Burnaby, British Columbia - March 22, 2017 (Newsfile Corp.) (Investorideas.com Newswire) Canlan Ice Sports Corp. (TSX: ICE) (the "Corporation") today reported its financial results for the fourth quarter and year ended December 31, 2016. The Corporation also announced the continuation of its dividend for Q1 2017.
Highlights of 2016
Fourth Quarter and Annual Results
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.
Fourth Quarter Results
(three months ended December 31, 2016 compared with three months ended December 31, 2015)
2016 Year End Results
(year ended December 31, 2016 compared with year ended December 31, 2015)
"With a 7% increase in EBITDA, 2016 was a good year for us," said Canlan's CEO, Joey St-Aubin. "Facilities were at full ice and field inventory throughout the seasons, U.S. operations experienced strong growth in utilization, and operating costs were well managed by our teams across the organization. In addition, Canlan entered into a long-term operating agreement with the City of Calgary to operate the new two-pad Great Plains Recreation Facility. I'd like to thank the Canlan teams for their efforts to open this facility on time for the fall/winter season on top of an already busy 2016 year."
"In addition to strong EBITDA growth, we re-invested significant capital to install energy efficient equipment at several facilities. These capital projects are beginning to have a significant impact on lowering our consumption of electricity and gas, resulting in overall cost stabilization and reductions in certain facilities. In 2017 we will continue to invest capital in various energy related projects including re-lamping using LED technology and replacing two refrigeration plants," added Canlan's CFO, Mike Gellard. "In 2016, we were also able to refinance and consolidate debt, which not only reduced our borrowing costs but also reduced debt service resulting in increased cash flow."
Canlan's Board of Directors has approved the continuation of the Corporation's quarterly dividend policy and declared eligible dividends totaling $0.02 per common share that will next be paid on April 17, 2017 to shareholders of record at the close of business March 31, 2017. 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.
"Now heavily into the new year, we are focused on executing the Company's operating plan and priorities for 2017," said Mr. St-Aubin. "In addition, we are deeply committed to innovative approaches to further enhance the customer experience, all while continuing to invest in technologies to improve operating efficiency."
Canlan's financial statements and Management's Discussion & Analysis for the year ended December 31, 2016 will be available via SEDAR on or before March 24, 2017.
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:
Canlan Ice Sports Corp.
Michael F. Gellard
Senior Vice President & CFO
604 736 9152
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