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CanaDream Corporation Records Net and Comprehensive Income of $1.1 Million
|By Marketwired .
|July 11, 2014 09:00 AM EDT
CALGARY, ALBERTA -- (Marketwired) -- 07/11/14 -- CanaDream Corporation (TSX VENTURE:CDN) ("CanaDream" or the "Company") today announced financial results for the year ended April 30, 2014, as follows:
Revenue for the year ended April 30, 2014 was $29.3 million, net and comprehensive income $1.1 million, and cash flow from operating activities $18 million.
The Company encourages interested parties to access CanaDream Corporation's Management Discussion and Analysis (MD&A) on the SEDAR website, www.sedar.com, for a more detailed discussion of these results.
Summarized results for the year ended April 30, 2014 are as follows:
Year ended April 30,
2014 2013 Change
Revenue $ 29,276,000 $ 27,835,000 5%
Income before finance and
income tax expenses $ 2,884,000 2,023,000 43%
Income before income taxes $ 1,565,000 $ 757,000 107%
Net and comprehensive income $ 1,133,000 $ 608,000 86%
Cash provided by operating
activities $ 17,967,000 $ 13,912,000 29%
Cash flow from operations per
share fully-diluted 95.6 cents 71.2 cents 35%
Basic earnings per share 6.0 cents 3.1 cents 100%
Fully diluted earnings per
share 6.0 cents 3.1 cents 100%
Weighted average shares
outstanding 18,790,987 19,403,167 (3%)
Weighted average diluted shares
outstanding 18,790,987 19,547,812 (4%)
For the year ended April 30, 2014, CanaDream Corporation recorded net and comprehensive income of $1.1 million, an 86% increase from the prior year. Cash flow earned from operating activities was $18 million, a 29% increase.
Total revenue increased $1.4 million (guest revenue decreased 4% and revenue from the sale of guest fleet and fleet inventory increased 19%). Operating expenses increased 2% from the prior year. Finance interest increased 4%.
At April 30, 2014, investment in guest fleet and fleet inventory was $27 million, a $1.4 million decrease from the prior year. Despite the decrease in guest fleet and fleet inventory, fleet financing was $20.2 million, an increase of $123,000 from April 30, 2013.
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 guest experienced recreational vehicles and fleet inventory 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 Financial Reporting Standards, except for the term cash flow from operations per share. Cash flow per share is a measure that provides shareholders and potential investors with additional information regarding the Company's liquidity and its ability to generate funds to finance its operations.
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.
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