2. investorSCOREcard
Canlan Ice Sports Corp. (ICE-T)
Market Overview and Opportunity
Canlan Ice Sports is the world leader in ice sports facility ownership, operations and programming. The Company
is the largest private sector owner and operator of recreational ice sport facilities in the world and currently owns
and or manages 22 facilities with 63 sheets of ice, two in-door soccer fields and three curling surfaces in Canada
and the United States.
Canlan is executing on a strategy that is designed to increase the utilization of facilities, increase registrations for
its branded programs, such as the Adult Safe Hockey League, and expand into select US markets with a tradition
of recreational ice sports.
Recent Operational and Financial Highlights
• Canlan has a track record of steady revenue and earnings growth over the past dozen years.
• Revenue for 2009 grew by 4% to $67.2 million
• Earnings before taxes increased by 55% to $3.3 million in 2009.
• Launched operations in Fort Wayne, Indiana and Vineland, New Jersey as part of the Company’s strategy
to expand into select U.S. markets.
• Signed an exclusive marketing agreement with Molson Coors Canada that combines sponsorship, branding
and web-based promotional activities
• Reduced total interest bearing debt to $47.8 million at June 30, 2010.
Growth Strategy
Canlan derives its revenue from the rental of its playing surfaces, registrations for internal programming, food and
beverage sales, sports stores sales, tournament registrations, management and consulting fees and other related
fees.
Canlan’s strategy for growth is focused on:
• Expanding into targeted markets into the U.S., where hockey and figure skating have long traditions within
local communities.
• Leveraging successful programs, such as the Adult Safe Hockey League, Canlan Classic Tournaments and
Skating Academy, to increase utilization of facilities.
• Launching new sales and marketing initiatives, including sponsorship and advertising programs on its Adult
Safe Hockey Network, the premier online community of adult recreational hockey players with more than
70,000 members.
3. investorSCOREcard
Canlan Ice Sports Corp. (ICE-T)
Competitive Advantages
As the largest private sector operator of recreational ice facilities in North America, Canlan maintains a number of
competitive advantages, including:
• Strong brand name recognition for its facilities and programs
• High customer retention and loyalty
• Proven, effective programs, such as the ASHL, North America’s most successful adult hockey league
• High barriers to entry due to extensive capital requirements
Directors and Management
W. Grant Ballantyne, CA
Chairman
Mr. Ballantyne is a chartered accountant, and holds a B.A. in Economics from Waterloo Lutheran University. Mr.
Ballantyne has over thirty years of senior management experience in finance and operations. Prior to joining
Canlan he was Senior Vice President of an international, TSE 300 company with multi facility operations and with
extensive acquisition activity.
Frank Barker
Director
Mr. Barker is a partner and founder of Kinetic Capital Partners, a private equity investment company with over $50
million under management. Mr. Barker has been active in the private equity field since 1986 and has overseen the
execution of a number of early stage growth strategies, corporate turn-arounds and financial restructurings of
portfolio companies. Prior to the formation of Kinetic Capital Partners Mr. Barker was interim President and CEO of
Canlan Ice Sports Corp. from 1987 to 2000. Prior to that he was the Vice President of Finance at Bartrac Holdings
Ltd, Canlan’s controlling shareholder. Mr. Barker was an active director of Whistler Mountain Ski Corporation from
1988 to 1997. Mr. Barker has served as a director of a variety of companies in the fields of wood products, oil and
gas exploration, waste management and manufacturing and has been a Director of the Company since 1986.
Charles Allen
Director
Mr. Allen is the President of Darmajac Holdings, a holding company with investments in telecommunications and
other industries. Mr. Allen is a graduate of the University of Toronto and achieved his Chartered Accountant
designation with Clarkson Gordon in 1974. From 1987 to 1995, Mr. Allen was President and Chief Executive Officer
of CUC Broadcasting, a Canadian investment company with broad interests in cable television, telephony,
broadcasting, paging, satellite-delivered programming and PCS. Mr. Allen also sits on the Board of Terago
Networks and P.S. Production Services Ltd.
Geoff Barker
Director
Mr. Barker is a graduate of UBC with Bachelor of Applied Science. He spent 1978 to 1986 with the Provincial Water
Management Branch of the Ministry of Environment. Registered with the Association of Professional Engineers of
B.C. in 1981 but has since given up professional designation. From 1986 onward, has been Vice President
Development with Bartrac Holdings Ltd. and has been a director of Canlan since May of 1987.
