Business
Canlan reports record earnings for 2008
- Success of youth and adult hockey programs fuel revenue and EBITA growth - BURNABY, BC, March 2...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"\n\n\n\n - Success of youth and adult hockey programs fuel revenue and\n EBITA growth -\n\n\nBURNABY, BC, March 25 /CNW/ - Canlan Ice Sports Corp., providers of the\non-ice experience to youth and adults across North America, today announced\nits financial results for the fourth quarter and year ended December 31, 2008.\n\n\n2008 Operational and Financial Highlights\n - Completed a refinancing of $50 million long-term debt with HSBC\n Bank Canada and Integrated Private Debt Corp.\n - Consolidated revenue was $64.7 million, up 3.5% from $62.5 million\n for 2007.\n - EBITA(1) was $11.2 million or $0.84 per share compared to $10.2\n million or $0.76 per share for 2007, an increase of 10%.\n - Net earnings were $3.8 million or $0.29 per share, compared to\n $0.8 million or $0.06 per share for 2007, on a post-consolidated\n basis.\n - Invested $2.2 million on capital improvements on the Company's\n owned or leased facilities.\n - Expanded U.S. operations through a lease-to-own arrangement with\n New Jersey-based Vineland Ice Arena.\n - Successfully implemented a succession plan, appointing Joey St-\n Aubin as President and CEO and Grant Ballantyne as Chairman of the\n Company's Board of Directors.\n\n\n"Our 2008 results are consistent with our ten-year track record of\ndelivering steady growth," said Joey St-Aubin, President and CEO of Canlan Ice\nSports. "Backed by a focused strategy aimed at driving increased utilization\nof our facilities through our branded programs, we are well positioned for\nsustaining this trend in 2009."\n\n\nFinancial Results\n\n\nCanlan reported consolidated revenue of $19.0 million for the fourth\nquarter ended December 31, 2008, up 1% from $18.7 million for 2007. For the\n12-month period of 2008, Canlan's total revenue was $64.7 million, up 3.5%\nfrom $62.5 million for 2007. The growth was principally due to higher\nregistrations for Canlan's branded on-ice programs, including the Adult Safe\nHockey League, as well as an increase in playing surfaces following the\nexpansion into Vineland, New Jersey.\n\n\nOn a same store basis, revenue for the fourth quarter was similar to\n2007, and increased 5.5% for the 12-month period.\n\n\nCanlan derives its revenue from the rental of its playing surfaces,\nregistrations for internal programming, food and beverage sales, sports stores\nsales, tou...