CanaDream Reports Net and Comprehensive Income of $3.1 Million
21 März 2014 - 4:09PM
Marketwired
CanaDream Reports Net and Comprehensive Income of $3.1 Million
CALGARY, ALBERTA--(Marketwired - Mar 21, 2014) - 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.
CanaDream CorporationMr. Brian GronbergPresident & CEOToll
Free: 800-461-7368BRIAN@canadream.com
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