Business
Canlan Reports Record High Q3 Revenue and Continues Quarterly Dividend
Burnaby, British Columbia--(Newsfile Corp. - November 13, 2024) - Canlan Ice Sports Corp. (TSX: I...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"Canlan Reports Record High Q3 Revenue and Continues Quarterly DividendBurnaby, British Columbia--(Newsfile Corp. - November 13, 2024) - Canlan Ice Sports Corp. (TSX: ICE) (the \"Company\" or \"Corporation\") today reported its financial results for the third quarter ended September 30, 2024.Overview of Q3 2024Total operating revenue of $20.0 million (a record high for Q3) increased by $2.7 million or 15.7% compared to a year ago;Operating loss was $0.7 million compared to a loss of $3.3 million in 2023; The Company continued to invest in capital projects to enhance customer experience and to expand the Company's activity offerings. These projects were completed or close to completion during the quarter and include the construction of new golf/sports simulators at the Scotia Barn and Canlan Sports York facilities, the renovation of the Canlan Sports York sports bar, and the addition of new soccer pitches at Canlan Sports Libertyville; andThe Company also continued its quarterly dividend policy with the declaration of eligible dividends of $0.03 per common share that will next be paid on January 15, 2025 to shareholders of record at the close of business December 31, 2024.Three Months and Nine Months Ended September 30, 2024 Results  For the 3 months endedSeptember 30   For the 9 months endedSeptember 30   (in thousands) 2024   2023   2024   2023  Ice rink & recreational facilities revenue$19,958$17,246$67,992$61,534Operating expense 17,88718,33051,77948,853 2,071(1,084)16,21312,681G&A expense2,8012,1977,7056,283 Operating earnings (loss)1($730)($3,281)$8,508$6,398Operating earnings (loss) per share($0.05)($0.25)$0.64$0.48 Depreciation1,8581,9085,5945,750Interest5106121,7521,530Interest rate swap (gain) loss1,075(700)773(1,227)Foreign exchange (gain) loss1(6)(3)(5)Gain on sale of assets(9)-(9)(10)Income tax recovery(1,545)(1,243)(39)(35)Net earnings (loss) ($2,620)($3,852)$440$395Net earnings (loss) per share($0.20)($0.29)$0.03$0.03  Key Balance Sheet Figures (in thousands):     September 30, 2024 December 31, 2023 Assets    Cash and cash equivalents$17,800   $19,029Property plant and equipment94,870   93,328Other assets11,549   9,642&#...