Business
Canlan Reports Third Quarter 2013 Financial Results and Continuation of Dividend Payment
-  Investment in Facility Upgrade Projects Completed On Time and On Budget - BU...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"\n\n\n-  Investment in Facility Upgrade Projects Completed On Time and On\n Budget -\n\n\nBURNABY, BC, Nov. 13, 2013 /CNW/ - Canlan Ice Sports Corp. (TSX: ICE), an industry-leading provider of recreational and multi-sport\n facilities across North America, today announced its financial results\n for the three- and nine-month periods ended September 30, 2013.\n\n\nQ3 2013 Key Financial Metrics\n\n\nIn thousands except share data\n\n\n      Q3 2013\n\n\n      Q3 2012\n\n\nChange\n\n\nTotal revenue\n\n\n$15,093\n\n\n$15,231\n\n\n(1%)\n\n\nEBITDA1\n\n$(17)\n\n\n$185\n\n\n(109%)\n\n\nNet loss before taxes\n\n\n$(2,049)\n\n\n$(1,613)\n\n\n(27%)\n\n\nNet loss after taxes\n\n\n$(1,606)\n\n\n$(1,164)\n\n\n(38%)\n\n\nNet loss per share (FD)\n\n\n$(0.12)\n\n\n$(0.09)\n\n\n(33%)\n\n\n \n\n\nSept. 30, 2013\n\n\nSept. 30, 2012\n\n\n \n\n\nTotal assets\n\n\n$103,653\n\n\n$103,096\n\n\n1%\n\n\nCash and cash equivalents\n\n\n$7,812\n\n\n$10,661\n\n\n(27%)\n\n\nTotal interest bearing debt\n\n\n$41,097\n\n\n$40,515\n\n\n1%\n\n\n\n\n\nQ3 2013 Operational and Financial Highlights \n\n\nCompletion of three major renovation projects at Burnaby 8Rinks, Ice\n Sports Winnipeg and Les 4 Glaces. These facilities all returned to\n normal operations in September 2013;\n\n\nThe approximate total capital investment of $6.8 million in the\n renovation projects is expected to improve plant and equipment\n efficiency and upgrade ice conditions and amenities to superior\n standards that meet or exceed customer expectations. The capital\n investment was financed with surplus cash on hand and a $5.0 million\n bank loan;\n\n\nTotal revenue was $15.1 million compared to $15.2 million in 2012; the\n major renovation projects resulted in reduced ice-pad inventory, which\n resulted in decreased revenue by approximately $0.6 million for the\n quarter;\n\n\nQ3 EBITDA broke even compared to $0.2 million in 2012 due to partial\n closure of the three renovated facilities;\n\n\nNet loss was $1.6 million or $0.12 per share, compared to a net loss of\n $1.2 million or $0.09 per share, in the prior year\n\n\n\"The third quarter was highlighted by the completion of significant\n upgrades at facilities in three of our major markets—Burnaby 8Rinks in\n B.C., Les 4 Glaces in Quebec and Winnipeg Ice Spor...