Canlan Ice Sports Corp

investorSCOREcard

Standard Stock Report as of Sep 27, 2010

Canlan Ice Sports Corp. (ICE-T)Burnaby, BC, Canada (604) 736-9152 www.icesports.com

Share Price $1.90 Market Cap (Mil)

52 Week High $2.40 Cash (Mil)

52 Week Low $1.25 Total Debt (Mil)

Avg Vol Last 3 mos. (000's) 0.58 Enterprise Value (Mil)

Basic Shares Outstanding (Mil) 13.34 Dividend Yield 0.0%

Diluted Shares Outstanding (Mil) 13.34 P/E (TTM) 10.6 x

Stock Price and Volume Business Description Source: Morningstar

Comparables

Scorecard HighlightsRatings Out of Possible 5 Stars

Quarter Ending Jun 10 Quarter Ending Mar 10

Stock Market Performance

Insider Ownership

Revenue, EBITDA and EPS

Balance Sheet Analysis

Return on Capital

Valuation

© 2010 The Equicom Group Inc. All rights reserved. The Investor Scorecard is exclusively distributed by TMX Equicom. To learn more visit www.tmxmoney.com/scorecardFor a full description of the methodology used, refer to www.fsavaluation.com/scorecardinformation.aspxPlease see the final page(s) of this Investor Scorecard for important disclosure and disclaimer information.

2.72.5

2.5

3.1 3.5

4.2

1.8

2.5

4.2

$25.34

$73.13

$5.14

$47.79

Canlan Ice Sports Corp. (Canlan) is a Canada-basedcompany enagaged in the acquisition, development andoperation of recreational ice facilities in North America. TheCompany owns, leases or manages a network of 22facilities in Canada and the United States containing 63 full-sized ice sheets, two indoor soccer fields and three curlingsurfaces. It owns 11 of these facilities containing 1.2 millionsquare feet of space, operates two facilities under long-term land lease arrangements and a further four underoperating leases. The Company manages five facilities onbehalf of third-party owners. Canlan owns and operatesthese facilities directly and through several subsidiaries. Ithas five segments: Ice Sales and Internal Programming(grouped as Ice Sales); Restaurant and Lounge Operations;Sports Store Operations; Advertising and Other Operations,and Management and Consulting Services.

CLK-TFGL-TEAT-T

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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.

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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.

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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.

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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)

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Stock Market Performance Rating

Stock Market Returns

Return Percentile RatingThree Months (5.0%) 37% 1.9

Six Months 0% 48% 2.41 Year 41% 95% 4.8

3 Years (CAGR) 0% 60% 3.05 Years (CAGR) 10% 71% 3.5

Market DataPrice

Mkt Cap (Mil) Shs Outstanding (Mil)

Dividend Yield % Avg Vol Last 3mos. (000's)

P/E (TTM)

Insider Ownership Rating

Value of Shares and Options Percent of Ownership

Options Total Value Rating Percent Rating 76.1% Insiders

0.0% > 10% Holders

Rating Percent of Rating 23.9% Other

(Add all) Mkt. Value (Add all)

$19,280,324 $0 $0 $19,280,324 4.0 76.1% 4.0

(Max of 4) (Max of 4)

* 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

SalaryTotal

Comp.

Salary

Bonus

Shares & Units

Options

All Other

$740,000 $0 $0 $0 $22,400 $762,400 0.00 0.00 0.00(Max Score)

Bonus: Net Buying/Selling Last Six MonthsInsider Holdings Beginning and Ending Value

Transactions

RatingBuying Selling Net Bonus

$3,075 $0 $3,075 0.17$0 $0 $0 0.00

$2,398 $0 $2,398 0.00Board of Directors (excl. CEO) $0 $0 $0 0.00

> 10% Holders (info only) $0 $0 $0$5,473 $0 $5,473 0.17 (Total Score)

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$1.90$25.3413.340.0%0.5810.6 x

Shares

# of Shares

$ Value# of

Options$ Value if Exercised

* Adjusted $ Value if Exercised

Adjusted $ Value

Joey St-Aubin9,300 $17,670 - $0 $0 $17,670

President and CEO

Michael F Gellard16,200 $30,780 -

CFO$0 $0 $30,780 0.0

0.0Other Officers

10,650 $20,235 -

Board of Directors (excl. CEO)

$0 $0 $20,235

$0 $19,211,639 4.010,111,389 $19,211,639 - 75.8% 5.0

> 10% Holders- $0 - $0 $0 $0

$0

0.0%For info only

Total (excl. >10% Holders)

Perform-ance Bonus

Share and Unit

AwardsOption Awards

All Other Comp.