4. investorSCOREcard
Canlan Ice Sports Corp. (ICE-T)
Edwin Cohen
Director
Mr. Cohen has been a director of Canlan since June of 1999. Prior to retirement he worked as a financial service
consultant for over 30 years. He holds a bachelor of commerce degree from the University of Manitoba.
William Pattison
Director
Mr. Pattison has been a director of Canlan since May of 1986. He holds a bachelor of commerce degree from
Cornell University and an MBA from Harvard University.
Joey St-Aubin
President & C.E.O.
Mr. St-Aubin has a Bachelor's Degree in Social Sciences with a concentration in Management of Public Policy from
the University Ottawa. He has 25 years experience in the competitive ranks of the sport of hockey and his been a
leader in the ice rink industry since 1997. He began his career with Canlan as the facility General Manager in
Oshawa and has grown through various positions to now lead Canlan Ice Sports as the President and CEO.
Michael F. Gellard, CGA
Sr. Vice President & Chief Financial Officer
Mr. Gellard is a Certified General Accountant and joined Canlan as controller in 1996 after spending fifteen years
working in public practice where he serviced a wide variety of audit clients. Following the successful financial
restructuring of the Company in 2000, Mr. Gellard was made Vice President Finance & CFO.
Duke Dickson
Sr. Vice President Business Development
Mr. Dickson has been a senior sports marketing professional for the past 27 years. He has extensive marketing
experience with professional sports organizations such as the Vancouver Canucks, Toronto Maple Leafs and B.C.
Lions as well as operating a successful sports marketing consultancy prior to joining Canlan in 1999.
Mark Faubert
Senior Vice President of Operations
Mr. Faubert has been in senior management roles in the Resort and Hospitality Industry for thirty years and has
worked with some of the largest resorts in Western Canada. He graduated with honours in Recreation Facilities
Management and Resort Operations Management in 1978. He joined Canlan in 2001 as Facility General Manager at
Burnaby 8-rinks and has advanced through various positions to now head up our North American operations.
Ivan Wu, CA
Vice President Finance & Controller
Mr. Wu is a Chartered Accountant and holds a Bachelor of Commerce degree in Finance from the University of
British Columbia. Prior to joining Canlan Mr. Wu was a Senior Manager in a public accounting firm where he
serviced a variety of clients in the real estate and services sectors.
5. investorSCOREcard
Canlan Ice Sports Corp. (ICE-T)
Mark Reynolds C.H.R.P.
Vice President Human Resources
Mr. Reynolds has over thirty-years of business experience in various sales, operations and management roles. He
entered the Human resources field in 1987 and since that time has held various H.R. generalist roles, continuing to
build human resources strength in many areas. His experience has been working with entrepreneurial, growth-
oriented organizations, mostly in the service and retail industries and with multi Provincial locations.
Ken Male
Vice President Eastern Operations
Mr. Male graduated from Mohawk College and is a Certified Management Accountant. He has twenty-three years
management experience in finance, sales and operations. Mr. Male joined Canlan in 2000 as Director Sales &
Marketing for the Ontario Region and advanced through various positions to head our Eastern Operations.
Greg Porcellato
Vice President Western Operations
Greg Porcellato has held senior roles in Facility, Recreation, Major events and Sports management in the
Vancouver area. He graduated from Simon Fraser University with a Business degree in Organizational Behavior.
Greg was the Facility Manager of the Pacific Coliseum, Pacific National Exhibition through to 2001. From there he
took on the role of Manager of Information Centre, Volunteers and Event Planning for the Vancouver 2010 Olympic
Bid Corporation through 2003. His career with Canlan began as the General Manager of Burnaby 8 Rinks in 2003,
promoted to Senior General Manager, Lower Mainland in 2006 and now in his new role as Vice President Western
Operations.
Shari Lichterman
Director, US Business Development / Regional General Manager - US
Ms. Lichterman is both a Certified Public Accountant and Certified Management Accountant, holding a Bachelor of
Commerce degree from Carleton University. She has thirteen years of experience in ice rink and recreational
facility operations in both the United States and Canada. Prior to joining Canlan, Ms. Lichterman was a co-owner
and Director of Operations of a consulting and management company based in the United States.
