Canlan Ice Sports Corp. (TSE:ICE), which operates recreational and entertainment facilities in North America, rose to a three-week high after reporting increases in net earnings and revenue in the fourth quarter.
Canlan rose 8.7 percent to C$2.50, the highest intraday price since Feb. 27, at 12:16 p.m. in Toronto.
Net earnings rose to 2.4 million, or 18 cents per share, in the three months ended Dec. 31, from $1.8 million, or 14 cents per share, in the year-earlier period, the Burnaby, British Colombia-based company said in a statement today.
Revenue advanced 3.1 percent to $21 million in the fourth quarter, from $20.3 million a year earlier. Canlan said it is the highest fourth-quarter revenue since it became an ice rink recreation company in 1998.
Revenue gained with the help of incremental sales from Canlan's instructional programs, restaurant operations, and soccer rentals at the new Canlan Sportsplex.
Canlan Sportsplex houses two indoor soccer fields, three volleyball courts and a sport court. It is the company's first non-ice multi-sport complex located in Mississauga, Ontario. Its first full-year of operations in 2014 contributed $0.7 million of incremental revenue on a year over year basis, the company said.
"After completing some major renovations in the summer, it was good for us to hit the ground running in the busy fall/winter season," Chief Executive Officer Joey St-Aubin said in the statement. "Registrations for our winter adult hockey leagues were strong in most regions and we continue to be encouraged by increased utilization at our multi-sports complex where we began operations in Q4 of 2012."
The board declared a dividend of 2 cents per share, payable on April 17 to shareholders of record at close of business on April 2.
Canlan, the largest private sector owner and operator of recreational ice sports facilities in North America, currently owns and/or manages 18 facilities in Canada and the United States with 55 ice surfaces, as well as indoor soccer fields, ball diamonds, curling rinks and volleyball courts.
The shares have gained 11.1 percent so far this year, giving the company a market value of C$33.3 million.