RV rental firm CanaDream Corp. today (Sept. 18) reported record net income for its first quarter, ended July 31.
For the three month period, CanaDream recorded net income of $2.8 million, a 24% increase from the prior period. Cash flow provided by operating activities of $12.3 million increased $1.7 million, or 16%, from the prior period. On a fully diluted basis, earnings per share were 14 1/2 cents which was a 22% increase from the prior period.
Total revenue of $12.5 million increased 12% – rental revenue increased 10% due to increased guest experience nights and fleet sales revenue increased 17% due to increased sales of guest fleet and fleet inventory available for sale. Operating expenses increased 8%.
As of July 31, investment in guest fleet was $34.1 million, an increase of $12.7 million from April 30, 2014, primarily due to fleet purchases in the first quarter of $13.7 million. Fleet and other financing increased $10.5 million to $37.1 million from April 30, 2014.
The company noted that its core recreational vehicle rental 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.
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