Business
Canlan Reports Stronger Earnings for Q1 2022
Burnaby, British Columbia--(Newsfile Corp. - May 13, 2022) - Canlan Ice Sports Corp. (TSX: ICE...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"Canlan Reports Stronger Earnings for Q1 2022Burnaby, British Columbia--(Newsfile Corp. - May 13, 2022) - Canlan Ice Sports Corp. (TSX: ICE) (the \"Corporation\") today reported its financial results for the first quarter ended March 31, 2022.Overview of Q1 2022While Ontario operations were interrupted in January as a result of COVID-19 public health orders, business activity quickly resumed on January 30th and since then, all facilities have been in full operation;Operating revenue was $18.9 million compared to $5.1 million a year ago;Operating earnings was $4.9 million compared to an operating loss of $0.4 million in 2021;Net earnings was $2.1 million compared to a net loss of $2.1 million a year ago;At quarter-end, cash-on-hand totaled $11.7 million with an additional $10.0 million available by way of the revolving credit facility; a much stronger liquidity position when compared to Q1 2021;On April 8, 2022, the Company agreed to early-terminate a lease of a sports complex for consideration of $4.5 million. The Company will continue to operate this facility until August 31, 2022; andOn May 4, 2022, the Company completed a one-year extension of the term of debt facilities that originally were set to mature on May 25, 2023 with substantially the same provisions as those currently in place. First Quarter ResultsFor the 3 months ended March 31 (in thousands)20222021 Ice rink & recreational facilities revenue$18,948$5,050Other income - government subsidy-2,439 Operating expenses 12,4856,487 6,4631,002G&A expense1,6091,380 Operating earnings 1$4,854($378)Operating earnings per share$0.36($0.03)Depreciation1,9751,945Interest527611Mark-to-market gain on held-for-trading financial liabilities(315)(131)Loss (gain) on foreign exchange3(25)Gain on sale of assets-(23)Income tax expense (recovery)547(625)Net earnings (loss) $2,117($2,130)Net earnings (loss) per share$0.16($0.16)    Key Balance Sheet Figures (in thousands):March 31, 2022December 31, 2021 Assets  Cash$11,745$12,530Property plant and equipment95,96897,432Investment350350Other assets6,1036,300 Total assets$114,166$116,612 Liabilities and Equity  Debt$42,723$43,796Lease liabilities10,96811,221Accounts payable and accrued liabilities8,5488,152Deferred revenue8,83512,029Other liabilities965998 ...