Business
Canlan Sports Continues Facility Re-Openings in Q3
--- Reports Earnings Growth & Strengthening Liquidity --- Burnaby, British Columbia--(New...
About this update from Canlan Ice Sports Corp.
[{"type":"text","content":"Canlan Sports Continues Facility Re-Openings in Q3--- Reports Earnings Growth & Strengthening Liquidity ---Burnaby, British Columbia--(Newsfile Corp. - November 10, 2021) - Canlan Ice Sports Corp. (TSX: ICE) (the \"Corporation\") today reported its financial results for the third quarter ended September 30, 2021.Overview - Quarter Ended September 30, 2021Completed sale of an inactive ice rink property and realized net proceeds of $7.2 million to help replenish the Company's cash reserves;Generated revenue of $12.6 million compared to $9.4 million in 2020; With health restrictions gradually easing from mid-summer to early fall, Q3 EBITDA was $3.1 million compared to $0.3 million a year ago; andOn July 1, 2021, Canlan Sports Libertyville in Illinois commenced operations. Three Months and Nine Months Ended September 30, 2021 ResultsFor the 3 months endedSeptember 30For the 9 months endedSeptember 30(in thousands)2021202020212020Ice rink & recreational facilities revenue$12,629$9,365 $21,289$31,015Other income - government subsidy1,7072,242 6,4083,625Operating expense (10,007)(10,001) (22,385)(30,544)4,3291,606 5,3124,096G&A expense(1,253)(1,344) (3,966)(3,958)EBITDA1$3,076$262 $1,346$138EBITDA per share$0.23$0.02 $0.10$0.01Depreciation(1,980)(1,919) (5,838)(5,990)Interest(733)(571) (1,987)(1,776)Mark-to-market gain (loss) on held for trading financial liabilities6714 310(1,170)Gain (loss) on foreign exchange3(10) 2163Gain on sale of assets1,4552,126 1,5002,244Income tax recovery (expense)(843)57 9561,679Net income (loss) $1,045($41) ($3,692)($4,812)Net income (loss) per share$0.08($0.00) ($0.28)($0.36) 1 Earnings before interest, taxes, depreciation and amortization (EBITDA) is often used as a measure of financial performance. However, EBITDA is not a term that has specific meaning in accordance with IFRS and may be calculated differently by other companies. EBITDA with negative dollar amounts represents loss before interest, taxes, depreciation and amortization.  Key Balance Sheet Figures (in thousands): September 30, 2021December 31, 2020AssetsCash and cash equivalents$17,175$7,480Property plant and equipment99,17998,771Assets held-for-sale-6,053Investment350350Other assets8,4088,830Total assets$125,112$121,484Liabilities an...