Business
Canlan Reports Record Revenue and EBITDA for 2015 and Declares Dividend
Burnaby, British Columbia--(Newsfile Corp. - March 24, 2016) - Canlan Ice Sports Corp. (TSX: I...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"Canlan Reports Record Revenue and EBITDA for 2015 and Declares DividendBurnaby, British Columbia--(Newsfile Corp. - March 24, 2016) - Canlan Ice Sports Corp. (TSX: ICE) (the \"Corporation\") today reported its financial results for the fourth quarter and year ended December 31, 2015. The Corporation also announced the continuation of its dividend for Q1 2016. Highlights of 2015 Record revenue of $79.4 million increased by $3.7 million or 4.9% compared to 2014; same store revenue increased by $2.2 million or 2.9%; Record EBITDA1 of $11.4 million increased by $0.3 million or 2.6% compared to 2014; Net loss was $3.6 million compared to net earnings of $0.9 million in 2014. Net loss for 2015 includes the recognition of a $4.1 million asset impairment charge; Canlan commenced operations of its newest facility, Sportsplex Lake Barrington, on February 1, 2015, and earnings from the Sportsplex which houses two gymnasiums and a FIFA-sized soccer field were on target for the year; Major capital projects were completed at Ice Sports Winnipeg to renew one ice-pad, and renovate the entrance area to improve accessibility; Due to a change in accounting policy, the Corporation recorded a foreign currency translation difference of $3.6 million in other comprehensive income that increased shareholders' equity. This difference reflects the net effect of translating U.S. operations' financial results and net asset balances; and Canlan received a 2015 Technology Impact Award (TIA) in the category of \"Adoption of Technology\" from the BC Technology Industry Association. Working with Traction on Demand, Player's Bench is a mobile responsive application for Canlan's adult hockey league (ASHL) players, designed to enhance their experience by providing a centralized portal for players to access tools they need including efficient team management and social networking. Fourth Quarter and Annual Results     For the 3 months ended December 31     For the year ended December 31             (in thousands)   2015     2014     2015     2014   Revenue $ 22,889   $ 21,888   $ 79,449   $ 75,732   Operating expense   15,987     15,623     63,769     60,089       6,902     6,265     15,68...