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

23.03.2018 / 12:00
The issuer is solely responsible for the content of this announcement.

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

  • Record revenue of $85.4 million increased $2.3 million or 2.8% compared to 2016;
  • Record EBITDA of $12.8 million rose $0.6 million or 5.1% compared to 2016;
  • Net earnings reached $3.6 million or $0.27 per share compared to $1.3 million or $0.10 per share a year ago;
  • Cash flow from operations exceeded $10.0 million for the first time;
  • A number of equipment renewal projects focused on energy conservation were completed and combined with capital expenditures deployed over the past eight quarters, utilities expenses were reduced by $0.6 million or 6.8% in 2017.

Fourth Quarter and Annual Results

For the 3 months ended
December 31
For the year ended
December 31
(in thousands)2017201620172016
Operating expenses:

   Salaries, wages and benefits8,4578,29532,87431,608
   Selling and customer service2,4322,77211,32011,515
   Cost of goods sold1,5971,5725,7355,668
   Repairs and maintenance1,2101,3544,5764,564
   Property tax8618113,4043,023
   Facility lease3483431,1881,184
Total operating expenses16,70217,21266,70165,717

G&A expense2,0741,3365,9195,194
EBITDA per share$0.41$0.40$0.96$0.91
Depreciation 1,7061,8006,9517,017
Interest 5115342,1102,549
Fee on settlement of debt---2,318
Gain on financial assets held for trading(85)(1,056)(1,027)(259)
Loss (gain) on foreign exchange(3)(8) 24 (474)
Income taxes (recovery)9391,7901,176(277)
Net earnings$2,434$2,237$3,557$1,294
Net earnings per share$0.18$0.17$0.27$0.10


Key Balance Sheet Figures (in thousands):

As at December 31:20172016

   Cash and cash equivalents$18,629$16,335
   Property plant and equipment98,596101,934
   Investment properties550566
   Other assets7,9456,724
Total assets$125,720$125,559
Liabilities and Equity

   Interest bearing debt$56,020$59,006
   Accounts payable and accrued liabilities 10,105 9,455
   Deferred revenue13,20912,635
   Other liabilities1,188898
Total liabilities80,52281,994
   Share capital and contributed surplus63,65263,652
   Foreign currency translation reserve2,3653,222
Total shareholders' equity45,19843,565
Total liabilities and equity$125,720$125,559



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
(three months ended December 31, 2017 compared with three months ended December 31, 2016)

  • Q4 revenue of 24.3 million, increased by $0.4 million or 1.8% compared to prior year;
  • Main drivers of increase were higher contract revenue, growth in youth and adult soccer leagues revenue, and incremental food & beverage revenue;
  • Operating cost of $16.7 million decreased by $0.5 million or 3.0% compared to 2016 as significant start-up costs were incurred to open the Great Plains Recreation Facility during Q4 last year;
  • EBITDA was $5.5 million compared to $5.3 million in 2016.

2017 Year End Results
(year ended December 31, 2017 compared with year ended December 31, 2016)

  • Revenue of $85.4 million increased by $2.3 million or 2.8% compared to 2016;
  • Main drivers of increase were pricing and volume gains in certain adult hockey league markets, growth in youth soccer leagues, and contract ice/field rentals;
  • Total facility operating costs of $66.7 million in 2017 increased by $1.0 million or 1.5% compared to 2016;
  • Increases were mainly due to property tax and incremental costs from the new Great Plains Recreation Facility in Calgary that was opened in September 2016;
  • The relatively low increase in operating costs yielded a higher operating margin of 22% compared to 21% a year ago;
  • Corporate G&A expenses of $5.9 million increased by $0.7 million or 14.0% compared to 2016 mainly due to higher performance-based compensation and consulting costs;
  • After G&A, EBITDA of $12.8 million, increased by $0.6 million or 5.1% compared to 2016;
  • After recording a total of $9.2 million related to borrowing costs, depreciation, foreign exchange, accounting gains on financial instruments, and income tax expense, net earnings for the year was $3.6 million or $0.27 per share compared to $1.3 million or $0.10 per share a year ago.

'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.'

Dividend Policy

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.

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

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:
Canlan Ice Sports Corp.
Ivan Wu
Chief Financial Officer
604 736 9152

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