Canlan Ice Sports Corp.
Canlan Reports Continued Same Store Revenue Growth and Announces a 10% Increase of its Quarterly Dividend
DGAP-News: Canlan Ice Sports Corp. / Key word(s): Miscellaneous Burnaby, British Columbia–(Newsfile Corp. – August 13, 2019) – Canlan Ice Sports Corp. (TSX: ICE) (the “Corporation”) today reported its financial results for the second quarter ended June 30, 2019. Same Store Analysis On March 19, 2019, Canlan completed the purchase of an ice rink facility in Chicago, Illinois. The facility, called Ice Sports West Dundee, commenced operations as a Canlan facility in March 2019. On May 5, 2019, the Company’s recreation facility located in Montreal, Quebec was closed and marketed for sale. This news release will refer to “same store” results, which excludes the results of these two facilities. Overview of Q2 2019
Three Months and Six Months Ended June 30, 2019 Results
Second Quarter Results (three months ended June 30, 2019 compared with three months ended June 30, 2018)
Six Months Ended June 30, 2019 Results (six months ended June 30, 2019 compared with six months ended June 30, 2018)
“We achieved healthy same store revenue growth of almost 4% for the second quarter through marketing efforts focused on adult and youth hockey leagues, plus new product offerings created by our tournament division,” said Canlan’s CEO, Joey St-Aubin. “In addition, steady progress has been made on many of the significant maintenance and capital improvement projects that were planned for 2019. We anticipate these projects will enhance facility amenities and enable further operating efficiencies.” “Our asset optimization program is progressing well,” said Canlan’s Executive VP, Michael Gellard. “Aside from the previously announced acquisition of the ice rink facility in West Dundee, Illinois and the intended sale of the ice rink facility in Brossard, Quebec, we are also pursuing the sale of our three-pad ice rink facility in Fort Wayne, Indiana with an independent party. This is a local investor group that intends to continue ice rink operations at this location. We anticipate these disposition transactions will be completed at or prior to the end of Q3 and the sale proceeds will be utilized for re-investment into existing assets and/or acquisition of accretive businesses to add to our portfolio.” Dividend Policy Canlan’s Board of Directors has approved the continuation of the Corporation’s quarterly dividend policy and an increase to the quarterly dividend from $0.025 to $0.0275 per common share, a 10% increase. As such, the Board of Directors declared eligible dividends totaling $0.0275 per common share that will next be paid on October 15, 2019 to shareholders of record at the close of business September 30, 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. Filings Canlan’s financial statements and Management’s Discussion & Analysis for the period ended June 30, 2019 will be available via SEDAR on or before August 14, 2019 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 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. 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. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/46871 Click on, or paste the following link into your web browser,to view the associated documents http://www.newsfilecorp.com/release/46871
13.08.2019 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | Canlan Ice Sports Corp. |
Canada | |
ISIN: | CA1376392090 |
EQS News ID: | 856647 |
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