Business
Canlan Reports Second Quarter 2013 Financial Results and Continuation of Dividend Payment
- Quarter Highlighted by Significant Investment to Upgrade Facilities - BURNABY,...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"\n\n\n\n- Quarter Highlighted by Significant Investment to Upgrade Facilities -\n\n\nBURNABY, BC, Aug. 14, 2013 /CNW/ - Canlan Ice Sports Corp. (TSX: ICE), an industry-leading provider of recreational and multi-sport\n facilities across North America, today announced its financial results\n for the three and six-month periods ended June 30, 2013.\n\n\nQ2 2013 Key Financial Metrics\n\n\nIn thousands except share data\n\n\n      Q2 2013\n\n\n      Q2 2012\n\n\nChange\n\n\nTotal revenue\n\n\n$16,078\n\n\n$16,109\n\n\n-0.2%\n\n\nEBITDA1\n\n$(362)\n\n\n$332\n\n\n-209%\n\n\nNet earnings before taxes\n\n\n$(2,331)\n\n\n$(1,600)\n\n\n-46%\n\n\nNet earnings after taxes\n\n\n$(1,765)\n\n\n$(1,213)\n\n\n-46%\n\n\nNet earnings per share (FD)\n\n\n$(0.13)\n\n\n$(0.09)\n\n\n-44%\n\n\n \n\n\nJune 30, 2013\n\n\nJune 30, 2012\n\n\n \n\n\nTotal assets\n\n\n$99,284\n\n\n$100,499\n\n\n-1.2%\n\n\nCash and cash equivalents\n\n\n$5,067\n\n\n$9,672\n\n\n-48%\n\n\nTotal interest bearing debt\n\n\n$38,633\n\n\n$41,228\n\n\n-6.3%\n\n\n\n\n\"Revenue growth at our US facilities, an increase in sponsorship revenue\n and continuing incremental growth at our multi-sport Sportsplex in\n Mississauga were offset by the impact of less availability of ice\n surface inventory for rent as we execute on a major planned investment\n at several facilities,\" said Joey St-Aubin, President and CEO of Canlan\n Ice Sports. \"Our results for the quarter were also impacted by\n increased competitive pressure in the Greater Toronto Area for our\n summer leagues. We are focused on optimizing our product mix and\n promotions to drive league registrations for the upcoming Fall/Winter\n season. The Adult Safe Hockey League (ASHL), with more than 60,000\n participants across North America, is a premier brand and we remain\n confident in the value proposition that it offers our customers.\"\n\n\n\"This summer, we are investing approximately $7 million in major capital\n projects to upgrade our facilities.  This will be the largest\n reinvestment of capital in our assets since 1995.   Furthermore, we\n incurred an additional $0.4 million in operating costs to repair and\n maintain our properties over the prior year.\" said Michael Gellard,\n CFO. \"While this investment has a short-term impact o...