Canadian RV Renter CanaDream Reports Improving Results
CanaDream Corp., a Canada-based RV rental firm, announced on Thursday (March 15) financial results for the nine months ending Jan. 31, 2012.
Revenues for the nine months were $22.8 million, 8 percent higher than the prior period and cash flow from operations of $10.3 million (52 cents per share) was 15 percent higher than the prior period, the company stated in a news release.
For the nine months ending Jan. 31, CanaDream recorded operating profit of $4.9 million. Net and comprehensive income was $3.1 million, a $431,000, or 16 percent, increase from the prior period of $2.6 million. On a fully diluted basis, earnings per share increased 2.2 cents, or 17 percent.
Total revenue increased $1.7 million, or 8 percent. Fleet sales revenue increased $1.4 million, or 30 percent; rental revenue increased $291,000, or 2 percent, over the prior period. Operating expenses increased $1.6 million, or 10 percent. As a result, operating profit of $4.9 million increased $175,000, or 4 percent.
At Jan. 31,, investment in rental fleet was $24.8 million, which is inline with the April 30, 2011. The investment in fleet inventory available for sale was $8.4 million at Jan. 31, an increase of $3.4 million from April 30, 2011, year-end levels due to unit sales and a transfer of rental fleet to fleet inventory available for sale. Fleet and other financing increased $2.3 million, or 9 percent, to $26.6 million from April 30, 2011.