Canlan Ice Sports Corp. (TSX:ICE) is a British Columbia-based company involved in the development, operations, and ownership of multi-purpose recreation and entertainment facilities.
The company is the largest private sector owner and operator of recreational ice sports facilities in North America. Shares surged 6.79% on October 22. The stock managed to reach a 52-week high of $5.38 on the same day. It was one of the few bright spots on a day that saw the TSX retreat due to a bloodbath in the cannabis sector.
Canlan is expected to release its third-quarter results in early November. The company released its second-quarter results back on August 10.
Canlan reported record revenue of $18.9 million in the quarter which was up 1.8% year over year. EBITDA was flat from the prior year and the company posted net earnings of $2.9 million in the first six months of 2018 compared to $2.2 million in the prior year.
The board of directors also declared a dividend increase to $0.025 per share. This represents a 1.6% dividend yield. On September 19 Canlan announced that it was teaming up with Wild Wing Hospitality Inc. to roll out restaurants at Canlan’s Canadian recreational facilities.
Shares of Canlan have climbed 34.4% in 2018 so far. The company has posted impressive growth in recent years, but investors should take care ahead of its Q3 2018 earnings release. Turbulent conditions in the broader market could threaten its all-time high in the fall.
