Canlan Ice Sports Corp.
Canlan Ice Sports Corp.
- ISIN: CA1376392090
- Land: .
Nachricht vom 23.03.2018 | 12:00
Canlan Achieves Record Revenue and EBITDA in 2017 and Continues Dividend
DGAP-News: Canlan Ice Sports Corp. / Key word(s): Miscellaneous
Burnaby, British Columbia--(Newsfile Corp. - March 23, 2018) - Canlan Ice Sports Corp. (TSX: ICE) (the 'Corporation') today reported its financial results for the fourth quarter and year ended December 31, 2017. The Corporation also announced the continuation of its dividend for Q1 2018.
Highlights of 2017
Fourth Quarter and Annual Results
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. Canlan reconciles EBITDA to its net earnings.
Fourth Quarter Results
2017 Year End Results
'In 2017, our team accomplished a lot in terms of improving financial results and gaining operating efficiencies in various areas of the business,' said Canlan's CEO, Joey St-Aubin. 'Although revenue growth was modest in certain mature markets, we made great strides in growing the multi-sport business at Canlan Sportsplex in Ontario and at our Lake Barrington Sportsplex facility in Illinois. In addition, Canlan's Tournament Division achieved an all-time high in gross sales with over 33,000 players participating in 60 tournaments throughout the year. These accomplishments, amongst others, have directly contributed to the EBITDA improvement achieved in 2017.'
'During the year, we also completed our 2017 capital project plan,' added Canlan's Executive Vice President, Mike Gellard. 'In 2017, a significant portion of the $4.9 million in capital costs was invested into equipment renewals and installations that facilitate energy conservation. These investments, combined with projects completed over the past few years have resulted in significant cost savings, and we expect continued reductions in energy consumption in years to come.'
Canlan's Board of Directors has approved the continuation of the Corporation's quarterly dividend policy and declared eligible dividends totaling $0.02 per common share that will next be paid on April 17, 2018 to shareholders of record at the close of business April 2, 2018. Canlan's Board of Directors reviews the Corporation's dividend policy on a quarterly basis. Canlan's dividend is designated as an 'eligible' dividend under the Income Tax Act (Canada) and any corresponding provincial legislation. Under this legislation, individuals resident in Canada may be entitled to enhanced dividend tax credits, which reduce income tax otherwise payable.
'Last year was a good year and now in 2018, our team continues to focus on improving efficiencies and new innovations to drive business growth,' said Mr. St-Aubin.
Canlan's financial statements and Management's Discussion & Analysis for the year ended December 31, 2017 will be available via SEDAR on or before March 30, 2018.
Canlan Ice Sports Corp. is the North American leader in the development, operations and ownership of multi-purpose recreation and entertainment facilities. We are the largest private sector owner and operator of recreation facilities in North America and currently own, lease and/or manage 20 facilities in Canada and the United States with 57 ice surfaces, as well as five indoor soccer fields, and 15 sport, volleyball, and basketball courts. To learn more about Canlan please visit www.icesports.com.
Canlan Ice Sports Corp. is listed on the Toronto Stock Exchange under the symbol 'ICE.'
Caution concerning forward-looking statements
Certain statements in this MD&A may constitute ''forward looking'' statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this MD&A, such statements may use such words as ''may'', ''will'', ''expect'', ''believe'', ''plan'' and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this MD&A. These forward looking statements involve a number of risks and uncertainties. Some of the factors that could cause actual results to differ materially from those expressed in or underlying such forward looking statements are the effects of, as well as changes in: international, national and local business and economic conditions; political or economic instability in the Corporation's markets; competition; legislation and governmental regulation; and accounting policies and practices. The foregoing list of factors is not exhaustive.
For more information:
Click on, or paste the following link into your web browser, to view the associated documents http://www.newsfilecorp.com/release/33656
|Company:||Canlan Ice Sports Corp.|
|End of News||DGAP News Service|
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