Burnaby-based Canlan Ice Sports Corp. suffers 56 percent fall in operating revenue in pandemic year

Last year was not the optimal time to be operating multipurpose recreation centres.

That's pretty clear from the financial statements issued this morning Canlan Ice Sports Corp. It owns, leases, or manages 18 facilities in North America with 49 ice surfaces.

All of them were closed from March to June in 2020 as a result of the COVID-19 pandemic.

Its flagship is the Burnaby 8 Rinks complex, a.k.a. the Scotia Barn, a 250,000-square-foot facility with six NHL-sized rinks and the 1,000-seat Wild Wing Restaurant.

The Burnaby-based company reported operating revenue of $39.3 million in the pandemic year of 2020.

That was down 56 percent from the $88.3 million recorded in 2019.

The 2020 figure excluded $6.4 million in government wage and rent-assistance subsidies.

The bottom line wasn't pretty, either. The company posted a net annual loss of nearly $6.4 million, compared to a $2.45-million profit in the previous year.

"Fiscal 2020 tested our resilience, creativity and ability to come together as a team, and I can proudly say that the Canlan crew performed with top marks on all counts," Canlan CEO Joey St-Aubin said in a news release. "Whether it was a staff member that was assigned tasks, or one that had to be sidelined temporarily, everyone responded to the pandemic with professionalism, diligence, and a sense of urgency. Nothing more could have been asked from them so first and foremost, a big thank you goes out to the Canlan team."

Canlan also took a hit on foreign exchange, posting a decline of $45 million on the annual operating statement. That compared to being $44 million in the black in this area in the previous year.

It generated $4.9 million through the sale of surplus land and through collection of a receivable related to the sale of an ice rink facility in 2019.

The company said that it's "worked with its senior lenders to make available operating credit facilities and debt covenant adjustments with the objective of establishing a reasonable financial runway".

Canlan describes itself as the largest private sector owner and operator of recreation facilities in North America. It owns, leases, or manages five indoor soccer fields and 15 sport, volleyball, and basketball courts.

In addition, Canlan offers several branded programs, including the Adult Safe Hockey League (which has more than 65,000 members), the Youth 3on3 Hockey League, the Hockey & Skating Academy, and Hockey & Sports camps.

The company's thinly traded stock last closed at $3.95 on the TSX. Its 52-week high is $4.81 and its 52.-week low is $2.41.

Canlan's market capitalization stands at nearly $56.7 million.