Canlan Ice Sports Corp.
Canlan Reports Record Q1 Results and Increases Quarterly Dividend
DGAP-News: Canlan Ice Sports Corp. / Key word(s): Miscellaneous Burnaby, British Columbia–(Newsfile Corp. – May 11, 2018) – Canlan Ice Sports Corp. (TSX: ICE) (the ‘Corporation’) today reported its financial results for the first quarter ended March 31, 2018. Highlights of Q1 2018
First Quarter Results
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First Quarter Results
‘First quarter revenue was on plan, and facility earnings were significantly ahead of prior year as our focus on reducing energy consumption continued to push utilities expense downwards. In addition, we embarked upon a plan to increase operating efficiencies at the start of 2018 that we anticipate will result in improved margins in the long term,’ said Canlan’s CEO, Joey St-Aubin. ‘We also ended Q1 on a strong note from a balance sheet perspective.’ added Canlan’s CFO, Ivan Wu. ‘Increased cash generated from operations over the past 12 months helped to improve our liquidity and working capital position and enabled us to build cash reserves for future investment opportunities.’ ‘Currently, our corporate and facility teams are working hard on filling spring/summer ice and field programs, continuing to increase efficiencies in all business areas, and enhancing our approach to market our brands and reach new customers,’ said Mr. St-Aubin. 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 July 17, 2018 to shareholders of record at the close of business June 29, 2018. This is an increase from the previous quarterly dividend payment of $0.02 per share. 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.
Filings Canlan’s financial statements and Management’s Discussion & Analysis for the period ended March 31, 2018 will be available via SEDAR on or before May 15, 2018 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:
11.05.2018 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 |