RV rental firm CanaDream Corp. reported a slight uptick in revenue for its full year, ended April 30, while net income declined 44%.
Revenue for the year was $27.9 million, an increase of $1.4 million from the year prior. CanaDream reported that rental revenue increased 3% while revenue from the sale of guest fleet and fleet inventory available for sale grew 9%. Operating expenses increased 8% from the prior year and finance interest decreased 7%.
CanaDream recorded net and comprehensive income of $608,000, a 44% decrease from the prior year. Cash flow earned from operating activities was $13.9 million, a 6% decrease.
At April 30, investment in guest fleet and fleet inventory available for sale was $28.6 million, a $1.5 million decrease from the prior year, due to fleet purchases less unit sales and guest fleet transferred to fleet inventory available for sale and depreciation. As a result of a decrease in guest fleet and fleet inventory available for sale, fleet financing was $20.1 million, a decrease of $1.8 million from April 30, 2012.
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. The majority of the company’s cost of services expenses before employee compensation, benefits and depreciation are incurred in that same period.
CanaDream noted that 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.
Keeping tabs on its fleet of more than 800 rental RVs valued in the millions was a challenge for Calgary-based CanaDream Corp., one of the largest RV rental companies in Canada.
According to a press release, that situation improved when the company began using RV|ID, an RV-specific GPS-based tracking solution developed by Red Lantern Labs. To date, CanaDream is using RV|ID in over 90% of its rental fleet.
“We initially wanted the service for asset recovery,” said Brian Gronberg, CanaDream’s president. “We value knowing where our RVs are, where they went, where they stopped, and if they are moved without authorization. In the event of an accident or theft, it’s critical that the RV’s location be pinpointed in real time and that law enforcement be notified.”
Gronberg noted that the system also sends alerts when RVs are being driven excessive miles and has a virtual odometer that tracks mileage independently of the vehicle’s odometer to help combat odometer fraud. “Having that information handy has eliminated any disputes with customers who might argue about the distance they drove in one of our RVs,” said Gronberg.
Gronberg said he is planning to add Red Lantern Labs’ Smart RV safety and social networking tool to the CanaDream Club, an exclusive travel services and rewards program offered to CanaDream guests and customer.
“We’re a service-oriented company and want our guests and customers to have a safe and rewarding RVing experience as they explore the country,” said Gronberg. “We can monitor our guests’ trips and provide safety alerts, such as low battery, as well as make suggestions to enhance their enjoyment of Canada.”
To learn more about RV|ID, visit www.rv-id.com.
Canadian RV rental firm CanaDream Corp. reported an 8% increase in sales for the nine months ending Jan. 31.
Revenues for the nine months were $22.8 million while cash flow from operations of $10.3 million (52 cents per share) is 15% higher than the prior period.
CanaDream recorded operating profit of $4.9 million during the period. Net and comprehensive income was $3.1 million, a 16% increase from the prior period of $2.6 million. On a fully diluted basis, earnings per share increased 2.2 cents, or 17%.
Fleet sales revenue increased $1.4 million, or 30%, and rental revenue increased 2% to $291,000 over the prior period. Operating expenses increased 10% to $1.6 million and, as a result, operating profit of $4.9 million rose 4% to $175,000.
As of Jan. 31, investment in rental fleet was $24.8 million.
To view the entire report click here.
Canadian RV rental firm CanaDream Corp. has partnered with Smartling to offer French and German versions of its website and online reservation system.
Using Smartling’s software platform, CanaDream said it can better service its European customers, including travelers from Germany, Switzerland, Austria and France
“Our business is hosting guests from all over the world to experience and explore Canada at their own pace. So it’s critical that we offer our visitors the ability to work with us in their own language,” said Brian Gronberg, president and CEO of Calgary, Alberta-based CanaDream. “Smartling helped us launch the first two languages quickly, including both technology and translation work; we’ve already seen an impressive amount of traffic to the German site since go-live.”
Smartling provides a cloud-based platform allowing clients to easily localize their websites and applications. Smartling hosts and delivers the new language sites, so CanaDream can focus on the original-language web infrastructure.
“Launching CanaDream’s French and German websites was a labor of love for Smartling,” said Mark Elkin, vice president, client services, for Smartling. “Many of us know and enjoy the natural beauty of Canada, so we are proud to help French and German speakers discover it as well.”
Calgary, Alberta, Canada-based RV rental firm CanaDream Corp. today (Dec. 8) reported increases in sales and net income for the six months, ended Oct. 31.
Revenues for the period were $20.9 million, 6% higher than the prior year. CanaDream recorded operating profit of $7.5 million while net income was $5.2 million, representing a 10% increase from the year prior period of $4.7 million. On a fully diluted basis, earnings per share increased 2.5 cents, or 11%.
Fleet sales revenue increased $943,000, or 26%; rental revenue increased $277,000, or 2%, over the prior period; and operating expenses increased $1.0 million, or 8%. As a result, operating profit of $7.5 million increased $196,000, or 3%.
