Business
Canlan Reports Strong Q1 Results and Continues Quarterly Dividend
Burnaby, British Columbia--(Newsfile Corp. - May 12, 2017) - Canlan Ice Sports Corp. (TSX: ICE...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"Canlan Reports Strong Q1 Results and Continues Quarterly DividendBurnaby, British Columbia--(Newsfile Corp. - May 12, 2017) - Canlan Ice Sports Corp. (TSX: ICE) (the \"Corporation\") today reported its financial results for the first quarter ended March 31, 2017. Highlights of Q1 2017Record quarterly revenue of $25.1 million increased by $0.9 million or 3.8% compared to 2016; EBITDA was $6.6 million, consistent with prior year; andReduced energy consumption by approximately 8%, which was directly related to investments made to renew and optimize facility equipment over the past two years.First Quarter Results For the 3 months ended March 31(in thousands)20172016Revenue$25,147$24,231Operating expense17,13216,331 8,0157,900G&A expense1,4021,256EBITDA1$6,613$6,644EBITDA per share$0.50$0.50Depreciation, interest and taxes3,3363,133Gain on foreign exchange(1)(458)Net earnings $3,278$3,969Net earnings per share$0.25$0.30 ____________________1 Earnings before interest, taxes, depreciation and amortization (EBITDA) is often used as a measure of financial performance. However, EBITDA is not a term that has specific meaning in accordance with IFRS, and may be calculated differently by other companies. Canlan reconciles EBITDA to its net earnings.Key Balance Sheet Figures (in thousands): March 31, 2017December 31, 2016Assets    Cash and cash equivalents$14,297$16,335   Property plant and equipment101,153101,934   Investment properties564566   Other assets7,5246,724Total assets$123,538$125,559Liabilities and Equity    Interest bearing debt$58,348$59,006   Accounts payable and accrued liabilities10,097 9,455   Deferred revenue7,67212,635   Other liabilities961898Total liabilities77,07881,994   Share capital and contributed surplus 63,65263,652   Foreign currency translation reserve3,1063,222   Deficit(20,298)(23,309)Total shareholders' equity46,46043,565Total liabilities and equity$123,538$125,559 First Quarter Results(three months ended March 31, 2017 compared with three months ended March 31, 2016)Total revenue of $25.1 million increased by $0.9 million or 3.8% compared to the prior year. Same store revenue increased by $0.4 million or 1.8%, principally due to a rise in adult hockey league, contract ice, and youth soc...