CALGARY, Alberta — CanaDream Corporation today announced record financial results for the year ended April 30.
Revenues for the year ended April 30 were $34.1 million, net and comprehensive income $2.1 million, and cash flow provided by operating activities $20.2 million.
For the year ended April 30, CanaDream recorded net and comprehensive income of $2.1 million, an 88 percent increase from the prior period. Cash flow provided by operating activities of $20.2 million increased $2.2 million, or 12 percent, from the prior period. On a fully diluted basis, earnings per share were 11.0 cents which was an 83 percent increase from the prior period.
Total revenue of $34.1 million increased 17 percent, guest revenue increased 12 percent due to increased guest experience nights and fleet sales revenue increased 22 percent due to increased sales of guest fleet and fleet inventory. Operating expenses increased 17 percent.
At April 30, investment in guest fleet was $21.5 million, a decrease of $49,000 from April 30, 2014, due to fleet purchases of $13.6 million, an increase in fleet disposals of $2.3 million, and a reduction of $2.3 million in transfer to fleet inventory. Fleet and other financing increased $4.4 million to $31.0 million from April 30, 2014.
The company’s core business, promoting the opportunity to “experience Canada at your own pace” through the recreation 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 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.
CanaDream Corporation promotes Canada and the opportunity to “experience Canada at your own pace” in recreation vehicles and sells its guest experienced recreation 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 online 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 Unted States.
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.
The company encourages interested parties to access CanaDream corporation’s management discussion and analysis on the SEDAR website at www.sedar.com for a more detailed discussion of these results.
SOURCE: CanaDream press release