Business
Canlan Reports Record High Q2 Revenue and Continues Quarterly Dividend
Burnaby, British Columbia--(Newsfile Corp. - August 14, 2024) - Canlan Ice Sports Corp. (TSX: ICE...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"Canlan Reports Record High Q2 Revenue and Continues Quarterly DividendBurnaby, British Columbia--(Newsfile Corp. - August 14, 2024) - Canlan Ice Sports Corp. (TSX: ICE) (the \"Corporation\") today reported its financial results for the second quarter ended June 30, 2024.Overview of Q2 2024Total operating revenue of $21.8 million increased by $2.0 million or 10.3% compared to a year ago and represents a record high for the second quarter;Total operating earnings was $1.6 million compared to $2.3 million in 2023 as the Company incurred increased expenses related to its roof remediation program and other major maintenance projects to improve dressing rooms, rink floors and parking lots compared to 2023; andFood and beverage revenue was up 12.3% due to increased tournament business and additional promotional programs that drove increased traffic into the Company's restaurants.Three Months and Six Months Ended June 30, 2024 ResultsFor the 3 months ended June 30For the 6 months ended June 30 (in thousands)2024202320242023 Ice rink & recreational facilities revenue$21,848$19,811$48,034$44,288Operating expense 17,55615,50533,89230,523 4,2924,30614,14213,765G&A expense2,6842,0554,9044,086 Operating earnings[1]$1,608$2,251$9,238$9,679Operating earnings per share$0.12$0.17$0.69$0.73 Depreciation1,8781,9123,7363,842Interest6074691,242918Interest rate swap (gain) loss212(1,107)(302)(527)Foreign exchange (gain) loss(2)1(4)1Gain on sale of assets---(10)Income tax expense911741,5061,208 Net earnings (loss) ($1,178)$802$3,060$4,247Net earnings (loss) per share($0.09)$0.06$0.23$0.32               Key Balance Sheet Figures (in thousands):   June 30, 2024December 31, 2023 Assets  Cash and cash equivalents$16,446$19,029Property plant and equipment92,78093,328Other assets9,5639,642 Total assets$118,789$121,999 Liabilities and Equity  Debt$42,001$42,948Lease liabilities5,8666,327Accounts payable and accrued liabilities11,95811,742Deferred revenue8,34514,425Other liabilities 2,5301,901 Total liabilities70,70077,343 Share capital and contributed surplus 63,65263,652Foreign currency translation reserve  4,005   2,832  Deficit(19,568)(21,828)Total shareholders' equi...