Business
Canlan Reports Record Revenue and Operating Earnings for Q2 2023 and Continues Quarterly Dividend
Burnaby, British Columbia--(Newsfile Corp. - August 11, 2023) - Canlan Ice Sports Corp. (TSX: ICE...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"Canlan Reports Record Revenue and Operating Earnings for Q2 2023 and Continues Quarterly DividendBurnaby, British Columbia--(Newsfile Corp. - August 11, 2023) - Canlan Ice Sports Corp. (TSX: ICE) (the \"Corporation\") today reported its financial results for the second quarter ended June 30, 2023.Overview of Q2 2023Operating revenue of $19.8 million increased by $2.7 million or 16.0% compared to 2022;Total operating earnings of $2.3 million increased by $0.3 million or 15.5%;Food and beverage revenue was up 45.7% resulting from increased tournament, league and programs traffic; andThe Company's roof remediation program restarted for this year as scheduled, and capital projects to replace HVAC and refrigeration equipment were largely completed during the quarter. These projects are anticipated to make positive impacts on the reduction of energy cost and carbon emissions.Three Months and Six Months Ended June 30, 2023 Results  For the 3 months endedJune 30   For the 6 months endedJune 30  (in thousands) 2023   2022   2023   2022  Ice rink & recreational facilities revenue$19,811$17,073$44,288$36,021Operating expense (15,505)(13,362)(30,523)(25,847)4,3063,71113,76510,174G&A expense(2,055)(1,762)(4,086)(3,371)Operating earnings1$2,251$1,949$9,679$6,803Operating earnings per share$0.17$0.15$0.73$0.51Depreciation(1,912)(1,978)(3,842)(3,953)Interest(469)(647)(918)(1,174)Mark-to-market gain on held for trading financial liabilities1,107192527507Gain (loss) on foreign exchange(1)4(1)1Gain on sale of assets-10610106Income tax recovery (expense)(174)131(1,208)(416)Net earnings (loss) $802($243)$4,247$1,874Net earnings (loss) per share$0.06($0.02)$0.32$0.14Key Balance Sheet Figures (in thousands):    June 30, 2023  December 31, 2022  Assets Cash$13,473$18,532Property plant and equipment94,16195,523Investment350350Other assets8,3457,308Total assets$116,329$121,713Liabilities and Equity  Debt$41,891$39,812Lease liabilities5,25510,331Accounts payable and accrued liabilities10,3739,693Deferred revenue8,09014,081Other liabilities1,4141,145Total liabilities67,02375,062Share capital and contributed surplus63,65263,652Foreign currency translation reserve  2,870   3,662...