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Canlan Ice Sports Q1 profit climbs 96.4% YOY

Canlan Ice Sports Corp. said its normalized net income for the first quarter amounted to 22 Canadian cents per share, an increase of 96.4% from 11 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$2.9 million, an increase of 96.4% from C$1.5 million in the prior-year period.

The normalized profit margin climbed to 11.9% from 6.5% in the year-earlier period.

Total revenue grew 7.3% on an annual basis to C$24.2 million from C$22.6 million, and total operating expenses climbed year over year to C$19.3 million from C$18.8 million.

Reported net income increased on an annual basis to C$4.0 million, or 30 cents per share, from C$1.7 million, or 13 cents per share.