ICE Canlan Ice Sports Corp

Canlan Ice Sports Corp. (the "Corporation") (TSX:ICE) today reported its financial results for the first quarter ended March 31, 2015.

Highlights of Q1 2015

• On January 30, 2015, the Company completed the purchase of a multi-sport recreation facility in Lake Barrington, Illinois for $7,121,000 (US$5,600,000). This Sportsplex contains a FIFA-sized turf field divisible into three playing surfaces or two ball diamonds which are embedded into the field. The facility also hosts two full-sized gymnasiums capable of four basketball courts or eight volleyball courts. The purchase was financed with a U.S. dollar denominated term loan of $2,797,000 (US$2,200,000) and surplus cash; and  
• Total revenue of $22.6 million (highest quarterly revenue ever) increased by 6.5% over 2014; same store revenue increased by 3.7%.

First Quarter Results

	For the 3 months ended March 31
(in thousands)	2015	2014
Revenue	$22,575	$21,198
Operating expense	15,901	14,574
	6,674	6,624
General & administration expense	1,255	1,181
EBITDA1	$5,419	$5,443
EBITDA per share	$0.41	$0.41
Net earnings	$1,518	$2,458
Net earnings per share	$0.11	$0.18

_________________________

1 Earnings before interest, taxes, depreciation and amortization (EBITDA) is often used as a measure of financial performance. However, EBITDA is not a term that has specific meaning in accordance with IFRS, and may be calculated differently by other companies. Canlan reconciles EBITDA to its net earnings.  

Key Balance Sheet Figures (in thousands):
	March 31, 2015	December 31, 2014
Assets
Cash and cash equivalents	$8,055	$13,534
Property plant and equipment	104,097	97,682
Investment properties	570	570
Other assets	6,754	6,236
Total assets	$119,476	$118,022
Liabilities and Equity
Interest bearing debt	$57,237	$53,582
Accounts payable and accrued liabilities	8,490	7,351
Deferred revenue	6,776	11,333
Other liabilities	937	971
Total liabilities	73,440	73,237
Total shareholders' equity	46,036	44,785
Total liabilities and equity	$119,476	$118,022

First Quarter Results

(three months ended March 31, 2015 compared with three months ended March 31, 2014)

• A record quarterly revenue of $22.6 million increased by 6.5% over 2014; same store revenue increased by 3.7%;  
• Incremental sales from ASHL, contract ice rentals, and youth hockey leagues from various markets were the main sources of revenue growth; and  
• Quarterly EBITDA of $5.4 million remained relatively steady with prior year.

"The addition of Canlan Sportsplex Lake Barrington moves our strategy forward and enables Canlan to further diversify into non-ice sports and recreation," said Canlan's CEO, Joey St-Aubin. "We are excited to be serving the recreation market in the Barrington area and look forward to bringing positive economic impact to the community."

"First quarter results were slightly above plan due to strong contract ice sales in certain markets, and continued growth of our hockey programs in Romeoville, Illinois," said Canlan's CFO, Mike Gellard. "In addition, operating results were augmented by earnings from our new Sportsplex in Lake Barrington, Illinois."

Dividend Policy

Canlan's Board of Directors has approved the continuation of the Company's quarterly dividend policy and declared eligible dividends totaling $0.02 per common share that will next be paid on July 15, 2015 to shareholders of record at the close of business June 30, 2015. Canlan's Board of Directors reviews the Company's dividend policy on a quarterly basis. Canlan's dividend is designated as an "eligible" dividend under the Income Tax Act (Canada) and any corresponding provincial legislation. Under this legislation, individuals resident in Canada may be entitled to enhanced dividend tax credits, which reduce income tax otherwise payable.

Outlook

"The Canlan team at all levels are working extremely hard right now on many exciting initiatives such as the ASHL North American Championships currently being held in Regina, Saskatchewan with  teams from across Canada and the US playing to win the crown of adult rec. hockey.  In addition, league, tournament and program registrations for the summer season are very active, while new product lines are being developed and tested to further drive utilization in our Sportsplex facilities to further support our growth of the multi-sport portion of our portfolio," said Mr. St-Aubin.

"During the upcoming summer months, we anticipate a number of planned capital and maintenance projects to commence as well," said Mr. Gellard. "We place much emphasis on ensuring our facilities are well maintained in terms of safety, efficiency and aesthetics."

Canlan's financial statements and Management Discussion & Analysis for the period ended March 31, 2015 will be available via SEDAR on or before May 15, 2015 and through the Company's website, www.icesports.com.

About Canlan

Canlan Ice Sports Corp. is the North American leader in the development, operations and ownership of ice rink and multi-purpose recreation facilities. We are the largest private sector owner and operator of recreational ice sports facilities in North America and currently own and/or manage 20 facilities in Canada and the United States with 55 ice surfaces, as well as indoor soccer fields, sport courts, volleyball, and basketball courts. To learn more about Canlan please visit www.icesports.com.

Canlan Ice Sports Corp. is listed on the Toronto Stock Exchange under the symbol "ICE."

Caution concerning forward-looking statements

Certain statements in this MD&A may constitute ''forward looking'' statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this MD&A, such statements may use such words as ''may'', ''will'', ''expect'', ''believe'', ''plan'' and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this MD&A. These forward looking statements involve a number of risks and uncertainties. Some of the factors that could cause actual results to differ materially from those expressed in or underlying such forward looking statements are the effects of, as well as changes in: international, national and local business and economic conditions; political or economic instability in the Company's markets; competition; legislation and governmental regulation; and accounting policies and practices. The foregoing list of factors is not exhaustive.

CONTACT: For more information:
         Canlan Ice Sports Corp.
         Michael F. Gellard
         Senior Vice President & CFO
         604-736-9152