CDN

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(TM)" 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. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
CanaDream Corporation
Mr. Brian Gronberg
President & CEO
Toll Free:  800-461-7368
BRIAN@canadream.com

CanaDream Corporation (TSXV:CDN)
Historical Stock Chart
Von Mai 2024 bis Jun 2024

CanaDream Corporation (TSXV:CDN)
Historical Stock Chart
Von Jun 2023 bis Jun 2024