Business
Canlan reports record setting Q2 results
BURNABY, BC, Aug. 12 /CNW/ - Canlan Ice Sports Corp. today reported results for the three months ...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"\n\n\n\nBURNABY, BC, Aug. 12 /CNW/ - Canlan Ice Sports Corp. today reported\nresults for the three months and six months ended June 30, 2008\n\n\n Second Quarter Results (in thousands of dollars)\n\n-------------------------------------------------------------------------\n Three months ended Six months ended\n June 30 June 30\n 2008 2007 2008 2007\n-------------------------------------------------------------------------\nRevenue:\n Ice rinks $ 13,877 $ 13,096 $ 32,765 $ 31,492\n\nExpenses:\n Ice rinks 12,263 11,776 24,997 24,229\n-------------------------------------------------------------------------\nEarnings from operations 1,614 1,320 7,768 7,263\n\nGeneral and administration\n expenses 876 936 1,698 1,834\n-------------------------------------------------------------------------\nEarnings before the undernoted 738 384 6,070 5,429\n\nOther expenses:\n Interest 892 1,059 1,886 2,080\n Amortization 1,075 1,090 2,150 2,162\n Other (38) 23 (41) 17\n-------------------------------------------------------------------------\n 1,929 2,172 3,995 4,259\n\nEarnings (loss) before taxes (1,191) (1,788) 2,075 1,170\n\nFuture income tax recovery\n (expense) 223 362 (447) (256)\n-------------------------------------------------------------------------\n\nNet earnings (loss) $ (968) $ (1,426) $ 1,628 $ 914\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n\nBasic earnings (loss) per\n common share $ (0.003) $ (0.005) $ 0.006 $ 0.003\nFully diluted earnings\n (loss) per common share $ (0.003) $ (0.005) $ 0.006 $ 0.003\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n\n\nSecond quarter results (three months ended June 30, 2008 compared with\nthree months ended June 30, 2007):\n\n- Total revenue of $13.9 million increased by $781,000 or 6.0% compared\n to 2007.\n- Same store revenue increased by $1.0 million or 8.1% (one facility in\n Quebec was leased to third party as of January 1, 2008)\n- The increase was principally due to revenue growth in the Adult Safe\n Hockey League's ("ASHL") summer season and increased sales from youth\n leagues and camps.\n- Total direct operating expense of $12.3 million increased by $487,000\n or 4.1%...