Paul Dillon
Vice President Sales, Marketing & Service
Mr. Dillon is a career marketing and sales professional with nearly twenty years experience, many of which were in
a senior management capacity, providing sales and marketing leadership. Prior to joining Canlan, he gained
valuable experience in a variety of industry sectors including packaged goods, consumer electronics, transportation
and real estate. Mr. Dillon holds a Bachelor of Arts degree from York University.
Comparables
ClubLink Enterprises Ltd. (TSX: CLK)
Forzani Group Ltd. A (TSX: FGL)
Prime Restaurants Inc. (TSX: EAT)
6. investorSCOREcard
Canlan Ice Sports Corp. (ICE-T)
Stock Market Performance Rating 3.1
Stock Market Returns 30,000
$100.00
Return Percentile Rating
25,000
Three Months (5.0%) 37% 1.9
Six Months 0% 48% 2.4 $80.00
Stock Price
1 Year 41% 95% 4.8 20,000
Volume
3 Years (CAGR) 0% 60% 3.0 $60.00
5 Years (CAGR) 10% 71% 3.5 15,000
Market Data 10,000
$40.00
Price $1.90
Mkt Cap (Mil) $25.34 5,000 $20.00
Shs Outstanding (Mil) 13.34
Dividend Yield % 0.0%
Avg Vol Last 3mos. (000's) 0.58 - $-
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
P/E (TTM) 10.6 x
Insider Ownership Rating 4.2
Value of Shares and Options Percent of Ownership
Shares Options Total Value Rating Percent Rating 76.1% Insiders
* Adjusted 0.0% > 10% Holders
# of # of $ Value if Adjusted $
$ Value $ Value if Rating Percent of Rating 23.9% Other
Shares Options Exercised Value
Exercised (Add all) Mkt. Value (Add all)
Joey St-Aubin
9,300 $17,670 - $0 $0 $17,670 0.0 0.1% 0.0
President and CEO
Michael F Gellard
16,200 $30,780 - $0 $0 $30,780 0.0 0.1% 0.0 Sep-10
CFO
Other Officers Aug-10
10,650 $20,235 - $0 $0 $20,235 0.0 0.1% 0.0
Jul-10
Board of Directors (excl.
CEO)
10,111,389 $19,211,639 - $0 $0 $19,211,639 4.0 75.8% 5.0 Jun-10
> 10% Holders May-10
- $0 - $0 $0 $0 0.0%
For info only
Total (excl. >10% Holders) $19,280,324 $0 $0 $19,280,324 4.0 76.1% 4.0 0% 20% 40% 60% 80% 100%
(Max of 4) (Max of 4) CEO CFO
Other Officers Directors
> 10% Holders Public Float
* Adjusted $ Value of Options is 50% of their full value if exercised to account for volatility. Furthermore, our view is that shareholders would rather management owned shares vs. options.
Add: Compensation Type
Category Rating Addition Percent of Compensation
Share and Total Perform- Share and
Salary Perform- Unit Option All Other Comp. ance Unit Option
2.9%
ance Bonus Awards Awards Comp. Bonus Awards Awards
0.0%
Joey St-Aubin Salary
$225,000 $8,400 $233,400
President and CEO Bonus
Michael F Gellard Shares & Units
$210,000 $210,000
CFO Options
Aurthur Dickson All Other
$160,000 $6,000 $166,000
SVP Business Development
Mark Faubert $145,000 $8,000 $153,000
SVP Operations 97.1%
Total $740,000 $0 $0 $0 $22,400 $762,400 0.00 0.00 0.00
(Max Score)
Bonus: Net Buying/Selling Last Six Months
Insider Holdings Beginning and Ending Value
Transactions
Adjusted Share and
$25,000,000
Rating
Option Value
$20,000,000
Buying Selling Net Bonus
$15,000,000
Joey St-Aubin, President and CEO $3,075 $0 $3,075 0.17
