The Recreation Vehicle Industry Association commissioned an Economic Impact Study on the RV industry, released on June 7, 2016. The study found that the RV industry contributes about $49.7 billion in economic output or 0.28 percent of the Gross Domestic Product. Through its production and distribution linkages, the industry impacts firms in 426 of the 440 sectors of the United States economy.
Nationwide, the industry is responsible for 216,170 jobs, both directly and inderectly, creating an economic impact of $37.5 billion. The full study results, along with each individual state and congressional district's economic impact is available on the website by clicking here .
Tue Sep 27, 2016
CALGARY, ALBERTA - CanaDream Corporation has announced record financial results for the three months ended July 31, as follows:
Revenues for the three months ended July 31 were $16.3 million, net and comprehensive income $4.2 million, and cash flow provided by operating activities $14.6 million.
The company encourages interested parties to access CanaDream Corporation's Management Discussion and Analysis (MD&A) on the SEDAR website, www.sedar.com, for a more detailed discussion of these results.
For the three month period ended July 31, CanaDream recorded net and comprehensive income of $4.2 million, a 27 percent increase from the prior period. Cash flow provided by operating activities of $14.6 million increased $2.5 million, or 21 percent, from the prior period. On a fully diluted basis, earnings per share were 21.5 cents which is a 26 percent increase from the prior period.
Total revenue of $16.3 million increased 15 percent. Guest revenue increased 9 percent due to increased Guest fleet utilization and higher average nightly revenue. Fleet sales revenue increased 33 percent due to a higher volume of unit sales of Guest fleet and fleet inventory combined with a higher average selling price. Operating expenses increased 9 percent.
At July 31, investment in Guest fleet was $42 million, an increase of $16.8 million from April 30, due to fleet purchases of $19.5 million, fleet disposals of $1.5 million, and depreciation of $1.2 million. Fleet and other financing increased $15.9 million to $31.6 million from April 30.
The company's core business, promoting the opportunity to "experience Canada at your own pace" through the recreational vehicle experience, 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, according to a press release. The majority of the company's cost of services expenses before employee compensation, benefits and depreciation are incurred in that same period. The company markets for sale previously Guest experienced recreational vehicles and fleet inventory on a continuous basis throughout the year; however, sales of such units are generally strongest from January to early summer. As a result of ongoing depreciation, interest and other operating 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 International Financial Reporting Standards, except for the term cash flow from operations per share fully diluted. 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.