gain) on foreign exchange10(12)(63)30Gain on sale of assets(2,126)(1,201)(2,244)(1,601)Income tax expense (recovery)(57)(456)(1,679)68Net earnings (loss) ($41)($247)($4,812)$1,658Net earnings (loss) per share($0.003)($0.02)($0.36)$0.12 ____________________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, 2020December 31, 2019Assets   Cash and cash equivalents$9,384$16,528   Property plant and equipment101,198105,209   Assets held-for-sale6,0616,406   Note...