$10,000,000
Michael F Gellard, CFO $0 $0 $0 0.00
Other Officers $2,398 $0 $2,398 0.00 $5,000,000
Board of Directors (excl. CEO) $0 $0 $0 0.00
$-
> 10% Holders (info only) $0 $0 $0
Total (excl. >10% Holders) $5,473 $0 $5,473 0.17 (Total Score) Beg Trans- Ending
Value actions Value
7. investorSCOREcard
Canlan Ice Sports Corp. (ICE-T)
Balance Sheet Analysis Rating 2.5
Short-Term Liquidity Quadrant 3: Quadrant 1:
"RECOVERING" "OPTIMAL"
+ VE
This Company's cash flow is considered to be seasonal, therefore this report uses trailing twelve
months cash flow as a proxy for annual cash flow. $ 8.7
Dec-09
$ 6.7 Jun-10
Mar-10
Jun-09
Quadrant Rating Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-09
Working Capital ($6.3) ($8.1) ($5.3) ($3.7) ($4.6) $ 4.7
Cash Flow Ops (Q in mil) $ 0.1 ($0.1) $ 3.4 $ 2.9 $ 0.1
Cash Flow
Cash Flow Ops (TTM in mil) $ 6.1 $ 5.8 $ 6.4 $ 6.3 $ 6.3
$ 2.7
Quadrant Rating 2.0 2.0 2.0 2.0 2.0
$ 0.7
Addition to Quadrant Rating ($1.3)
Our methodology accounts for the 'nearness' to improving or worsening a Company's quadrant
ranking based on current cash generation/burn rate and working capital position. The ($3.3)
- VE
Company's working capital is RECOVERING. The working capital is negative, but they are
($10) ($8) ($6) ($4) ($2) $- $2$4
generating positive cash flow. At the current cash generation rate the Company will make up Quadrant 2:
Quadrant 4:
their deficit and have $0 in working capital in 9 month(s). "DRAWING DOWN"
"URGENT"
Add: 0.6 - VE Working Capital + VE
Short-Term Liquidity Rating 2.6
Debt to Equity
Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Utilities
Telecom
Equity
Number of Companies
Materials
Common Stock Equity $ 44.5 $ 43.1 $ 46.2 $ 48.2 $ 46.9 Info Tech
Industrials
Total Equity $ 44.5 $ 43.1 $ 46.2 $ 48.2 $ 46.9
Health Care
Energy
Cons Staples
Debt and Equivalents Cons Disc
Pref. Securities of Sub Trust - - - - -
Pref. Equity Outside Stock Equity - - - - -
Preferred Stock Equity - - - - -
Minority Interest (Bal. Sheet) - - - - -
Short-Term Debt $ 3.2 $ 3.2 $ 3.2 $ 3.2 $ 3.3
Long-Term Debt $ 45.9 $ 45.3 $ 43.9 $ 43.6 $ 43.4
Capital Lease Obligations $ 0.9 $ 1.1 $ 0.9 $ 1.4 $ 1.1
Total Debt and Equivalents $ 50.0 $ 49.6 $ 48.0 $ 48.2 $ 47.8
0.00 1.00 2.00 3.00 4.00
Debt to Equity 1.12 1.15 1.04 1.00 1.02
Debt to Equity Rating 4.3 Low Risk Debt to Equity High Risk
Debt to Equity Rating 4.3
Interest Coverage
Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 6.0 x
EBIT
5.0 x
Interest Coverage
Quarterly ($0.7) ($1.1) $ 4.3 $ 3.5 ($0.8)
TTM $ 6.3 $ 5.8 $ 6.4 $ 6.0 $ 5.9
4.0 x
Interest Expense
3.0 x
Quarterly $ 0.9 $ 0.9 $ 0.8 $ 0.8 $ 0.8
TTM $ 3.9 $ 3.9 $ 3.5 $ 3.4 $ 3.4
2.0 x
Interest Coverage 1.0 x
Quarterly #N/A #N/A 5.2 x 4.3 x #N/A
TTM 1.6 x 1.5 x 1.8 x 1.8 x 1.7 x
0.0 x
Jun-09 Sep-09 Dec-09 Mar-10 Jun-10
Interest Coverage Rating
Qtrly Interest Coverage Rating 1.4 1.2 Quarterly
TTM Interest Coverage Rating 0.5 0.4 0.5 0.5 0.5 TTM
Interest Coverage Rating 0.5
8. investorSCOREcard
Canlan Ice Sports Corp. (ICE-T)
Revenue, EBITDA and EPS Rating 1.8
