Business
CanaDream Corporation Reports Record Revenues for 9 Months Ended January 31, 2016 - Video News Alert on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - March 15, 2016) - CanaDream Corporation (TSXV: ...
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[{"type":"text","content":"CanaDream Corporation Reports Record Revenues for 9 Months Ended January 31, 2016 - Video News Alert on InvestmentPitch.comVancouver, 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. InvestmentPitch Media has produced a \"video news alert\" which provides a brief overview of the company. If this link is not enabled, please visit www.InvestmentPitch.com and enter \"CanaDream\" in the search box. If you cannot view the video above, please visit: http://www.investmentpitch.com/video/0_cz4erc8b/CanaDream-TSXVCDN-reports-record-financial-results-for-9-months-ending-Jan-31-2016Net 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...