CanaDream Reports Record May-July Quarter
Recreational vehicle operator CanaDream Corp. has posted its strongest first-quarter profit ever, despite a 6% decline in revenue.
The tourism company earned $2.1 million or 10.6 cents a share in the May-July period compared with $1.9 million or 11.8 cents a share in the same quarter last year, Canada Business reported.
CanaDream saw its revenue drop to $9.6 million from $10.2 million, due to a decrease in fleet sales which was offset by an increase in rental revenue.
The recently concluded quarter is one of its busiest periods due to increased travel in the spring and summer. Since the business is seasonal in nature, the majority of its direct expenses are incurred in that period.
The company had cash and cash equivalents plus accounts receivables and short-term deposits of $5.9 million, a significant improvement from $760,000 at the end of April.
CanaDream operates in Vancouver, British Columbia, Whitehorse, Yukon Territory, Calgary, Alberta, Toronto, Ontario, Montreal, Quebec, and Halifax, Nova Scotia. It has a partnership with Apollo Motorhomes in Australia, New Zealand and the United States.