RV rental firm CanaDream Corp. reported an increase in net income and revenue for the nine months ended Jan. 31.
CanaDream recorded net income of $3.1 million during the period, a 19% increase from the prior year. Cash flow provided by operating activities was $12.8 million, a 21% year-over-year increase, while earnings per diluted share grew 23% to 16 cents.
Total revenue increased $427,000, or 2%, for the nine months. Fleet sales increased 15% due to a larger number of units sold, with a corresponding increase in cost of services of 10%. Guest revenue decreased 3% due to decreased guest experience nights. Guest cost of services before employee compensation and benefits decreased 11% and employee compensation and benefits decreased 5%.
Investment in guest fleet increased $932,000 from April 30, 2013, levels to $23.9 million, primarily due to fleet purchases in the first quarter of $12.2 million combined with a transfer to fleet inventory available for sale of $5.4 million.
Fleet and other financing increased $8.8 million from April 30, 2013, due to financing relating to the purchase of new fleet combined with the purchase of the Vancouver property and land in Balzac, Alberta.
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