CanaDream Corporation Reports Net and Comprehensive Income of $2.3 Million
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 10/01/13 -- CanaDream Corporation ("CanaDream" or the "Company") (TSX VENTURE: CDN) today announced financial results for the three months ended July 31, 2013, as follows:
Revenues for the three months ended July 31, 2013 were $11.1 million, net and comprehensive income $2.3 million, and cash flow provided by operating activities $10.6 million.
The Company encourages interested parties to access CanaDream Corporation's Management Discussion and Analysis (MD&A) on the SEDAR website, , for a more detailed discussion of these results.
Summarized results for the three months ended July 31, 2013 are as follows:
For the three month period ended July 31, 2013, CanaDream recorded net and comprehensive income of $2.3 million, a 7% decrease from the prior period. Cash flow provided by operating activities of $10.6 million increased $1.3 million, or 14%, from the prior period. On a fully diluted basis, earnings per share was 11.9 cents which was a 3% decrease from the prior period.
Total revenue of $11.1 million increased 4% - rental revenue decreased 12% due to decreased guest experience nights and fleet sales revenue increased 59% due to increased sales of guest fleet and fleet inventory available for sale. Operating expenses increased 9%. As a result of increased operating expenses, operating profit decreased 6%.
At July 31, 2013, investment in guest fleet was $33.3 million, an increase of $10.3 million from April 30, 2013, primarily due to fleet purchases in the first quarter of $12.2 million. Fleet and other financing increased $11.5 million to $33.1 million 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 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, , and its business-to-consumer on-line internet reservation system, , 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.
Contacts:
CanaDream Corporation
Mr. Brian Gronberg
President & CEO
Toll Free: 800-461-7368
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Datum: 01.10.2013 - 07:00 Uhr
Sprache: Deutsch
News-ID 1268426
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Other passenger vehicles
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