Revenue (in millions)
Revenue (in milions) on Rolling TTM
$80.00
$70.00
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
$60.00
Revenue $ 48.8 $ 55.2 $ 62.5 $ 64.7 $ 67.2
$50.00
Quarterly Jun-09 Sep-09 Dec-09 Mar-10 Jun-10
Basis
Quarter Ending $ 14.6 $ 13.6 $ 19.6 $ 19.9 $ 15.7
$40.00
TTM $ 66.0 $ 66.6 $ 67.2 $ 67.6 $ 68.8
$30.00
Growth Percent Rating Stability R² Rating $20.00
Rev. Growth % TTM 4.3% 1.6
$10.00
Rev. Growth % LFY 3.9% 1.5 Revenue Stability Last 2 Yrs 99.0% 4.9
Rev. Growth % 3 Year CAGR 4.4% 1.6 Revenue Stability Last 3 Yrs 96.9% 4.8 $-
Rev. Growth % 5 Year CAGR 7.9% 2.2 Revenue Stability Last 5 Yrs 93.6% 4.7 Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
Revenue Growth Rating 1.7 Overall Revenue Stability Rating 4.8 01 02 03 04 05 06 07 08 09 10
Revenue Growth and Stability Rating 3.3
EBITDA (in millions)
EBITDA (in milions) on Rolling TTM
$ 14.00
$ 12.00
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
EBITDA $ 8.4 $ 9.3 $ 10.2 $ 11.5 $ 11.0
$ 10.00
Quarterly Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 $ 8.00
Basis
Quarter Ending $ 0.5 $ 0.1 $ 5.4 $ 4.7 $ 0.4
TTM $ 10.9 $ 10.4 $ 11.0 $ 10.7 $ 10.6 $ 6.00
$ 4.00
Growth Percent Rating Stability R² Rating
EBITDA Growth % TTM -2.9% 0.9
$ 2.00
EBITDA Growth % LFY -4.0% 0.8 EBITDA Stability Last 2 Yrs 4.1% 0.2
EBITDA Grwth % 3 Yr CAGR 0.8% 1.4 EBITDA Stability Last 3 Yrs 17.1% 0.9 $-
EBITDA Grwth % 5 Yr CAGR 4.9% 2.0 EBITDA Stability Last 5 Yrs 77.0% 3.8 Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
EBITDA Growth Rating 1.3 Overall EBITDA Stablitity Rating 1.6 01 02 03 04 05 06 07 08 09 10
EBITDA Growth and Stability Rating 1.5
Basic Earnings Per Share (EPS*) $1.50
* (excluding acquired in process R&D, restructuring and M&A, special income & charges and discontinued ops)
$1.00
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
EPS on Rolling TTM
EPS NC $ 0.20 $ 0.06 $ 0.29 $ 0.20
$0.50
Quarterly (TTM)
Basis
Jun-09 Sep-09 Dec-09 Mar-10 Jun-10
Quarter Ending ($0.07) ($0.10) $ 0.22 $ 0.15 ($0.09) $-
TTM $ 0.25 $ 0.25 $ 0.20 $ 0.20 $ 0.18
($0.50)
Growth Percent Rating Stability R² Rating
EPS Growth % TTM -28.0% 0.3 ($1.00)
EPS Growth % LFY -31.0% 0.2 EPS Stability Last 2 Yrs 37.3% 1.9
EPS Grwth % 3 Year CAGR EPS Stability Last 3 Yrs ($1.50)
EPS Grwth % 5 Year CAGR -21.4% 0.5 EPS Stability Last 5 Yrs 3.2% 0.1 Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
EPS Growth Rating 0.3 Overall EPS Stablitity Rating 1.0 01 02 03 04 05 06 07 08 09 10
EPS Growth and Stability Rating 0.6
9. investorSCOREcard
Canlan Ice Sports Corp. (ICE-T)
Return On Capital Rating 2.5
Return On Invested Capital (ROIC)
8%
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 7%
Invested Capital Period Ending $ 87.0 $ 95.5 $ 92.6 $ 96.6 $ 95.2
Average Invested Capital $ 87.0 $ 91.3 $ 94.1 $ 94.6 $ 95.9 6%
ROIC on Rolling TTM
* Net Income $ 1.2 $ 1.4 $ 0.8 $ 3.8 $ 2.7
5%
Add Back: After Tax Interest Expense $ 2.2 $ 2.5 $ 2.7 $ 2.5 $ 2.3
Annual ROIC 4.0% 4.3% 3.7% 6.7% 5.2% 4%
Basis
