Business
Canlan Reports Q3 Revenue Growth, Continuation of Quarterly Dividend, and Completion of Fort Wayne Property Sale
Burnaby, British Columbia--(Newsfile Corp. - November 14, 2019) - Canlan Ice Sports Corp. (TSX...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"Canlan Reports Q3 Revenue Growth, Continuation of Quarterly Dividend, and Completion of Fort Wayne Property SaleBurnaby, British Columbia--(Newsfile Corp. - November 14, 2019) - Canlan Ice Sports Corp. (TSX: ICE) (the \"Corporation\") today reported its financial results for the third quarter ended September 30, 2019.Same Store AnalysisOn March 19, 2019, Canlan completed the purchase of an ice rink facility in West Dundee, Illinois, a prominent Chicago suburb. The facility, now called Canlan Ice Sports West Dundee, commenced operations as a Canlan facility in March 2019. On May 5, 2019, the Company's recreation facility located in Brossard, Quebec was closed and marketed for sale. This news release will refer to \"same store\" results, which excludes the results of these two facilities. Overview of Q3 2019 Same store revenue of $17.9 million increased by $0.6 million or 3.7% compared to 2018; The Company's roof remediation plan to preserve the longevity of our assets continued as scheduled. The $1.1 million invested in 2019, combined with the costs incurred in 2018 serve to protect the life of our building envelopes. During Q3, investments in roof remediation increased by $0.6 million compared to prior year, a major factor that contributed to the decrease in EBITDA in 2019; On August 20, 2019, the Company completed the sale of an ice-rink facility in Fort Wayne, Indiana, for proceeds of US$6.0 million and a gain of US$0.8 million; and Post-acquisition capital projects of approximately $2.1 million to upgrade equipment, locker rooms, and offices were substantially completed at Canlan Ice Sports West Dundee and the facility was ready to begin the fall/winter hockey season under the Canlan banner in September 2019. Three Months and Nine Months Ended September 30, 2019 Results For the 3 months ended September 30 For the 9 months ended September 30 (in thousands) 2019 2018 2019 2018 Revenue $18,600 $18,272 $64,384 $62,839 Operating expense before facility lease 16,734 15,544 51,506 48,464 Facility lease - 290 - 1,048 1,866 2,438 12,878 13,327 G&A expense 1,183 1,332 4,134 4,190 EBITDA1 $683 $1,106 $8,744 $9,137 EBITDA per share $0.05 $0.08 $0.66 $0.69 Depreciation 1,942 1,703 5,966 5,153 Interest 683 526 1,943 1,544 Loss (gain) on held for trading financial liabilities (26) (228) 680 (361) Loss (gain) on foreign exchange (12) 18 ...