Perform-ance

Bonus

Share and Unit

AwardsOption Awards

Joey St-Aubin$225,000 $8,400 $233,400

President and CEO

Michael F Gellard$210,000 $210,000

CFO

Aurthur Dickson$160,000 $6,000 $166,000

SVP Operations

SVP Business Development

Mark Faubert$145,000 $8,000 $153,000

Total

Total (excl. >10% Holders)

Joey St-Aubin, President and CEO

Michael F Gellard, CFO

Other Officers

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2.9%

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CEO CFOOther Officers Directors> 10% Holders Public Float

investorSCOREcard


Balance Sheet Analysis Rating 2.5

Short-Term Liquidity

Quadrant Rating Jun-09 Sep-09 Dec-09 Mar-10 Jun-10Working Capital ($6.3) ($8.1) ($5.3) ($3.7) ($4.6)

Cash Flow Ops (Q in mil) $ 0.1 ($0.1) $ 3.4 $ 2.9 $ 0.1

Cash Flow Ops (TTM in mil) $ 6.1 $ 5.8 $ 6.4 $ 6.3 $ 6.3

Quadrant Rating 2.0 2.0 2.0 2.0 2.0

Addition to Quadrant Rating

Add: 0.6 - VE Working Capital + VE

Short-Term Liquidity Rating 2.6

Debt to EquityJun-09 Sep-09 Dec-09 Mar-10 Jun-10

EquityCommon Stock Equity $ 44.5 $ 43.1 $ 46.2 $ 48.2 $ 46.9

Total Equity $ 44.5 $ 43.1 $ 46.2 $ 48.2 $ 46.9

Debt and EquivalentsPref. 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

Debt to Equity 1.12 1.15 1.04 1.00 1.02

Debt to Equity Rating 4.3 Low Risk High Risk

Debt to Equity Rating 4.3

Interest CoverageJun-09 Sep-09 Dec-09 Mar-10 Jun-10

EBITQuarterly ($0.7) ($1.1) $ 4.3 $ 3.5 ($0.8)

TTM $ 6.3 $ 5.8 $ 6.4 $ 6.0 $ 5.9

Interest ExpenseQuarterly $ 0.9 $ 0.9 $ 0.8 $ 0.8 $ 0.8

TTM $ 3.9 $ 3.9 $ 3.5 $ 3.4 $ 3.4

Interest CoverageQuarterly #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

Interest Coverage RatingQtrly Interest Coverage Rating 1.4 1.2 QuarterlyTTM Interest Coverage Rating 0.5 0.4 0.5 0.5 0.5 TTM

Interest Coverage Rating 0.5

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. +

VE

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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 Company's working capital is RECOVERING. The working capital is negative, but they are generating positive cash flow. At the current cash generation rate the Company will make up their deficit and have $0 in working capital in 9 month(s).

Debt to Equity

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Quadrant 1:"OPTIMAL"

Quadrant 3: "RECOVERING"

Quadrant 2:"DRAWING DOWN"

Quadrant 4: "URGENT"

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Revenue, EBITDA and EPS Rating 1.8

Revenue (in millions)

Annual (Fiscal Year) Dec-05 Dec-06 Dec-07 Dec-08 Dec-09

Revenue $ 48.8 $ 55.2 $ 62.5 $ 64.7 $ 67.2

Quarterly Jun-09 Sep-09 Dec-09 Mar-10 Jun-10

Quarter Ending $ 14.6 $ 13.6 $ 19.6 $ 19.9 $ 15.7

TTM $ 66.0 $ 66.6 $ 67.2 $ 67.6 $ 68.8

Growth Percent Rating Stability R² Rating

Rev. Growth % TTM 4.3% 1.6

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

Revenue Growth Rating 1.7 Overall Revenue Stability Rating 4.8

Revenue Growth and Stability Rating 3.3

EBITDA (in millions)


EBITDA $ 8.4 $ 9.3 $ 10.2 $ 11.5 $ 11.0


Quarter Ending $ 0.5 $ 0.1 $ 5.4 $ 4.7 $ 0.4

TTM $ 10.9 $ 10.4 $ 11.0 $ 10.7 $ 10.6


EBITDA Growth % TTM -2.9% 0.9

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

EBITDA Growth Rating 1.3 Overall EBITDA Stablitity Rating 1.6

EBITDA Growth and Stability Rating 1.5

Basic Earnings Per Share (EPS*)* (excluding acquired in process R&D, restructuring and M&A, special income & charges and discontinued ops)