As of Oct. 31 investment in rental fleet was $32.3 million, an increase of $7.5 million from April 30, primarily due to fleet purchases in the first quarter of $10.8 million. The investment in fleet inventory available for sale was $3.0 million at Oct. 31, 2011, a decrease of $2.0 million from April 30 year-end levels due to unit sales. Fleet and other financing increased $3.9 million, or 16%, to $28.2 million from April 30.
The company noted that its core business, promoting tourism in Canada 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 direct expenses are incurred in that same period.
To view the entire report click here.
CanaDream Corp. posted double-digit increases in both revenue and profits in its fiscal 2011 first-quarter, the renter of recreational vehicles said today.
The Alberta-based company, which also sells its used fleet vehicles into both the wholesale and retail markets, reported net income of $2.6 million or 13 cents per share for the three months ended July 31.
That represented a more than 20% increase over the $2.1 million or 10.6 cents per share it earned in the same 2010 quarter.
Revenue was $10.8 million, up 12% from $9.6 million in the prior-year period.
Canadian RV rental firm CanaDream Corp. today (July 22) announced financial results for the year ending April 30.
Revenues for the year of $25.0 million is 12% higher than last year, while cash flow from operations of $7.2 million (36 cents per share) is 43% higher. Operating income of $901,000 represents a 98% increase from the previous year.
The Calgary-based company said that rental revenue increased $2.1 million due to increased rental nights combined with a $605,000 increase in fleet sales revenue. The increase in revenues, combined with the $657,000 increase in direct expenses. resulted in the gross margin increase of $2.0 million, or 22%.
Investment in rental fleet was $24.8 million at April 30, an increase of $6.9 million from 2010. The investment in fleet inventory available for sale was $5.0 million, a decrease of $215,000 from 2010 year-end levels. Fleet, capital asset and other financing increased $6.3 million, or 35%, to $24.3 million from the year prior.
The company’s short-term liquidity position (cash and cash equivalents plus accounts receivable and short term deposits, minus accounts payable and accrued liabilities) at April 30 was $821,000 compared to $760,000 last year.
Calgary-based CanaDream Corp. has been renting out recreational vehicles for more than 15 years, with locations in six provinces and territories. Although there are various high-tech aspects to the company’s business, including the software it uses for booking and reservations, it was a recent digital endeavor that got customers buzzing – an iPad app.
The Globe and Mail, Toronto, reported that six years ago, CanaDream began working on a project to develop a GPS-based tool that would offer RV users access to nearby points of interest, CEO Brian Gronberg says. CanaDream initially designed the software for GPS navigational units, which at the time were still growing in popularity. But that all changed in 2010.
“We were all set to launch (the software) a year ago on GPS screens,” Gronberg explains. “And then they announced the iPad, and we went ‘stop’ – the technology has caught up with the idea.”
The company quickly reworked the software for the larger tablet screen, and it soon signed deals with its carrier partners to give RV customers access to data through cellular or Wi-Fi connections, making the CanaDream app accessible on the road.
The idea is simple. The app essentially picks up a user’s location and offers information about nearby points of interest such as camping sites. The almost 3,000 options are collected from CanaDream’s 700 or so partners. In addition, customers get access to special discounts from those partners.
Just as they rent RVs, customers can now also rent iPads from CanaDream, or bring their own and download the app from the company’s website or on Apple’s iTunes store. A version of the app is publicly available for anyone to use, but only the RV rental customers get access to the discounts feature.
The explosive growth of consumer tablets has proven to be a boon for many small businesses, from restaurants that now use them as menus, to traveling salespeople who can do video displays of their products on the spot. Unlike major technological investments, tablet apps often cost relatively little, and they are easily distributed through various app stores.
But there’s another advantage. Unlike the somewhat more fragmented smart phone market, the tablet industry is still essentially a one-device arena. Because Apple’s iPad still dominates sales, small and medium-sized businesses can usually get away with designing an app specifically for that device, rather than paying extra for a presence on multiple platforms.
For now, Gronberg says CanaDream is focusing on adding more destinations and discounts to the app, in the hopes that the location-specific information and discounts it provides RV users will distinguish it from the competition.
“Yes there’s all kinds of guidebooks out there,” he says, “but sifting through it all to make the information applicable is always a very tedious job.”
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.
CanaDream Corp. today (Dec. 10) announced financial results for the six months ended Oct. 31.
Revenues of $18.8 million were 5% lower than last year, cash flow from operations of $7 million (37 cents per share) was 8% lower than last year and net income and comprehensive income of $3.7 million was 7% lower than last year, according to a news release.
CanaDream is a Canadian tourism company that maintains six company-operated RV rental locations in Calgary, Alberta, Vancouver, British Columbia, Whitehorse, Yukon Territory, Toronto, Ontario, Montreal, Quebec, and and Halifax Nova Scotia. The company also has two dealer franchisees in Kelowna, British Columbia, and Edmonton, Alberta.