Canlan Ice Sports (ICE) began re-opening its facilities during the second quarter of 2021 as COVID-19 health restrictions were eased.
Despite many of Canlan's sports facilities being closed due to the COVID-19 pandemic, the company generated revenues of $3.6 million, compared to $0.8 million in the second quarter of 2020.
Operating restrictions related to the pandemic continue to impact the business. However, facility operations in BC and Saskatchewan were opened for surface rentals and the company’s Illinois facilities operated at normal capacity.
In addition, losses before interest, depreciation, and tax were reduced to $1.4 million compared to a loss of $4.9 million last year.
Joey St-Aubin, CEO of Canlan, commented on the second-quarter results.
“The exciting programs and leagues that the team has put together in such a tight timeline with differing regulations in every jurisdiction was complex,” he said.
“We look forward to seeing everyone playing again in all our facilities and experiencing some of the new collaborations we recently announced such as LiveBarn and theScore.”
Canlan has taken several measures to ensure the company’s resilience as it continues to face challenges because of the pandemic.
These measures include:
- The reduction of labour and other operating costs;
- Application for government subsidies;
- Establishing processes to quickly adapt to changing health and safety regulations enabling facilities to operate whenever possible; and
- Collaboration with the company's senior lenders to enable the company to access additional credit facilities if required.
“The restart of facility operations has sparked new energy in all our team members [and] enabled us to meet the resurging demand for recreation for all ages,” added Canlan's CFO, Ivan Wu.
Canlan Ice Sports is the owner, operator, and investor in the multi-sport recreation sector committed to creating sports communities that change lives for the better.
Canlan Ice Sports (ICE) is steady, trading at $3.93 per share as of 3:57 pm ET.