Canlan Ice Sports Corp.
Canlan Ice Sports Corp.
- ISIN: CA1376392090
- Land: .
Nachricht vom 14.11.2019 | 12:00
Canlan Reports Q3 Revenue Growth, Continuation of Quarterly Dividend, and Completion of Fort Wayne Property Sale
DGAP-News: Canlan Ice Sports Corp.
/ Key word(s): Miscellaneous
Burnaby, British Columbia--(Newsfile Corp. - November 14, 2019) - Canlan Ice Sports Corp. (TSX: ICE) (the "Corporation") today reported its financial results for the third quarter ended September 30, 2019.
Same Store Analysis
On March 19, 2019, Canlan completed the purchase of an ice rink facility in West Dundee, Illinois, a prominent Chicago suburb. The facility, now called Canlan Ice Sports West Dundee, commenced operations as a Canlan facility in March 2019. On May 5, 2019, the Company's recreation facility located in Brossard, 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 Q3 2019
Three Months and Nine Months Ended September 30, 2019 Results
Third Quarter Results
Nine Months Ended September 30, 2019 Results
"Q3's same store revenue growth of 3.7% was the result of a lot of hard work by our teams across all facilities and divisions to not only market Canlan's leagues and programs, but also to execute and deliver exceptional service to the customers that played in our facilities," said Joey St-Aubin, Canlan's President and CEO. "In addition to core operations, we also made significant strides in our asset optimization program by completing the sale of Canlan Ice Sports Fort Wayne in August 2019, as we had previously reported. This sale, along with divestitures of some excess vacant land completed earlier in the year have generated good cash flow that can be invested in planned capital projects and/or future expansion, similar to Canlan Ice Sports West Dundee that was purchased in March 2019."
"Although year-to-date operating earnings have decreased slightly due to ongoing roof projects, we are pleased with the progress of these projects to date.," added Ivan Wu, Canlan's CFO. "In addition, we continue to invest in new refrigeration equipment and other components of building operations that enable us to maintain downward pressure on energy consumption and costs."
Canlan's Board of Directors has approved the continuation of the Corporation's quarterly dividend policy. As such, the Board of Directors declared eligible dividends totaling $0.0275 per common share that will next be paid on January 16, 2020 to shareholders of record at the close of business December 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.
Canlan's financial statements and Management's Discussion & Analysis for the period ended September 30, 2019 will be available via SEDAR on or before November 14, 2019 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 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 53 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:
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/49717
Click on, or paste the following link into your web browser,to view the associated documents http://www.newsfilecorp.com/release/49717
News Source: Newsfile
|Company:||Canlan Ice Sports Corp.|
|EQS News ID:||912935|
|End of News||DGAP News Service|
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