Annual Report 2011 - Canlan Ice Sports

Management Discussion & Analysis
Selected Financial Information
The following selected consolidated financial information as at December 31, 2011, 2010 and 2009 and each of the years then ended has been derived
from our audited consolidated financial statements. This data should be read together with those financial statements. Note that 2011 and 2010 consolidated
financial statements are prepared in accordance with IFRS (2009 – Previous GAAP), and all information is stated in Canadian dollars.
IFRS
Quarter ended December 31
IFRS
Year ended
Previous
GAAP
in thousands 2011 2010 2011 2010 2009
Statement of Operations Data:
Total revenue $20,345 $19,991 $71,966 $69,909 $67,196
Direct expenses (1) (14,890) (14,066) (57,847) (55,627) (52,142)
General & administration
expenses (1,014) (1,319) (4,271) (4,564) (4,139)
EBITDA 4,441 4,606 9,848 9,718 10,915
Other expenses:
Depreciation (1,273) (1,275) (5,150) (4,986) (4,467)
Finance (costs) income (802) (690) (2,867) (3,015) (3,542)
Gain on sale of assets 258 - 2,578 35 32
Other (368) 33 (296) 43 395
Taxes (376) (1,218) (1,269) (1,062) (599)
Net Earnings $1,880 $1,456 $2,844 $733 $2,734
Basic and fully diluted
earnings per share $0.14 $0.11 $0.21 $0.05 $0.20
Balance Sheet Data:
Cash $13,886 $8,903 $9,213
Working capital (excluding cash) 3,398 3,016 3,365
Capital assets 84,967 89,854 96,778
Other assets 2,489 3,853 4,192
Total assets $104,740 $105,626 $113,548
Current liabilities, excluding debt $17,593 $16,893 $17,947
Mortgage debt 40,899 44,022 46,595
Equipment leases 1,073 1,455 1,446
Deferred tax liabilities 543 667 1,387
Total liabilities 60,108 63,037 67,375
Shareholders's equity 44,632 42,589 46,173
$104,740 $105,626 $113,548
Dividends declared per common share $0.06 $0.015 -
(1) Direct expenses include all operating costs related to the operation of our facilities.
14 Canlan Ice Sports Corp. 2011 Annual Report