CanaDream Reports Net and Comprehensive Income of $4.9 Million
12 Dicembre 2013 - 3:00PM
Marketwired
CanaDream Reports Net and Comprehensive Income of $4.9 Million
CALGARY, ALBERTA--(Marketwired - Dec 12, 2013) - CanaDream
Corporation (TSX-VENTURE:CDN) today announced financial results for
the six months ended October 31, 2013, as follows:
Revenues for the six months ended October 31, 2013 were $21.8
million, net and comprehensive income $4.9 million, and cash flow
provided by operating activities $13.3 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 six months ended October 31, 2013 are
as follows:
|
Six months ended October 31, |
|
|
|
2013 |
2012 |
Change |
|
Revenue |
$ |
21,836,000 |
$ |
20,882,000 |
5 |
% |
Income before foreign currency forward contracts (gains), finance,
and income tax expenses |
$ |
7,305,000 |
$ |
7,038,000 |
4 |
% |
Income before income taxes |
$ |
6,590,000 |
$ |
6,374,000 |
3 |
% |
Net and comprehensive income |
$ |
4,893,000 |
$ |
4,698,000 |
4 |
% |
|
|
|
|
|
|
|
Cash provided by operating activities |
$ |
13,334,000 |
$ |
10,349,000 |
29 |
% |
Basic earnings per share |
|
26.0 cents |
|
23.9 cents |
9 |
% |
Fully diluted earnings per share |
|
25.7 cents |
|
23.7 cents |
8 |
% |
Weighted average shares outstanding |
|
18,822,790 |
|
19,620,646 |
(4 |
%) |
Weighted average diluted shares outstanding |
|
19,017,799 |
|
19,790,939 |
(4 |
%) |
For the six month period ended October 31, 2013, CanaDream
recorded net and comprehensive income of $4.9 million, a 4%
increase from the prior period. Cash flow provided by operating
activities of $13.3 million was a 29% increase from the prior
period. Earnings per share (fully-diluted) of 25.7 cents increased
8% from the prior period.
Total revenue increased $954,000, or 5%. Fleet sales revenue
increased 37% due to increased sales of guest fleet and fleet
inventory available for sale; as a result of increased fleet sales
revenue, cost of services increased proportionately . Guest revenue
decreased 4% due to decreased guest experience nights. Guest cost
of services before employee compensation and benefits decreased 8%
and employee compensation and benefits decreased 10%.
Investment in guest fleet increased $2.5 million from April 30,
2013 levels to $25.5 million at October 31, 2013, 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 $2.1 million, depreciation of $2.0
million. Fleet and other financing increased $11.5 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
Grafico Azioni CanaDream Corporation (TSXV:CDN)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni CanaDream Corporation (TSXV:CDN)
Storico
Da Lug 2023 a Lug 2024