Level Rating 2.4 2.4 2.3 2.7 2.5
Consistency Rating 2.5 3%
2%
Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10
Invested Capital Period Ending $ 96.0 $ 94.3 $ 95.2 $ 97.4 $ 95.7 1%
Average Invested Capital $ 94.9 $ 95.2 $ 95.7 $ 96.0 $ 95.7
0%
* Net Income $ 3.2 $ 3.1 $ 2.7 $ 2.8 $ 2.5
Add Back: After Tax Interest Expense $ 2.5 $ 2.5 $ 2.3 $ 2.2 $ 2.2 (1%)
Quarterly ROIC 6.1% 5.9% 5.2% 5.2% 4.8%
Level Rating 2.6 2.6 2.5 2.5 2.5 (2%)
Consistency Rating 2.5 Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
01 02 03 04 05 06 07 08 09 10
Return on Invested Capital (ROIC) Rating 2.5
Return On Assets (ROA)
7%
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
6%
Total Assets Period Ending $ 99.8 $ 112.2 $ 109.8 $ 115.6 $ 113.1
Average Total Assets $ 100.7 $ 106.0 $ 111.0 $ 112.7 $ 114.4 5%
ROA on Rolling TTM
* Net Income $ 1.2 $ 1.4 $ 0.8 $ 3.8 $ 2.7
Add Back: After Tax Interest Expense $ 2.2 $ 2.5 $ 2.7 $ 2.5 $ 2.3 4%
Annual ROA 3.4% 3.7% 3.2% 5.6% 4.4%
Basis
Level Rating 2.4 2.5 2.4 2.7 2.5 3%
Consistency Rating 2.5
2%
Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 1%
Total Assets Period Ending $ 109.4 $ 110.7 $ 113.1 $ 111.0 $ 109.5
Average Total Assets $ 110.4 $ 111.1 $ 111.7 $ 110.9 $ 110.8 0%
* Net Income $ 3.2 $ 3.1 $ 2.7 $ 2.8 $ 2.5
Add Back: After Tax Interest Expense $ 2.5 $ 2.5 $ 2.3 $ 2.2 $ 2.2 (1%)
Quarterly ROA 6.1% 5.9% 5.2% 5.2% 4.8%
Level Rating 2.7 2.7 2.6 2.6 2.6 (2%)
Consistency Rating 2.7 Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
01 02 03 04 05 06 07 08 09 10
Return on Assets (ROA) Rating 2.6
Return On Common Equity (ROE)
15%
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
Total Equity Period Ending $ 37.5 $ 38.8 $ 41.0 $ 43.4 $ 46.2 10%
Average Common Equity $ 36.9 $ 38.1 $ 39.9 $ 42.2 $ 44.8
ROE on Rolling TTM
* Net Income $ 1.2 $ 1.4 $ 0.8 $ 3.8 $ 2.7 5%
Add Back: NA $ - $ - $ - $ - $ -
Annual ROE 3.4% 3.6% 2.0% 9.1% 6.1%
0%
Basis
Level Rating 2.1 2.1 2.0 2.6 2.4
Consistency Rating 2.3
(5%)
Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10
Total Equity Period Ending $ 44.5 $ 43.1 $ 46.2 $ 48.2 $ 46.9 (10%)
Average Common Equity $ 43.5 $ 43.6 $ 44.5 $ 45.5 $ 45.8
* Net Income $ 3.2 $ 3.1 $ 2.7 $ 2.8 $ 2.5
(15%)
Add Back: NA $ - $ - $ - $ - $ -
Quarterly ROE 7.5% 7.2% 6.1% 6.1% 5.4%
Level Rating 2.5 2.5 2.4 2.4 2.3 (20%)
Consistency Rating 2.4 Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
01 02 03 04 05 06 07 08 09 10
Return on Common Equity (ROE) Rating 2.3
* Net Income - Excludes Net Income from Discontinued Operations, Income Acquired in Process R&D, Income Restructuring And M&A, and Other Special Income/(Charges)
10. investorSCOREcard
Canlan Ice Sports Corp. (ICE-T)
Valuation Rating 4.2
Price to Earnings (P/E)
12.0 x
(Lower numbers receive higher rankings)
10.0 x
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
* Price $ 1.00 $ 1.30 $ 1.90 $ 0.99 $ 1.72 8.0 x
P/E on Rolling TTM
Earnings Per Share (EPS) NC $ 0.20 $ 0.06 $ 0.29 $ 0.20
6.0 x
Annual P/E 6.5 x 31.7 x 3.4 x 8.6 x
Basis
Annual P/E Rating 4.6 4.1 1.0 4.4 3.9 4.0 x
Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 2.0 x
* Price $ 1.58 $ 1.40 $ 1.72 $ 2.02 $ 1.90
0.0 x
Earnings Per Share (EPS) $ 0.25 $ 0.25 $ 0.20 $ 0.20 $ 0.18
(2.0x)
Quarterly (TTM) P/E 6.3 x 5.6 x 8.6 x 10.1 x 10.6 x
Quarterly (TTM) P/E Rating 4.2 4.2 3.9 3.8 3.7 (4.0x)
Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
01 02 03 04 05 06 07 08 09 10
Price to Earnings (P/E) 3.8
Price to Book (P/Book)
0.7 x
(Lower numbers receive higher rankings)
0.6 x
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
P/Book on Quarterly
* Price $ 1.00 $ 1.30 $ 1.90 $ 0.99 $ 1.72
Book Equity Per Share $ 2.81 $ 2.91 $ 2.97 $ 3.26 $ 3.46 0.5 x
Annual P/Book 0.4 x 0.4 x 0.6 x 0.3 x 0.5 x 0.4 x
Basis
Annual P/Book Rating 4.6 4.6 4.5 4.7 4.6
0.3 x
Quarterly Jun-09 Sep-09 Dec-09 Mar-10 Jun-10
* Price $ 1.58 $ 1.40 $ 1.72 $ 2.02 $ 1.90 0.2 x
Book Equity Per Share $ 3.34 $ 3.23 $ 3.46 $ 3.61 $ 3.52
0.1 x
Quarterly P/Book 0.5 x 0.4 x 0.5 x 0.6 x 0.5 x
Quarterly P/Book Rating 4.6 4.6 4.6 4.5 4.6 0.0 x
Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
01 02 03 04 05 06 07 08 09 10
Price to Book (P/Book) 4.6
Enterprise Value to EBITDA (EV/EBITDA)
16.0 x
(Lower numbers receive higher rankings)
14.0 x
EV/EBITDA on Rolling TTM
Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
* Enterprise Value $ 62.9 $ 74.1 $ 78.3 $ 63.9 $ 71.0 12.0 x
EBITDA $ 8.40 $ 9.35 $ 10.16 $ 11.46 $ 11.01
10.0 x
Annual EV/EBITDA 7.5 x 7.9 x 7.7 x 5.6 x 6.4 x
Basis
Annual EV/EBITDA Rating 3.9 3.7 3.8 4.3 4.1 8.0 x
Quarterly (TTM) Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 6.0 x
* Enterprise Value $ 71.1 $ 68.3 $ 71.0 $ 75.2 $ 73.1
4.0 x
EBITDA $ 10.91 $ 10.36 $ 11.01 $ 10.66 $ 10.60
2.0 x
Quarterly (TTM) EV/EBITDA 6.5 x 6.6 x 6.4 x 7.0 x 6.9 x
Quarterly (TTM) EV/EBITDA Rating 4.1 4.1 4.1 4.0 4.0 0.0 x
Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
01 02 03 04 05 06 07 08 09 10
Enterprise Value to EBITDA (EV/EBITDA) 4.1
* Price - Delayed 60 days to reflect the fact that financial statements are public approximately 60 days after the last day of the reporting period. For the last period the most recent price is used.
11. investorSCOREcard
Disclosure and Disclaimer
The issuer (“Issuer”) covered under this investor scorecard (“Investor Scorecard”) has paid a fee or has been charged a fee for the
production and distribution of this Investor Scorecard. The fee paid or charged for the production and distribution of this Investor
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employees and directors may have had or from time to time acquire, hold or sell an interest in the listed securities of the Issuer.
Unless specified otherwise, all forward looking statements in this Investor Scorecard have been approved by the Issuer, and the
Issuer has advised FSA and Equicom, without independent verification by FSA or Equicom that a reasonable basis exists for such
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This report was produced in part with information from the following organizations:
