Business
Canlan reports strong first quarter earnings
BURNABY, BC, May 13 /CNW/ - Canlan Ice Sports Corp. today reported results for the three months e...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"\n\n\n\nBURNABY, BC, May 13 /CNW/ - Canlan Ice Sports Corp. today reported\nresults for the three months ended March 31, 2008\n\n\n-------------------------------------------------------------------------\n Three months ended March 31\n 2008 2007\n-------------------------------------------------------------------------\nRevenue:\n Ice rinks $18,886 $18,396\n\nExpenses:\n Ice rinks 12,734 12,454\n-------------------------------------------------------------------------\n\nEarnings from operations 6,152 5,942\n\nGeneral and administration expenses 821 898\n-------------------------------------------------------------------------\n\nEarnings before the undernoted 5,331 5,044\n\nOther expenses:\n Interest on debt on ice rinks 905 914\n Other interest 88 105\n Loss on foreign exchange (3) (6)\n Amortization 1,075 1,073\n-------------------------------------------------------------------------\n 2,065 2,086\n-------------------------------------------------------------------------\n\nEarnings before tax 3,266 2,958\n\nFuture income tax 670 618\n-------------------------------------------------------------------------\n\nNet earnings 2,596 2,340\n-------------------------------------------------------------------------\n\nBasic earnings per share $0.010 $0.009\nFully diluted earnings per share $0.010 $0.009\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n\n\nFirst quarter results (three months ended March 31, 2008 compared with\nthree months ended March 31, 2007):\n\n- Total revenue of $18.9 million increased by $490,000 or 2.7% compared\n to 2007.\n- Same store revenue increased by $907,000 or 5.1% (one facility in\n Quebec was leased to third party as of January 1, 2008).\n- Revenue from ice sales and programming, which grew by $397,000, was\n the largest contributor of this increase. This resulted from the\n growth of the Adult Safe Hockey League's (ASHL) winter season that\n began in September 2007 and ends in May 2008.\n- Revenue from restaurant and concession sales was $3.5 million, which\n is consistent with prior year.\n- Other revenue, which includes tournament operations, building lease,\n space rental, vending, and sponsorship increased by $188,000 or 37.9%\n from the prior year mainly due to increased lease and advertisin...