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Burnaby, B. C., November 10, 2022 – Canlan Ice Sports Corp. (the “Corporation”) (TSX: ICE)
today reported its financial results for the third quarter ended September 30, 2022.

Overview – Quarter Ended September 30, 2022

  • Total operating revenue of $15. 6 million increased by $2. 9 million or 23% compared a
    year ago;
  • Q3 same-facility surface revenue reached approximately 90% of pre-pandemic (Q3
    2019) levels;
  • Complete operating loss was $0. 9 million compared to operating earnings of $1. 4 million in
    2021; however , the prior year had the advantage of $6. 4 million of government
    subsidies. In 2022, operating expenses also increased as facilities completed a number
    associated with maintenance projects that had been deferred from the prior year, most notably, large
    roof remediation projects that totaled $1. 3 million plus $0. 4 million of building renovation
    upgrades at specific locations;
  • Team registrations of the fall/winter Adult Safe Hockey League season returned to 98%
    of pre-pandemic levels;
  • Given the return to full operations and the Company’s relatively strong liquidity position,
    Canlan’s Board of Directors has approved the resumption of the Corporation’s quarterly
    dividend distribution and has set the quarterly dividend amount at $0. 03 a share, up
    from $0. 0275 a share;
  • Canlan received cash consideration associated with $4. 5 million in September 2022 to surrender its
    lessee placement of a sports complex lease prior to the maturity date of the lease
    agreement; and
  • The Company continued to make important progress in reducing its carbon foot-print
    while also improving facility indoor air quality by investing in new electric ice resurfacers,
    roof replacement initiatives, and enhanced refrigeration automation systems.



Canlan Ice Sports Corporation published this content on 11 November 2022 and is solely responsible for the information contained therein. Distributed by Public , unedited and unaltered, on 11 November 2022 17: 51: goal UTC .

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