BURNABY, British Columbia, Nov.  08, 2016  (GLOBE NEWSWIRE) -- Canlan Ice Sports Corp. (the “Corporation”) (TSX:ICE), home of the world’s largest adult recreation hockey league, today reported its financial results for the third quarter ended September 30, 2016.

Overview of Q3 2016:

Q3 revenue of $16.8 million increased by $0.3 million or 1.9% compared to Q3 2015; Q3 loss before interest, tax, depreciation and amortization was $0.2 million compared to break even in Q3 2015; The Company entered into a long-term agreement on July 7, 2016 to operate a twin-pad ice rink facility in Calgary, Alberta; and Major projects related to energy management and renewal of refrigeration equipment are in progress and financial benefits are being realized.

Three and Nine Months Ended September 30, 2016 Results

For the 3 months ended 
September 30  For the 9 months ended 
September 30 (in thousands) 2016  2015   2016  2015 Revenue$16,821 $16,509  $59,234 $56,560 Operating expense 15,941  15,530   48,505  47,782  880  979   10,729  8,778 G&A expense 1,109  918   3,858  3,286 EBITDA 1($229)$61  $6,871 $5,492 EBITDA per share($0.02)$-  $0.52 $0.41 Depreciation 1,752  1,767   5,217  5,179 Finance costs 526  746   4,354  2,187 Loss (gain) on held for trading financial liabilities (66) -   797  - Loss (gain) on foreign exchange (3) 447   (466) 986 Loss (gain) on sale of assets (16) 22   (21) 19 Income tax recovery (1,307) (380)  (2,067) (134)Net loss($1,115)($2,541) ($943)($2,745)Net loss per share($0.08)($0.19) ($0.07)($0.21)

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.

Key Balance Sheet Figures (in thousands):September 30, 2016  December 31, 2015 Assets Property plant and equipment$101,774  $103,631 Cash and cash equivalents 10,211   10,065 Restricted cash 1,300   - Investment properties 560   574 Other assets 7,665   6,334 Total assets$121,510  $120,604 Liabilities and Equity Interest bearing debt$59,381  $55,762 Deferred revenue 11,541   12,519 Accounts payable and accrued liabilities 7,742   7,938 Financial liability held for trading 797   - Other liabilities 735   657 Total liabilities 80,196   76,876  Share capital and contributed surplus 63,652   63,652 Foreign currency translation reserve 2,941   3,612 Deficit (25,279)  (23,536)Total shareholders’ equity 41,314   43,728 Total liabilities and equity$121,510  $120,604

Third Quarter Results 
(three months ended September 30, 2016 compared with three months ended September 30, 2015)

Total revenue of $16.8 million increased by $0.3 million or 1.9% compared to the prior year; Growth in sales from ASHL, contract ice rentals, in-house tournaments and food & beverage were the primary sources of the year-over-year revenue increase; Loss before interest, tax, depreciation and amortization for the quarter was $0.2 million compared to a break-even level in 2015; After recording depreciation, finance costs, an unrealized gain on an interest rate swap contract, and income tax recovery, net loss for the period was $1.1 million compared to $2.5 million a year ago; Minimal foreign exchange gain/loss was recognized during the period compared to a foreign exchange loss of $0.4 million in 2015 related to period end translation of U.S. dollar denominated loans and monetary items; and On July 7, 2016, Canlan entered into an operating agreement with a municipality to operate a two-pad ice rink facility in Calgary, Alberta for a term of 25 years.   Ownership of the facility will not transfer to Canlan; however, an income sharing arrangement with the municipality forms part of the agreement. The facility commenced operations in September 2016.

Nine Months Ended September 30, 2016 Results 
(nine months ended September 30, 2016 compared with nine months ended September 30, 2015)

Total revenue of $59.2 million increased by $2.7 million or 4.7% compared to the prior year; Growth in sales from hockey and soccer leagues, contract ice rentals, in-house tournaments, instructional programs and food & beverage were the primary sources of the year-over-year revenue increase; in particular, newer operations of US facilities experienced strong growth in league and programs registrations; EBITDA of $6.9 million increased by $1.4 million or 25.1% from 2015; After recording depreciation, finance costs, an unrealized valuation expense on an interest rate swap contract, income tax recovery and a foreign exchange gain, net loss for the period was $0.9 million compared to $2.7 million a year ago; and A foreign exchange gain of $0.5 million was recognized during the period compared to a foreign exchange loss of $1.0 million in 2015 related to period end translation of U.S. dollar denominated loans and monetary items.

“It’s nice to see the strong improvement of our operating results on a year-over-year basis,” said Canlan’s CEO, Joey St-Aubin.  “Our facility teams on both sides of the border have worked hard to provide excellent customer service and increase utilization of sport surfaces while carefully managing costs.”

“In addition to EBITDA growth, overall cash flow has also strengthened as a result of the refinancing we completed in the Spring, which has enabled us to replenish our cash reserves and continue to reinvest in our facilities and renew our equipment necessary to reduce energy costs and operate more efficiently,” added Canlan’s CFO, Mike Gellard. “We will continue to focus on energy management into 2017.”

“This is always an exciting time of year as the new fall/winter season of the Adult-Safe Hockey League is in full swing and we achieved our team target as planned,” said Mr. St-Aubin. “At the same time, we are focused on ramping up the operations at the Great Plains Recreation Facility, the new state of the art ice sports complex in Calgary that we have been engaged to operate.”

Canlan’s financial statements and Management Discussion & Analysis for the period ended September 30, 2016 will be available via SEDAR on or before November 14, 2016 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 57 ice surfaces, as well as five indoor soccer fields, and 21 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.