Business
Canlan reports second quarter 2009 financial results
BURNABY, BC, Aug. 13 /CNW/ - Canlan Ice Sports Corp., providers of the on-ice experience to youth...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"\n\n\n\nBURNABY, BC, Aug. 13 /CNW/ - Canlan Ice Sports Corp., providers of the\non-ice experience to youth and adults across North America, today announced\nits financial results for the three and six-month periods ended June 30, 2009.\n\n\nSecond Quarter Operational and Financial Highlights\n\n- Consolidated revenue was $14.6 million, up 5.3% from $13.9 million\n for the second quarter of 2008.\n- Sales from Canlan's Adult Safe Hockey League totaled $2.5 million for\n the spring season, up 14% from 2008.\n- Same store revenue grew by $625,000 or 4.3%.\n- Earnings before interest, taxes and amortization (EBITA)(1) was\n $430,000 or $0.03 per share compared to $738,000 or $0.06 per share\n for Q2 2008, on a post-consolidated basis.\n- Net loss before taxes was $1.4 million, compared to a net loss of\n $1.2 million for Q2 2008.\n- Net loss after taxes was $934,000 or $0.07 per share, basic and\n diluted, compared to a net loss after taxes of $968,000 or $0.07 per\n share, basic and diluted, for Q2 2008.\n\n\n"Despite some very difficult economic conditions, particularly in several\nkey markets, such as Oshawa, we generated solid financial results for the\nsecond quarter, which seasonally is our softest," said Joey St-Aubin,\nPresident and CEO of Canlan Ice Sports. "As measured by our revenue growth,\npositive cash flow, and debt reduction, our strategy of increasing the\nutilization of facilities through the delivery of high-quality programs is\npositively impacting our performance."\n\n\nFinancial Results\n\n\nCanlan reported consolidated revenue of $14.6 million for the three-month\nperiod ended June 30, 2009, up 5.3% from $13.9 million for Q2 2008. On a\nyear-to-date basis, Canlan generated revenue of $34.1 million for 2009, up\n3.9% from $32.8 million for 2008. The revenue growth was principally due to\nincreased registrations for the Company's on-ice programs, such as the Adult\nSafe Hockey League as well as higher advertising and sponsorship revenue\nrelated to Canlan's sponsorship sales. Despite improvement to Canlan's\nyear-to-date revenue performance, growth was adversely impacted by a decline\nof food and beverage of $304,000 or 5% from 2008. On a year-to-date basis,\nsame store revenue grew $982,000 or 2.9% over 2008.\n\n\nCanlan derives its revenue from the rental of its playing surfaces,\nregistrat...