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BURNABY, British Columbia, May 14, 2014 (GLOBE NEWSWIRE) --
Canlan Ice Sports Corp. (the "Corporation") (TSX:ICE) today reported its financial results for the first quarter ended March 31, 2014.
Highlights of Q1 2014
Total revenue $21.2 million increased by 2.6% over 2013 while same store revenue was up $0.7 million or 3.3%;
EBITDA of $5.4 million, increased by 16.7% over 2013;
Canlan Sportsplex, which opened in the fall of 2012, turned its first quarterly profit as EBITDA rose significantly compared to prior year;
Net earnings of $2.5 million increased by 21.1%. EPS was $0.18/share compared to $0.15/share a year ago;
The Company approved the continuation of its quarterly dividend policy and declared eligible dividends totaling $0.02 per common share to be paid on July 15, 2014.
Subsequent to March 31, 2014, the Company successfully refinanced $14.6 million of senior debt at reduced interest rates and a longer amortization period. In addition, $5.1 million of additional financing was added to the debt package, enabling the Company to replenish cash reserves.
First Quarter Results
For the 3 months ended March 31
General & administration expense
EBITDA per share
Net earnings per share
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.
Key Balance Sheet Figures (in thousands):
As at March 31:
Cash and cash equivalents
Property plant and equipment
Liabilities and Equity
Interest bearing debt
Accounts payable and accrued liabilities
Share capital and contributed surplus
Total shareholders' equity
Total Liabilities and Equity
First Quarter Results (three months ended March 31, 2014 compared with three months ended March 31, 2013)
Revenue of $21.2 million increased by $0.5 million or 2.6%;
Incremental sales from Canlan's instructional programs, contract ice rentals, restaurant operations, and soccer rentals at the new Sportsplex were the main drivers of the growth;
Quarterly EBITDA of $5.4 million was a new Q1 high for Canlan as increased sales coupled with cost containment helped boost earnings by 16.7%.
"We are pleased with our solid financial results for the first quarter," said Canlan's CEO, Joey St-Aubin. "Instructional programs revenue was strong in most markets and our first multi-sport complex earned its first profit ending Q1 right on target."