Business
Canlan reports third quarter 2009 financial results
Canlan reports third quarter 2009 financial results
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"\n\n\n\nNov. 12, 2009 (Canada NewsWire Group) -- BURNABY, BC, Nov. 12 /CNW/ -- Canlan Ice Sports Corp., providers of the on-ice experience to youth and adults across North America, today announced its financial results for the three and nine-month periods ended September 30, 2009.Key Financial Metrics-----------------------------------------------------Q3 2009 Q3 2008 Change-----------------------------------------------------Total assets $110.7M $109.5M ------------------------------------------------------Interest bearing debt $49.6M $53.3M -6.9%-----------------------------------------------------Total Revenue $13.6M $12.9M +5.4%-----------------------------------------------------Same store revenue $13.4M $12.9M +3.9%-----------------------------------------------------Net loss $1.4M $1.3M -7.7%-----------------------------------------------------Net loss per share $0.10 $0.09 -11.1%-----------------------------------------------------\"Our results for the third quarter, which traditionally is our weakest given the seasonal nature of our operations, showed a number of positive trends,\" said Joey St-Aubin, President and CEO of Canlan Ice Sports. \"Against a backdrop of negative economic conditions, we grew our revenue by more than five percent, increased our tournament and sponsorship sales by more than $200,000 and paid down more than $1.4 million of long-term debt. In fact, excluding results from our start-up Ice Sports Vineland facility, our Q3 performance was generally consistent with our recent track record.\"Third Quarter Operational and Financial Highlights- $1.4 million worth of preference shares issued in connection withfinancing secured to complete the acquisition of Ice Sports York inAugust, 2006 were redeemed for cash.- Consolidated revenue was $13.6 million, up 5.4% from $12.9 millionfor the third quarter of 2008.- Sales from Canlan's Adult Safe Hockey League totaled $2.6 million forthe summer season compared to $2.4 million in 2008.- Same store revenue grew by $500,000 or 3.9%.- Earnings before interest, taxes and amortization (EBITA)(1) was$39,000 or $Nil per share compared to $608,000 or $0.05 per share forQ3 2008, on a post-consolidated basis.- Net loss before taxes was $1.9 million compared to a net loss beforetaxes of $1.5 million for Q3 of 2008.- Net loss after taxes was $1.4 million, or $0.10 per share (...