The recession didn't freeze growth last year for Burnaby-based ice rink operator Canlan Ice Sports Corp. (TSX:ICE).
The company, which operates ice rink surfaces at 22 facilities in Canada and the U.S., reported record results in 2008 with a 374% increase in annual profit for the year ending December 31, 2008.
Net profit rose to its highest in the company's history to $3.8 million from $806,000 in 2007. Annual revenue increased to $64.7 million from $62.5 million. A 5.5% boost in store sales due to increases in registration for Canlan's branded on-ice programs and revenue associated with its acquisition in Vineland, New Jersey, were the key contributor's to the company's 2008 growth.
Revenue for the company, which owns or operates 65 ice rink surfaces in North America, has increased 40% over the past five years. Canlan has also stayed profitable during that time after suffering losses from 1997 to 2004.
Canlan generates much of its revenue from renting its playing surfaces, registrations for internal programming, food and beverage sales, sports stores sales, tournament registrations and management and consulting fees.
Canlan's share price range during the past week: between $0.90 and $1.50; 52-week high: $2; 52-week low: $0.52.