Business
Canlan Reports Strong Q1 Earnings Growth and Refinances Debt on Favourable Terms
Burnaby, British Columbia--(Newsfile Corp. - May 14, 2014) - Canlan Ice Sports Corp. (the ...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"\nCanlan Reports Strong Q1 Earnings Growth and Refinances Debt on Favourable TermsBurnaby, British Columbia--(Newsfile Corp. - May 14, 2014) - Canlan Ice Sports Corp. \n(the “Corporation”) (TSX: ICE) today reported its financial results for \nthe first quarter ended March 31, 2014.\nHighlights of Q1 2014 \n\n Total revenue $21.2 million increased by 2.6% over 2013 while same store \n revenue was up $0.7 million or 3.3%; \n EBITDA of $5.4 million, increased by 16.7% over 2013; \n Canlan Sportsplex, which opened in the fall of 2012, turned its first \n quarterly profit as EBITDA rose significantly compared to prior year; \n Net earnings of $2.5 million increased by 21.1%. EPS was $0.18/share \n compared to $0.15/share a year ago; \n The Company approved the continuation of its quarterly dividend policy and \n declared eligible dividends totaling $0.02 per common share to be paid on July \n 15, 2014. \nRefinancing \nSubsequent to March 31, 2014, the Company successfully \nrefinanced $14.6 million of senior debt at reduced interest rates and a longer \namortization period. In addition, $5.1 million of additional financing was added \nto the debt package, enabling the Company to replenish cash reserves. \nFirst Quarter Results \n\n\n \n \n   \n  \n For the 3 months ended March 31 \n  \n \n (in \n thousands) \n  \n 2014 \n  \n  \n 2013 \n  \n \n Revenue \n $\n 21,198 \n  \n $\n 20,661 \n  \n \n Operating expense \n \n  \n 14,574 \n  \n  \n 14,782 \n  \n \n   \n  \n 6,624 \n  \n  \n 5,879 \n  \n \n General & \n administration expense \n  \n 1,181 \n  \n  \n 1,214 \n \n  \n \n EBITDA1 \n $\n 5,443 \n  \n $\n 4,665 \n  \n \n EBITDA per share \n \n $\n 0.41 \n  \n $\n 0.35 \n \n  \n \n Net earnings \n $\n 2,458 \n  \n $\n 2,030 \n  \n \n Net earnings per \n share \n $\n 0.18 \n  \n $\n 0.15 \n \n  \n \n  \n  \n  \n  \n  \n  \n  \n___________________________1 Earnings before \ninterest, taxes, depreciation and amortization (EBITDA) is often used as a \nmeasure of financial performance. However, EBITDA is not a term that has \nspecific meaning in accordance with IFRS, and may be calculated differently by \nother companies. Canlan reconciles ...