Canlan Reports Third Quarter 2011 Financial Results

About this update from Canlan Ice Sports Corp.

[{"type":"text","content":"\n\n\n\n\n\nRevenue up 5%; EBITDA breakeven in Q3\n\n\nBURNABY, BC, Nov. 11, 2011 /CNW/ - Canlan Ice Sports Corp.,\n industry-leading providers of recreational and leisure multi sport\n facilities across North America, today announced its financial results\n for the three-and nine-month period ended September 30, 2011.\n\n\nQ3 2011 Key Financial Metrics\n\n\nIn thousands except share data\n\n\nQ3 2011\n\n\nQ3 2010\n\n\nChange\n\n\nTotal revenue\n\n\n$14,843\n\n\n$14,208\n\n\n+5%\n\n\nEBITDA1\n\n$2\n\n\n($128)\n\n\n+$130\n\n\nNet earnings (loss) before taxes\n\n\n$368\n\n\n($2,090)\n\n\n+$2,458\n\n\nNet earnings (loss) after taxes\n\n\n$117\n\n\n($1,530)\n\n\n+$1,647\n\n\nNet earnings (loss) per share\n\n\n$0.01\n\n\n($0.11)\n\n\n+$0.12\n\n\n \n\n\nSept. 30, 2011\n\n\nSept. 30, 2010\n\n\n \n\n\nTotal Assets\n\n\n$106,658\n\n\n$104,691\n\n\n+2%\n\n\nCash and Cash equivalents\n\n\n$5,946\n\n\n$4,450\n\n\n+34%\n\n\nTotal Interest bearing debt\n\n\n$47,085\n\n\n$47,026\n\n\n0%\n\n\n\n\n\nNine-months ended 2011 Key Financial Metrics\n\n\nIn thousands except share data\n\n\n2011\n\n\n2010\n\n\nChange\n\n\nTotal revenue\n\n\n$51,621\n\n\n$49,918\n\n\n+3%\n\n\nEBITDA\n\n\n$5,407\n\n\n$5,112\n\n\n+6%\n\n\nNet earnings (loss) before taxes\n\n\n$1,857\n\n\n($879)\n\n\n+$2,736\n\n\nNet earnings (loss) after taxes\n\n\n$963\n\n\n($723)\n\n\n+$1,686\n\n\nNet earnings (loss) per share\n\n\n$0.07\n\n\n($0.05)\n\n\n+$0.12\n\n\n\"Revenues grew 5% for the third quarter while our expenses continued to\n stabilize, resulting in improved operating results,\" said Joey\n St-Aubin, President and CEO of Canlan Ice Sports.  \"The successful sale\n of the Regina facility and the recognized gain of $2.3 million provided\n a significant boost to our bottom line for the quarter.  The recent\n purchase of the Romeoville facility and the sale of the Regina facility\n demonstrate our ability to identify opportunities to best capitalize\n our assets and manage our portfolio of facilities.\"\n\n\n___________________________________ 1 Earnings before interest, taxes, depreciation and amortization (EBITDA)\n is often used as a measure of financial performance. However, EBITDA is\n a not a term that has specific meaning in accordance with IFRS, and may\n be calculated differently by other companies. Canlan reconciles EBITDA\n to its net earnings.\...

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