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.