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CanaDream Sees 19% Income Gain for 9 Months

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March 21, 2014 by   Leave a Comment

RV rental firm CanaDream Corp. reported an increase in net income and revenue for the nine months ended Jan. 31.

CanaDream recorded net income of $3.1 million during the period, a 19% increase from the prior year. Cash flow provided by operating activities was $12.8 million, a 21% year-over-year increase, while earnings per diluted share grew 23% to 16 cents.

Total revenue increased $427,000, or 2%, for the nine months. Fleet sales 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, 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.

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.

To view the full report click here.

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