Canlan Reports Fourth Quarter and 2023 Year End Results

YOY Revenue Increases 17%

YOY Revenue Increases 17%

Burnaby, B.C., March 21, 2024 – Canlan Ice Sports Corp. (the “Company” or “Canlan”) (TSX: ICE) today reported its financial results for the year ended December 31, 2023.

Overview of Year Ended December 31, 2023

Total operating revenue of $86.1 million increased by $12.4 million or 16.8% compared to a year ago;

Excluding roof remediation expenses of $5.3 million (2022 – $2.3 million), earnings from facility operations of $24.7 million before G&A expenses increased by $4.4 million or 21.7% compared to 2022;

Food and beverage revenue increased by $4.0 million or 48.5% compared to the prior year;

An option to purchase Canlan Sports Libertyville was exercised during the year. This is a recreation facility in Libertyville Illinois that had been operated under a lease agreement. The purchase establishes the Company’s long-term sportsplex operations in that market with indoor field/court facilities in both Lake Barrington and Libertyville, Illinois.

2023 Year End Results

Total operating revenue of $86.1 million increased by $12.4 million or 16.8% as sales from virtually all ice and turf product offerings increased compared to 2022;

Higher surface utilization and the Company’s ability to recruit adequate staffing resulted in an increase of F&B revenue by $4.0 million or 48.5%, and sports store revenue by $0.2 million or 30.6%;

Facility operating expenses of $66.8 million increased by $11.0 million or 19.8% mainly due to variable expenses to service higher customer volumes and increased roof refurbishment expenses incurred to accelerate the Company’s roof remediation plan. Approximately $5.3 million was incurred on roof remediation compared to $2.3 million a year ago;

Earnings from facility operations of $19.4 million before G&A expenses increased by $1.4 million or 7.7%;

After G&A expense of $10.0 million, operating earnings were $9.4 million compared to $10.6 million in 2022; and

Net earnings after depreciation, interest expense, income tax, and other miscellaneous income, were $0.4 million or $0.03 per share compared to $4.7 million (which included a one-time gain on early lease termination of $4.5 million) or $0.35 per share in the prior year.


Fourth Quarter and Annual Results


3 months ended December 31, 2023 3 months ended December 31, 2022 Year ended December 31, 2023 Year ended December 31, 2022
Ice rink & recreational facilities revenue (in thousands) $24,617 $22,143 $86,151 $73,728
Operating expenses (in thousands) $17,918 $15,103 $66,771 $55,729
G&A expense (in thousands) $6,699 $7,040 $19,380 $17,999
Operating earnings (in thousands) 1 $3,019 $4,700 $9,417 $10,644
Operating earnings per share $0.23 $0.35 $0.71 $0.80
Depreciation (in thousands) $1,763 $1,947 $7,513 $8,379
Interest (in thousands) $665 $625 $2,195 $2,428
Mark-to-market (gain) loss on held for trading financial liabilities (in thousands) $1,682 ($104) $455 ($645)
Loss (gain) on foreign exchange (in thousands) $2 ($5) ($11)
Gain on sale of assets (in thousands) ($5) ($27) ($15) ($106)
Gain on early lease termination (in thousands) ($4,530)
Income tax expense (recovery) (in thousands) ($1,126) ($235) ($1,161) $399
Net earnings (in thousands) $40 $2,492 $435 $4,730
Net earnings per share $0.00 $0.19 $0.03 $0.35
Key Balance Sheet Figures (in thousands): Years ended December 31 2023 2022
Assets Cash $19,029 $18,532
Property plant and equipment 93,328 95,523
Investment 350 350
Other assets 9,292 7,308
Total assets $121,999 $121,713
Liabilities and Equity Debt $42,948 $39,812
Lease liabilities 6,327 10,331
Accounts payable and accrued liabilities 11,742 9,693
Deferred revenue 14,425 14,081
Other liabilities 1,901 1,145
Total liabilities 77,343 75,062
Share capital and contributed surplus 63,652 63,652
Foreign currency translation reserve 2,832 3,662
Deficit (21,828) (20,663)
Total shareholders’ equity 44,656 46,651


Fourth Quarter Results

Total operating revenue of $24.6 million increased by $2.5 million or 11.2% compared to 2022 mainly due to increased revenue from third-party ice contracts, ASHL and F&B revenue;

Operating expenses of $17.9 million increased by $2.8 million or 18.6% from the prior year which was consistent with the increase in revenue and completion of significant maintenance projects including $1.8 million (2022 – $0.7 million) of roof remediation expenses;

After G&A expenses of $3.7 million, operating earnings of $3.0 million decreased by $1.7 million or 35.8% for the quarter compared to 2022; and

After depreciation, borrowing costs, loss on interest rate swap and income tax recovery of $3.0 million (2022 – $2.2 million), net earnings for the quarter were $40,000 (< $0.01 per share) compared to $2.5 million ($0.19 per share) a year ago.

“Operating revenue was strong for 2023 as we saw growth in almost all areas. We always strive to provide an all-round recreation experience for our customers so it was especially gratifying to see the rebound in our food and beverage operations, which resulted from increased surface utilization but also from our ability to overcome staffing shortages and keep our restaurants and concessions open,” said Canlan’s President and CEO, Joey St-Aubin. “Aside from normal operations, we also added key talent to our team to continue implementing operational efficiencies, diversifying our product lines, moving forward with Canlan’s digital transformation, and accelerating growth in our U.S. operations.”

“During the year, we also invested $4.6 million on capital projects that related principally to replacing legacy HVAC and dehumidification systems to enhance air quality and reduce energy consumption, and audio/video equipment for our restaurants,” added the Company’s CFO, Ivan Wu. “These investments, plus new ice plant equipment that was lease-financed, are expected to help with further energy efficiencies and enhance customers’ playing and dining experiences.”

Dividend Policy

Canlan’s Board of Directors has approved the continuation of the Company’s quarterly dividend policy. As such, the Board declared eligible dividends totaling $0.03 per common share that will be paid on April 12, 2024 to shareholders of record at the close of business March 28, 2024. Canlan’s Board of Directors reviews the Company’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 year ended December 31, 2023 will be available via SEDAR Plus ( on or before March 28, 2024 and on the Company’s website,

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 amongst the largest private sector owners and operators of recreation facilities in North America and currently own, lease and/or manage 17 facilities in Canada and the United States with 49 ice surfaces, as well as five indoor soccer fields, and 20 sport, volleyball, and basketball courts. To learn more about Canlan please visit
Canlan Ice Sports Corp. is listed on the Toronto Stock Exchange under the symbol “ICE.”

Caution concerning forward-looking information

This News Release may contain information that constitutes forward-looking information within the meaning of applicable securities laws. Often, but not always, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved.

Forward-looking information in this press release includes, but is not limited to, anticipated benefits of capital expenditures (including energy efficiencies and enhanced customer experiences) and expectations of business growth. Forward-looking information is based on the reasonable assumptions, estimates, analyses, beliefs and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable at the date that such information is disclosed. Forward-looking information is subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Canlan to control or predict, that may cause Canlan’s actual results, performance or achievements to be materially different from those expressed or implied thereby. Material risk factors that could cause actual results to differ materially from the forward-looking information provided herein include those factors identified in Canlan’s public disclosure file available at and, in particular, the risk factors set out under the heading “Risk Factors” in the Company’s MD&A available for review on the Company’s profile at

Such forward-looking information represents management’s best judgment based on information currently available. Accordingly, readers are advised not to place undue reliance on forward-looking information. The forward-looking information herein is made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable securities law.

For more information:

Canlan Ice Sports Corp.

Ivan Wu


604 736 9152

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