Canlan Ice Sports Corp.
Canlan Achieved Its Sixth Consecutive Year of Record Revenue and EBITDA in 2018 and Continues Dividend
DGAP-News: Canlan Ice Sports Corp. / Key word(s): Miscellaneous Burnaby, British Columbia–(Newsfile Corp. – March 22, 2019) – Canlan Ice Sports Corp. (TSX: ICE) (the “Corporation”) today reported its financial results for the fourth quarter and year ended December 31, 2018. The Corporation also announced the continuation of its dividend for Q1 2019. Highlights of 2018
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
2018 Year End Results
“Our success in 2018 resulted from a tremendous amount of hard work in all areas of our business,” said Canlan’s CEO, Joey St-Aubin. “The team executed a labour optimization plan, continued our energy reduction program, continued to rollout new menu offerings in our restaurants, and achieved improvements in our tournament operations with a newly formed Sport Tourism division. We asked a lot from our team; the results demonstrate that the team delivered, and I want to thank and congratulate the Canlan crew for a great 2018 year.” “Increased operating earnings also contributed to stronger cash flow from operations,” added Canlan’s CFO, Ivan Wu. “This enables us to continue making improvements to our infrastructure, maintain our building envelopes, and target strategic opportunities for investment to expand our portfolio.” Dividend Policy Canlan’s Board of Directors has approved the continuation of the Corporation’s quarterly dividend policy and declared eligible dividends totaling $0.025 per common share that will next be paid on April 16, 2019 to shareholders of record at the close of business March 29, 2019. 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. “For 2019, we are very excited about the Leafs Ice Centre acquisition that was just recently announced. In addition, we want to continue moving the needle on cost efficiencies to improve margins and cash flow company-wide. This enables us to put emphasis on R&D and innovation, and to create new revenue streams that help position us to take advantage of investment opportunities,” said Mr. St-Aubin. Canlan’s financial statements and Management’s Discussion & Analysis for the year ended December 31, 2018 will be available via SEDAR on or before March 29, 2019. 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 21 facilities in Canada and the United States with 60 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 News Release 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 News Release, 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 News Release. 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: Canlan Ice Sports Corp. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43595 Click on, or paste the following link into your web browser, to view the associated documents http://www.newsfilecorp.com/release/43595
22.03.2019 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 |