News and Events

March 12, 2010

CanaDream Corporation Reports Third Quarter Earnings of $1.9 million or 10.5 cents per share

CanaDream Corporation today announced financial results for the nine months ended January 31, 2010, as follows:

Revenues for the nine months of $19.6 million is 4% lower than last year, cash flow from operations of $5.0 million (27 cents per share) is 23% lower than last year, net income and comprehensive income of $1.9 million is 17% lower than last year.

The Company encourages interested parties to access CanaDream Corporation’s Management Discussion and Analysis (MD&A) on the SEDAR website,, for a more detailed discussion of these results.

Summarized results for the nine months ended January 31, 2010 are as follows:


January 31, 2010 

January 31, 2009










Revenue Less Direct Expenses




Income before income tax




Net and comprehensive income




Cash provided by operating activities




Basic Earnings per share

10.5 cents

14.0 cents


Fully Diluted Earnings (Loss) per share

10.3 cents

13.8 cents


Common Shares outstanding at
April 30




Weighted Average Number of
Common Shares Outstanding




Income before income taxes of $2.8 million decreased $584,000 or 17% from the prior year third quarter. On a fully diluted basis earning per share decreased 3.5 cents or 25%.

Decreased revenues of $870,000 or 4% is due in part from a 16% decrease in fleet and available rental nights resulting in an 8% decrease in booked rental nights.

Direct expenses for the nine months increased by $322,000 compared to last year’s $9.8 million. The decrease in revenues combined with the increase in direct expenses resulted in the gross margin decrease of $1.2 million or 11%.

Investment in rental fleet was $24.4 million at January 31, 2010, a decrease $2.2 million from January 31, 2009 and a decrease of $334,000 from April 30, 2009 year-end levels. The investment in fleet inventory available for sale was $1.4 million at January 31, 2010 a decrease of $2.7 million from January 31, 2009 and $1.3 million from April 30, 2009 year-end levels.  

Fleet capital asset and other financing decreased $5.9 million or 23% to $19.5 million from the prior years third quarter of $25.5 million.  

The Company’s short-term liquidity position (cash and cash equivalents plus accounts receivable and short term deposits, minus accounts payable and accrued liabilities) stands at $1.1 million compared to $(125,000) at January 31, 2009.                                                           

It should be noted that the Company’s core business, rental of recreational vehicles, is seasonal in nature with the majority of its revenue being earned during the May to October period, its first and second quarters. The majority of the company’s direct expenses are incurred in that same period. The Company markets rental units and fleet inventory available for sale on a continuous basis throughout the year, however sales of such units are generally strongest in the spring and early summer.  As a result of ongoing interest, amortization and adjustments and selling, general and administrative expenses, the last two quarters of the fiscal year normally produce operating losses.  Losses incurred in the last two quarters may exceed profits earned in the first two quarters of the fiscal year.  

The financial data included in this release has been prepared in accordance with Canadian generally accepted accounting principles (GAAP), except for the term cash flow from operations per share.  Cash flow per share is a measure that provides shareholders and potential investors with additional information regarding the Company’s liquidity and its ability to generate funds to finance its operations.  

The Company encourages interested parties to access CanaDream Corporation’s MD&A on the SEDAR website,, for a more detailed discussion of these results. 

CanaDream is a Canadian tourism company that is utilizing its proprietary business-to-business web-enabled system, <>, and its business-to-consumer on-line Internet reservation system, <>, to operate and expand its network of RV rental locations in Canada.  CanaDream maintains six Company-operated locations in Calgary, Vancouver, Whitehorse, Toronto, Montreal, and Halifax.  The Company is also leveraging its proprietary technology to build a franchised network of associate dealers that are fully interconnected to CanaDream’s e-commerce systems.  CanaDream currently has two associate dealer franchisees in Kelowna, British Columbia and Edmonton, Alberta.  

For further information, please contact: 

Mr. Brian Gronberg, President & CEO, CanaDream Corporation
Toll Free:            800-461-7638