Business
Canlan reports strong revenue growth for 2007
BURNABY, BC, March 17 /CNW/ - Canlan Ice Sports Corp. today reported results for the three months...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"\n\n\n\nBURNABY, BC, March 17 /CNW/ - Canlan Ice Sports Corp. today reported\nresults for the three months and year ended December 31, 2007\n\n\n Fourth Quarter and Annual Results (in thousands of dollars)\n-------------------------------------------------------------------------\n\n Three months ended Year ended\n December 31 December 31\n 2007 2006 2007 2006\n-------------------------------------------------------------------------\nRevenue:\n Ice rinks $18,739 $18,013 $62,539 $55,231\nExpenses:\n Ice rinks 13,367 12,596 48,856 43,107\n-------------------------------------------------------------------------\n\nEarnings from operations 5,372 5,417 13,683 12,124\n\nGeneral and\n administration expenses 888 704 3,526 2,775\n-------------------------------------------------------------------------\nEarnings before the\n undernoted 4,484 4,713 10,157 9,349\n\nOther expenses:\n Interest 1,006 1,101 4,210 3,955\n Amortization 1,099 1,042 4,361 3,888\n Other 3 (8) 20 341\n-------------------------------------------------------------------------\n 2,108 2,135 8,591 8,184\n-------------------------------------------------------------------------\nEarnings before income\n taxes 2,376 2,578 1,566 1,165\n\nIncome tax expense\n (recovery) 899 261 760 (189)\n-------------------------------------------------------------------------\n\nNet earnings $1,477 $2,317 $806 $1,354\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n\nBasic earnings per\n share $ 0.006 $ 0.009 $ 0.003 $ 0.005\nFully diluted earnings\n per share $ 0.006 $ 0.009 $ 0.003 $ 0.005\n\nBasic and diluted\n weighted average\n number of shares\n outstanding 266,747,663 266,747,663 266,747,663 266,747,663\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n\n\nFourth quarter results (three months ended December 31, 2007 compared with\nthree months ended December 31, 2006):\n\n- Revenue for the fourth quarter of $18.7 million increased by\n $0.7 million or 4% over the same quarter last year.\n- This increase was primarily attributable to the substantial growth of\n the Adult Safe-Hockey League.\n- Total direct operating expense of $13.4 million increased by\n $0.8 million or 6.1% comp...