Canlan earnings flat at $1.8M in Q4; revenue slips 1% to $20.3 million

BURNABY, B.C. – Arena operator Canlan Ice Sports Corp. (TSX:ICE) says fourth-quarter net earnings were relatively flat amid a slight, one per cent decline in revenue.

Canlan, which operates ice rinks and recreation facilities across North America, says net profits in the three months ended Dec. 31 were $1.8 million or 14 cents per share.

That was down slightly from just under $1.9 million, also 14 cents per share, in the final quarter of 2011.

Revenue was $20.3 million compared with just over $20.5 million.

For the full year, Canlan earned just under $1.3 million or 10 cents a share, compared with $2.8 million or 21 cents in 2011, when the company enjoyed a $2.6-million gain on the sale of two facilities.

Pre-tax earnings before the gain on sale of assets were $1.5 million or 12 cents per share in 2011 compared with $2.3 million or 17 per share in 2012.

Revenue for all of 2012 increased one per cent to $72.8 milling from $71.9 million, while same store revenue was up three per cent.

Canlan is the largest private-sector owner and operator of ice rinks in North America and currently owns or manage 20 facilities in Canada and the United States with 58 ice surfaces, as well as indoor soccer fields, ball diamonds, curling rinks and volleyball courts.