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Canlan Ice Sports Q4 profit climbs 79.1% YOY

Canlan Ice Sports Corp. said its normalized net income for the fourth quarter was 19 Canadian cents per share, a gain of 79.1% from 10 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$2.5 million, a gain of 79.1% from C$1.4 million in the year-earlier period.

The normalized profit margin increased to 9.1% from 6.4% in the year-earlier period.

Total revenue increased year over year to C$22.9 million from C$21.9 million, and total operating expenses climbed year over year to C$18.8 million from C$18.6 million.

Reported net income totaled a loss of C$205,000, or a loss of 2 cents per share, compared to income of C$1.7 million, or 13 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled 2 cents per share, a decline of 72.6% from 8 cents per share in the prior year.

Normalized net income was C$300,630, a decline of 72.6% from C$1.1 million in the prior year.

Full-year total revenue grew on an annual basis to C$79.4 million from C$75.7 million, and total operating expenses increased 6.0% year over year to C$75.0 million from C$70.8 million.

The company said reported net income totaled a loss of C$3.6 million, or a loss of 27 cents per share, in the full year, compared with income of C$896,000, or 7 cents per share, the prior year.