Canlan Ice Sports Corp.
Canlan Reports Q3 Results
DGAP-News: Canlan Ice Sports Corp. / Key word(s): Miscellaneous Burnaby, British Columbia–(Newsfile Corp. – November 10, 2017) – Canlan Ice Sports Corp. (TSX: ICE) (the ‘Corporation’) , home of the world’s largest adult recreation hockey league, today reported its financial results for the third quarter ended September 30, 2017. Overview of Q3 2017:
Three and Nine Months Ended September 30, 2017 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.
Third Quarter Results
Nine Months Ended September 30, 2017 Results
‘Overall, Q3 revenue from facility operations grew by approximately 3.5%, which resulted from strong camp registrations in some regions and incremental revenue from the Calgary facility that opened in Q3 of 2016,’ said Canlan’s CEO, Joey St-Aubin. ‘Our Sportsplex facilities in Ontario and Illinois are also demonstrating encouraging growth trends in the summer season.’ ‘At the end of Q3, Canlan’s balance sheet remains strong and cash reserves continue to improve,’ added Canlan’s CFO, Mike Gellard. ‘Prior year’s renewed debt arrangements and our ability to generate cash from operations have contributed to this improvement and at September 30, 2017, our cash balance was $14.1 million compared to $11.5 million a year ago. We are in the final stages of our 2017 capital expenditure program, including new refrigeration equipment in Etobicoke and York. In addition, we have advanced the installation of a plate and frame chiller in our North Vancouver facility from 2018 to the fourth quarter of 2017.’ ‘Our fall/winter Adult-Safe Hockey League and Adult Indoor Soccer League seasons are well underway now with exciting promotions in our sports bars,’ said Mr. St-Aubin. ‘At the same time, we are continuing with important projects to update and upgrade plant and equipment to maintain our positive trend in reducing energy consumption.’ Canlan’s financial statements and Management Discussion & Analysis for the period ended September 30, 2017 will be available via SEDAR on or before November 14, 2017 and through the Company’s website, www.icesports.com. About Canlan 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:
10.11.2017 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | Canlan Ice Sports Corp. |
Canada | |
ISIN: | CA1376392090 |
End of News | DGAP News Service |