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Canlan Ice Sports Q1 profit falls YOY

Canlan Ice Sports Corp. said its first-quarter normalized net income amounted to 10 Canadian cents per share, a decrease of 34.9% from 16 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$1.4 million, a decrease of 34.9% from C$2.1 million in the year-earlier period.

The normalized profit margin dropped to 6.5% from 9.8% in the year-earlier period.

Total revenue increased 6.5% year over year to C$22.6 million from C$21.2 million, and total operating expenses increased 9.4% from the prior-year period to C$18.8 million from C$17.2 million.

Reported net income decreased 38.2% on an annual basis to C$1.5 million, or 11 cents per share, from C$2.5 million, or 18 cents per share.