Canlan Ice Sports is the company that bought the International Ice Centre in Romeoville out of foreclosure. See our previous coverage here.
The reason you care is not that they lost money in the quarter, which they did, or that they are making a lot more than they did last quarter, which they are, but it is what they said in the earnings announcement about the acquisition that is so interesting.
On June 14, 2011, Canlan acquired the International Ice Centre ("IIC"), a three-ice sheet, 106,000 square-foot facility, situated on 8 acres of land, currently in operation in the Chicago, Illinois suburb of Romeoville. Opened in the fall of 2006 and originally built at a cost of approximately US$13.8 million, the IIC was purchased for approximately US$3.8 million and was initially funded by available cash on hand. Management expects to arrange for long-term bank financing to finance this acquisition. Since assuming control of the IIC, management has begun ramping up operations at the sports complex by focusing on adequate staffing and making necessary enhancements to the facility.
Amen! Emphasis added.
I would also note that this confirmation of the purchase (sale) price implies that the original bondholders took a 78 cent haircut. Remember this taxpayers: just say no to bonds for sports venues. You WILL pay the price in the end.
If you are curious, the earnings release for Canlan can be found here.
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