Canlan Reports Second Quarter 2011 Financial Results

About this update from Canlan Ice Sports Corp.

[{"type":"text","content":"\n\n\n\n\n\n- EBITDA improves 55% year-over-year -\n\n\nBURNABY, B.C., Aug. 10, 2011 /CNW/ - Canlan Ice Sports Corp.,\n industry-leading providers of recreational and leisure multi sport\n facilities across North America, today announced its financial results\n for the three - and six-month period ended June 30, 2011.\n\n\nQ2 2011 Key Financial Metrics\n\n\nIn thousands except share data\n\n\nQ2 2011\n\n\nQ2 2010\n\n\nChange\n\n\nTotal revenue\n\n\n$16,351\n\n\n$15,866\n\n\n+3%\n\n\nEBITDA1\n\n$724\n\n\n$466\n\n\n+55%\n\n\nLoss before taxes\n\n\n$1,215\n\n\n$1,651\n\n\n+$436\n\n\nLoss after taxes\n\n\n$985\n\n\n$1,230\n\n\n+$245\n\n\nLoss per share\n\n\n$0.07\n\n\n$0.09\n\n\n+22%\n\n\n \n\n\nJune  30, 2011\n\n\nJune 30, 2010\n\n\n \n\n\nTotal Assets\n\n\n$101,638\n\n\n$105,395\n\n\n-4%\n\n\nCash and Cash equivalents\n\n\n$2,654\n\n\n$5,144\n\n\n-48%\n\n\nTotal Interest bearing debt\n\n\n$44,821\n\n\n$47,787\n\n\n-6%\n\n\n\"Revenues for the second quarter grew 3%, in line with our expectations,\n while our expenses continued to stabilize, resulting in a significant\n increase in EBITDA,\" said Joey St-Aubin, President and CEO of Canlan\n Ice Sports.  \"The addition of a relatively new facility with tremendous\n potential and our improving margins position the Company for a strong\n second half.\"\n\n\nQ2 2011 Operational and Financial Highlights \n\n\nRevenue of $16.4 million for Q2 2011, an increase of 3% over Q2 2010\n\n\nEBITDA of $0.7 million, up 55% from $0.5 million in Q2 2010\n\n\nReduced net loss after taxes by 20% in Q2 2011 compared to Q2 2010\n\n\nExpanded its U.S. ice operations.\n\n\nRomeoville Acquisition\nOn June 14, 2011, Canlan acquired the International Ice Centre (\"IIC\"),\n a three-ice sheet, 106,000 square-foot facility, situated on 8 acres of land,\n currently in operation in the Chicago, Illinois suburb of Romeoville. \n Opened in the fall of 2006 and originally built at a cost of\n approximately US$ 13.8 million, the IIC was purchased for approximately\n US$3.8 million and was initially funded by available cash on hand. \n Management expects to arrange for long-term bank financing to finance\n this acquisition.  Since assuming control of the IIC, management has\n begun ramping up operations at the sports complex by focusing on\n adequate staffing and making necessar...

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