|By Marketwired .||
|March 21, 2014 11:10 AM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 03/21/14 -- CanaDream Corporation (TSX VENTURE: CDN) today announced financial results for the nine months ended January 31, 2014, as follows:
Revenues for the nine months ended January 31, 2014 were $23.9 million, net and comprehensive income $3.1 million, and cash flow provided by operating activities $12.8 million.
The Company encourages interested parties to access CanaDream Corporation's Management's Discussion and Analysis (MD&A) on the SEDAR website, www.sedar.com, for a more detailed discussion of these results.
Summarized results for the nine months ended January 31, 2014 are as follows:
Nine months ended January 31, ----------------------------------------------------------------------- 2014 2013 Change ----------------------------------------------------------------------- Revenue $ 23,863,000 $ 23,436,000 2% Income before foreign currency forward contracts (gains), finance, and income tax expenses $ 5,168,000 $ 4,469,000 16% Income before income taxes $ 4,127,000 $ 3,495,000 18% Net and comprehensive income $ 3,064,000 $ 2,577,000 19% Cash provided by operating activities $ 12,786,000 $ 10,556,000 21% Basic earnings per share 16.3 cents 13.2 cents 23% Fully diluted earnings per share 16.1 cents 13.1 cents 23% Weighted average shares outstanding 18,801,412 19,548,474 (4%) Weighted average fully diluted shares outstanding 18,996,227 19,718,071 (4%) -----------------------------------------------------------------------
For the nine month period ended January 31, 2014, CanaDream recorded net and comprehensive income of $3.1 million, a 19% increase from the prior period. Cash flow provided by operating activities of $12.8 million was a 21% increase from the prior period. Earnings per share (fully-diluted) of 16.1 cents increased 23% from the prior period.
Total revenue increased $427,000 or 2%. Fleet sales revenue increased 15% due to a larger number of units sold, with a corresponding increase in cost of services of 10%. Guest revenue decreased 3% due to decreased guest experience nights. Guest cost of services before employee compensation and benefits decreased 11% and employee compensation and benefits decreased 5%.
Investment in guest fleet increased $932,000 from April 30, 2013 levels to $23.9 million at January 31, 2014, primarily due to fleet purchases in the first quarter of $12.2 million combined with a transfer to fleet inventory available for sale of $5.4 million, disposals due to unit sales of $2.9 million, depreciation of $2.7 million and other additions of $191,000. Fleet and other financing increased $8.8 million from April 30, 2013 due to financing relating to the purchase of new fleet combined with the purchase of the Vancouver property and land in Balzac, Alberta.
The Company's core business, promoting the opportunity to experience Canada at your own pace through the recreational vehicle experience, is seasonal in nature with the majority of its revenue being earned during the May to October period, the first and second quarters of its fiscal year. The majority of the company's cost of services expenses before employee compensation, benefits and depreciation are incurred in that same period. The Company markets for sale previously guest-experienced recreational vehicles and fleet inventory available for sale on a continuous basis throughout the year; however, sales of such units are generally strongest from January to early summer. As a result of ongoing depreciation, interest and other operating expenses, the last two quarters of the fiscal year normally produce operating losses. Losses incurred in the last two quarters may exceed profits earned in the first two quarters of the fiscal year. The financial data included in this release has been prepared in accordance with International Accounting Standard ("IAS") 34, Interim Financial Reporting.
CanaDream Corporation promotes Canada and the opportunity to "experience Canada at your own pace" in recreational vehicles and sells its guest-experienced recreational vehicle fleet on a wholesale and retail basis. The Company is utilizing its proprietary business-to-business web-enabled system, www.canadasbest.com, and its business-to-consumer on-line internet reservation system, www.canadream.com, to operate and expand its network of RV rental locations in Canada. CanaDream maintains six Company-operated locations in Calgary, Vancouver, Whitehorse, Toronto, Montreal, and Halifax. CanaDream now offers a global RV solution by partnering with Apollo Motorhome Holidays in Australia, New Zealand and the USA. The Company is also leveraging its proprietary technology to build a collective membership network of associate dealers that are fully interconnected to CanaDream's e-commerce systems. CanaDream currently has one associate dealer franchisee in Edmonton, Alberta.
Neither TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Mr. Brian Gronberg
President & CEO
Toll Free: 800-461-7368
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