Vancouver, British Columbia--(Newsfile Corp. - March 15, 2016) - CanaDream Corporation (TSXV: CDN) reported record financial results for the nine months ended January 31, 2016, following record results previously reported for the period ending October 31, 2015. CanaDream, a market leader in the Canadian recreational vehicle rental & sales industry, reported revenue of $34.9 million for the 9 months ended January 31, 2016, an increase of 22% compared to the $28.5 million reported in the comparable 9 months in 2015.
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Net income was $5.2 million, an increase of 32% compared to the $4.0 million reported in the comparable period in 2015, with earnings per share of 27.2 cents, an increase of 30% versus 20.9 cents in 2015. Cash flow provided by operating activities increased by $2.1 million or 14%, reaching $17.3 million.
The company cautions that its core business, promoting the opportunity to "experience Canada at your own pace™" is seasonal in nature with the majority of its revenue being earned during the May to October period, with the last 2 quarters of the fiscal year from November to April normally experiencing operating losses.
The company turns over its inventory of recreational vehicles and fleet inventory on a continuous basis throughout the year, on both a wholesale and retail basis, with sales generally strongest from January to early summer.
During the nine month period, guest revenue increased 17% due to an increase in the number of vehicles rented and higher average nightly revenue. Fleet sales revenue increased 32% due to a higher volume of unit sales combined with a higher average selling price.
The company utilizes its proprietary business-to-business web-enabled system, www.canadasbest.com, and its business-to-consumer on-line internet reservation system, www.canadream.com, to operate and expand its network of RV rental locations in Canada.
CanaDream maintains 6 company-operated locations in Calgary, Vancouver, Whitehorse, Toronto, Montreal, and Halifax.
CanaDream now offers a global RV solution by partnering with Apollo Motorhome Holidays in Australia, New Zealand and the USA. The company is also leveraging its proprietary technology to build a collective membership network of associate dealers that are fully interconnected to CanaDream's e-commerce systems, and currently has one associate dealer franchisee in Edmonton, Alberta.
In July, the company acquired Westcoast Mountain Campers, a Western Canada competitor with RV rental operations in Vancouver and Calgary.
For more information, please visit the company's website www.CanaDream.com or contact Brian Gronberg, President & CEO at 800-461-7368 or email brian@CanaDream.com.
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