Business
Canlan Reports Strengthened Resilience Through Increased Revenue, Operating Earnings, and Liquidity For 2021
Burnaby, British Columbia--(Newsfile Corp. - March 24, 2022) - Canlan Ice Sports Corp. (TSX: I...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"Canlan Reports Strengthened Resilience Through Increased Revenue, Operating Earnings, and Liquidity For 2021Burnaby, British Columbia--(Newsfile Corp. - March 24, 2022) - Canlan Ice Sports Corp. (TSX: ICE) (the \"Corporation\") today reported its financial results for the year ended December 31, 2021.Overview of Year Ended December 31, 2021Total revenue was $40.4 million compared to $39.3 million a year ago. The pandemic forced facility closures during the first half of 2021 and operations gradually resumed starting Q3 and returned to full operations by Q4 2021;Total operating earnings was $5.8 million compared to $0.9 million in 2020;In addition to scheduled principal repayments, $10.0 million in debt principal was repaid prior to year-end. This additional repayment relates to a revolving credit facility that can be paid down when surplus cash is available or drawn upon when working capital is required. As a result, at year end, cash-on-hand totaled $12.5 million with an additional $10.0 million available by way of the revolving credit facility; a much stronger liquidity position when compared to the year ended 2020; Total debt at year end 2021 was $43.8 million compared to $56.2 million a year ago;On July 1, 2021, Canlan Sports Libertyville, a newly acquired sportsplex in Illinois, commenced operations; and Sale of an inactive ice rink property (Les 4 Glaces) was completed in September 2021. Net proceeds of $7.2 million were received. Fourth Quarter and Annual ResultsFor the 3 months ended December 31For the year ended December 31  (in thousands)2021 202020212020 Ice rink & recreational facilities revenue$19,104$8,244$40,393$39,259Other income - government subsidy1292,7466,5376,371Operating expenses 12,9688,87635,35339,420 6,2652,11411,5776,210G&A expense1,8131,3165,7795,274 Operating earnings 1$4,452$798$5,798$936Operating earnings per share$0.33$0.06$0.43$0.07 Depreciation1,9631,9617,8017,951Interest5986712,5852,447Mark-to-market loss (gain) on held for trading financial liabilities(203)(37)(513)1,133Loss (gain) on foreign exchange218(19)(45)Gain on sale of assets(10)(53)(1,510)(2,297)Income tax recovery(498)(211)(1,454)(1,890)Net earnings (loss) $2,600($1,551)($1,092)($6,363)Net earnings (loss) per share$0.19($0.12)($0.08)($0.48) Key Balance Sheet Figures (in thousands):Years ended Dece...