Business
Canlan Reports Record Q3 Results and Continues Quarterly Dividend
Burnaby, British Columbia--(Newsfile Corp. - November 14, 2018) - Canlan Ice Sports Corp. (TSX...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"Canlan Reports Record Q3 Results and Continues Quarterly DividendBurnaby, British Columbia--(Newsfile Corp. - November 14, 2018) - Canlan Ice Sports Corp. (TSX: ICE) (the \"Corporation\") today reported its financial results for the third quarter ended September 30, 2018.Highlights:Record Q3 revenue of $18.3 million, increased by $0.9 million or 5.2% compared to 2017;Operating expenses of $15.8 million decreased by $0.2 million or 1.0%. Savings were achieved through a combination of selling cost efficiencies and continued reduction of utilities consumption through energy management initiatives; andEBITDA of $1.1 million increased by $0.9 million compared to the prior year. Three Months and Nine Months Ended September 30, 2018 Results  For the 3 months ended September 30For the 9 months ended September 30(in thousands)2018201720182017Revenue$18,272$17,370$62,839$61,133Operating expense15,83415,99849,51249,999 2,4381,37213,32711,134G&A expense1,3321,1444,1903,845EBITDA1$1,106$228$9,137$7,289EBITDA per share$0.08$0.02$0.69$0.55Depreciation1,7031,6995,1535,245Interest5265441,5441,606Gain on interest rate swap(228)(542)(361)(942)Loss (gain) on foreign exchange1817(27)27Gain on sale of assets(1)(1)(5)(7)Income tax expense (recovery)(188)(324)614237Net earnings (loss) ($724)($1,165)$2,219$1,123Net earnings (loss) per share($0.05)($0.09)$0.17$0.08 ____________________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, 2018December 31, 2017Assets    Cash and cash equivalents$15,961$18,629   Property plant and equipment98,86898,596   Investment properties557550   Other assets9,0237,945   Total assets$124,409$125,720Liabilities and Equity    Interest bearing debt$53,512$56,020   Accounts payable and accrued liabilities10,91610,105   Deferred revenue11,88813,209   Other liabilities1,3361,188Total liabilities77,65280,522   Share capital and contributed surplus 63,65263,652   Foreign currency translation reserve2,63...