EPS NC $ 0.20 $ 0.06 $ 0.29 $ 0.20

Quarterly (TTM) 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


EPS Growth % TTM -28.0% 0.3

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

EPS Grwth % 5 Year CAGR -21.4% 0.5 EPS Stability Last 5 Yrs 3.2% 0.1

EPS Growth Rating 0.3 Overall EPS Stablitity Rating 1.0

EPS Growth and Stability Rating 0.6

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Return On Capital Rating 2.5

Return On Invested Capital (ROIC)


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

* 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

Annual ROIC 4.0% 4.3% 3.7% 6.7% 5.2%

Level Rating 2.4 2.4 2.3 2.7 2.5

Consistency Rating 2.5


Invested Capital Period Ending $ 96.0 $ 94.3 $ 95.2 $ 97.4 $ 95.7

Average Invested Capital $ 94.9 $ 95.2 $ 95.7 $ 96.0 $ 95.7

* Net Income $ 3.2 $ 3.1 $ 2.7 $ 2.8 $ 2.5


Quarterly ROIC 6.1% 5.9% 5.2% 5.2% 4.8%

Level Rating 2.6 2.6 2.5 2.5 2.5


Return on Invested Capital (ROIC) Rating 2.5

Return On Assets (ROA)


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

* Net Income $ 1.2 $ 1.4 $ 0.8 $ 3.8 $ 2.7


Annual ROA 3.4% 3.7% 3.2% 5.6% 4.4%

Level Rating 2.4 2.5 2.4 2.7 2.5



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

* Net Income $ 3.2 $ 3.1 $ 2.7 $ 2.8 $ 2.5


Quarterly ROA 6.1% 5.9% 5.2% 5.2% 4.8%

Level Rating 2.7 2.7 2.6 2.6 2.6


Return on Assets (ROA) Rating 2.6

Return On Common Equity (ROE)


Total Equity Period Ending $ 37.5 $ 38.8 $ 41.0 $ 43.4 $ 46.2

Average Common Equity $ 36.9 $ 38.1 $ 39.9 $ 42.2 $ 44.8

* Net Income $ 1.2 $ 1.4 $ 0.8 $ 3.8 $ 2.7

Add Back: NA -$ -$ -$ -$ -$

Annual ROE 3.4% 3.6% 2.0% 9.1% 6.1%

Level Rating 2.1 2.1 2.0 2.6 2.4



Total Equity Period Ending $ 44.5 $ 43.1 $ 46.2 $ 48.2 $ 46.9

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

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


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)

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Valuation Rating 4.2

Price to Earnings (P/E)(Lower numbers receive higher rankings)


* Price $ 1.00 $ 1.30 $ 1.90 $ 0.99 $ 1.72

Earnings Per Share (EPS) NC $ 0.20 $ 0.06 $ 0.29 $ 0.20

Annual P/E 6.5 x 31.7 x 3.4 x 8.6 x

Annual P/E Rating 4.6 4.1 1.0 4.4 3.9


* Price $ 1.58 $ 1.40 $ 1.72 $ 2.02 $ 1.90

Earnings Per Share (EPS) $ 0.25 $ 0.25 $ 0.20 $ 0.20 $ 0.18

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

Price to Earnings (P/E) 3.8

Price to Book (P/Book)(Lower numbers receive higher rankings)


* 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

Annual P/Book 0.4 x 0.4 x 0.6 x 0.3 x 0.5 x

Annual P/Book Rating 4.6 4.6 4.5 4.7 4.6


* Price $ 1.58 $ 1.40 $ 1.72 $ 2.02 $ 1.90

Book Equity Per Share $ 3.34 $ 3.23 $ 3.46 $ 3.61 $ 3.52

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

Price to Book (P/Book) 4.6

Enterprise Value to EBITDA (EV/EBITDA)(Lower numbers receive higher rankings)


* Enterprise Value $ 62.9 $ 74.1 $ 78.3 $ 63.9 $ 71.0

EBITDA $ 8.40 $ 9.35 $ 10.16 $ 11.46 $ 11.01

Annual EV/EBITDA 7.5 x 7.9 x 7.7 x 5.6 x 6.4 x

Annual EV/EBITDA Rating 3.9 3.7 3.8 4.3 4.1


* Enterprise Value $ 71.1 $ 68.3 $ 71.0 $ 75.2 $ 73.1

EBITDA $ 10.91 $ 10.36 $ 11.01 $ 10.66 $ 10.60

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

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.

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investorSCOREcard

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Canlan Ice Sports Corp