August 13, 2025
Canlan Sports Reports Q2 Record Revenue and Continues Quarterly Dividend
News Release – Q2 2025 – Sedar Burnaby, B.C., August 13, 2025 – Canlan Ice Sports Corp. (the “Corporation”) (TSX: ICE) today reported its financial results for the second quarter ended June 30, 2025. Overview of Q2 2025 1. Total operating revenue of $23.5 million increased by $1.6 million or 7.5% compared to Q2 2024; […]
News Release – Q2 2025 – Sedar
Burnaby, B.C., August 13, 2025 – Canlan Ice Sports Corp. (the “Corporation”) (TSX: ICE) today reported its financial results for the second quarter ended June 30, 2025.
Overview of Q2 2025
1. Total operating revenue of $23.5 million increased by $1.6 million or 7.5% compared to Q2 2024;
2. Operating earnings of $2.0 million increased by $0.4 million or 23.3% compared to a year ago; and
3. In April 2025, Canlan Sports York opened its expanded Game DeckTM that now incorporates 16 arcade and redemption games in addition to the sports simulator bays that were completed in 2024. Various other major renovation and maintenance projects commenced during the quarter designed to improve facility operations and customer experience.
Three Months and Six Months Ended June 30, 2025 Results
|
(in thousands) |
For the 3 months ended June 30 |
For the 6 months ended June 30 |
||
|
2025 |
2024 |
2025 |
2024 |
|
|
Ice rink & recreational facilities revenue |
$23,495 |
$21,848 |
$51,474 |
$48,034 |
|
Operating expense |
18,935 |
17,556 |
35,937 |
33,892 |
|
|
4,560 |
4,292 |
15,537 |
14,142 |
|
G&A expense |
2,578 |
2,684 |
5,065 |
4,904 |
|
Operating earnings1 |
$1,982 |
$1,608 |
$10,472 |
$9,238 |
|
Operating earnings per share |
$0.15 |
$0.12 |
$0.79 |
$0.69 |
|
Depreciation |
1,955 |
1,878 |
3,926 |
3,736 |
|
Interest |
625 |
607 |
1,218 |
1,242 |
|
Interest rate swap (gain) loss |
(193) |
212 |
98 |
(302) |
|
Foreign exchange (gain) loss |
9 |
(2) |
12 |
(4) |
|
Income tax expense (recovery) |
(236) |
91 |
1,195 |
1,506 |
|
Net earnings (loss) |
($178) |
($1,178) |
$4,023 |
$3,060 |
|
Net earnings (loss) per share |
($0.01) |
($0.09) |
$0.30 |
$0.23 |
Key Balance Sheet Figures
|
Key Balance Sheet Figures (in thousands): |
June 30, 2025 | December 31, 2024 |
|
Cash and cash equivalents |
$19,896 | $21,677 |
|
Property plant and equipment |
94,937 | 97,679 |
|
Other assets |
10,843 | 11,146 |
|
Total assets |
$125,676 | $130,502 |
|
Debt |
$41,191 | $40,995 |
|
Lease liabilities |
8,672 | 7,478 |
|
Accounts payable and accrued liabilities |
19,451 | 15,249 |
|
Deferred revenue |
10,003 | 14,455 |
|
Other liabilities |
2,921 | 3,507 |
|
Total liabilities |
82,238 | 81,684 |
|
Share capital and contributed surplus |
63,652 | 63,652 |
|
Foreign currency translation reserve |
3,860 | 5,794 |
|
Deficit |
(24,074) | (20,628) |
|
Total shareholders’ equity |
43,438 | 48,818 |
|
Total liabilities and equity |
$125,676 | $130,502 |
Second Quarter Results
(three months ended June 30, 2025 compared with three months ended June 30, 2024)
1. Total operating revenue of $23.5 million increased by $1.6 million or 7.5% mainly due to higher tournament registrations, increased pricing and participation, and revenue from Game Deck and arcade games added in April 2025.
2. Total operating expenses of $18.9 million increased by $1.4 million or 7.9% mainly due to labour costs and a provision for one uncollectible account.
3. G&A expenses of $2.6 million decreased by $0.1 million or 3.9% due to lower compensation expenses compared to 2024.
4. Operating earnings of $2.0 million increased by $0.4 million or 23.3% compared to 2024.
5. Net loss for the quarter was $0.2 million or $0.01 per share compared to net loss of $1.2 million or $0.09 per share in 2024.
Six Months Ended June 30, 2025 Results
(six months ended June 30, 2025 compared with six months ended June 30, 2024)
1. Total operating revenue of $51.5 million increased by $3.4 million or 7.2% mainly due to higher tournament registrations and growth in leagues.
2. Operating expenses of $35.9 million increased by $2.0 million or 6.0% mainly due to higher labour and costs.
3. G&A expenses of $5.1 million increased by $0.2 million or 3.3% mainly due to increased LTIP provisions.
4. Operating earnings were $10.5 million compared to $9.2 million in 2024.
5. Net earnings were $4.0 million or $0.30 per share compared to $3.1 million or $0.23 per share in 2024.
Dividend Policy
Canlan’s Board of Directors has approved the continuation of the Corporation’s quarterly dividend policy. Eligible dividends totaling $0.03 per common share will be paid on October 15, 2025 to shareholders of record on September 30, 2025.
Filings
Canlan’s Q2 2025 financial statements and MD&A will be available via SEDAR+ on or before August 14, 2025 and on the Company’s website.
About Canlan
Canlan Sports is the North American leader in the operations and ownership of multi-purpose recreation and entertainment facilities, with 15 facilities, 47 ice surfaces, 10 indoor soccer fields, and 18 hard courts. The stock trades under “ICE” on the TSX.
Caution concerning forward-looking statements
This News Release may contain forward-looking information…
For more information:
Canlan Ice Sports Corp.
Ivan Wu
CFO
604 736 9240
