CanaDream Reports 4% Gain in 6-Month Income
Canadian RV rental firm CanaDream Corp. recorded marginal gains in earning and sales during its fiscal six-month period, ended Oct. 31.
Net income totaled $4.9 million, representing a 4% increase from the year prior, while diluted earnings per share rose 8% to 26 cents.
Total revenue increased 5% to $954,000 from a year ago. Fleet sales increased 37% due to increased sales of guest fleet and fleet inventory available for sale. The company noted that as a result of increased fleet sales revenue, cost of services increased proportionately. Guest revenue decreased 4% due to decreased guest experience nights and guest cost of services before employee compensation and benefits decreased 8% and employee compensation and benefits decreased 10%.
CanaDream said that fleet and other financing increased $11.5 million from April 30 to Oct. 31 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 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.