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BURNABY, British Columbia, Aug. 13, 2015 (GLOBE NEWSWIRE) -- Canlan Ice Sports Corp. (the "Corporation") (TSX:ICE) today reported its financial results for the second quarter ended June 30, 2015.
Highlights of Q2 2015
|Second Quarter and Six Months Ended June 30, 2015 Results|
For the 3 months ended
June 30, 2015
For the 6 months ended
June 30, 2015
|EBITDA per share||$ -||$0.02||$0.41||$0.43|
|Net earnings (loss)||$(1,776)||$(1,434)||$(258)||$1,024|
|Net earnings (loss) per share||$(0.13)||$(0.11)||$(0.02)||$0.08|
|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.|
|Key Balance Sheet Figures (in thousands):|
|June 30, 2015||December 31, 2014|
|Cash and cash equivalents||$5,908||$13,534|
|Property plant and equipment||104,119||97,682|
|Liabilities and Equity|
|Interest bearing debt||$57,243||$53,582|
|Accounts payable and accrued liabilities||7,299||7,351|
|Total shareholders' equity||43,993||44,785|
|Total liabilities and equity||$116,335||$118,022|
Second Quarter Results
(three months ended June 30, 2015 compared with three months ended June 30, 2014)
"While overall revenue from operations trended upward from the same quarter of 2014, we experienced the effect of the seasonality of the industry in various markets where registrations in our core leagues and programs were a bit softer than anticipated," said Canlan's CEO, Joey St-Aubin. "For Q3 and into Q4, we will continue to focus on increasing summer camp activity, filling our fall/winter ASHL league, and growing our Sportsplex businesses."
"In addition to the seasonal trends, Ontario's operating cost structure was significantly affected by the continued increase in electricity surcharges imposed by Provincial utility companies," said Canlan's CFO, Mike Gellard. "We will continue to prudently manage energy consumption in all our facilities and increase efficiencies by improving our equipment where possible."
Six Months Ended June 30, 2015 Results
(six months ended June 30, 2015 compared with six months ended June 30, 2014)
Canlan's Board of Directors has approved the continuation of the Company's quarterly dividend policy and declared eligible dividends totaling $0.02 per common share that will next be paid on October 15, 2015 to shareholders of record at the close of business September 30, 2015. Canlan's Board of Directors reviews the Company'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.
"Since purchasing the Sportsplex in Lake Barrington, Illinois, we've completed physical improvements to the facility, established good relations and exposure with the local market, and started new sports leagues in the facility such as lacrosse and 7 on 7 Football," said Mr. St-Aubin. "The Sportsplex business continues to be an exciting one for Canlan and our goal in the coming months will be to leverage the versatile facilities we have and capture a greater share of the recreation market."
"During the upcoming summer months, we will complete a number of planned capital and maintenance projects to improve amenities at various facilities," said Mr. Gellard. "We anticipate these projects will complete on budget and on time to nicely position ourselves for the busy fall/winter season."
Canlan's financial statements and Management Discussion & Analysis for the period ended June 30, 2015 will be available via SEDAR on or before August 14, 2015 and through the Company's website, www.icesports.com.
Canlan Ice Sports Corp. is the North American leader in the development, operations and ownership of ice rink and multi-purpose recreation facilities. We are the largest private sector owner and operator of recreational ice sports facilities in North America and currently own and/or manage 20 facilities in Canada and the United States with 55 ice surfaces, as well as indoor soccer fields, sport courts, 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 Company 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 Company's markets; competition; legislation and governmental regulation; and accounting policies and practices. The foregoing list of factors is not exhaustive.
CONTACT: Canlan Ice Sports Corp. Michael F. Gellard Senior Vice President & CFO 604-736-9152NEXT ARTICLE
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