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Canadream reports ytd earnings of 24 cents



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By Flipper

Posted: Thursday Dec 13 6:29:31AM 2012

CanaDream Corporation Reports Net and Comprehensive Income of $4.7 Million

       

CALGARY, ALBERTA--(Marketwire - Dec. 13, 2012) - CanaDream Corporation (TSX VENTURE:CDN) today announced financial results for the period ended October 31, 2012, as follows:

       

Revenue for the six months ended October 31, 2012 was
$20.9 million, net and comprehensive income $4.7 million and cash flow
from operating activities $10.3 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.

       

Summarized results for the six months ended October 31, 2012 are as follows:

       
       
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
 Six months ended October 31,  
 20122011Change 
Revenue$ 20,891,000$ 20,930,0000%
Income before foreign currency forward contracts (gains)/losses, finance and income tax expenses$ 7,038,000$ 7,629,000(8%)
Income before income taxes$ 6,374,000$ 7,223,000(12%)
Net and comprehensive income$ 4,698,000$ 5,362,000(12%)
     
Cash provided by operating activities$ 10,349,000$ 12,024,000(14%)
Basic earnings per share23.9 cents27.2 cents(12%)
Fully diluted earnings per share23.7 cents26.9 cents(12%)
Weighted average shares outstanding19,620,64619,739,597(1%)
Weighted average diluted shares outstanding19,790,93919,951,225(1%)
       
       

For the six months ending October 31, 2012, CanaDream
Corporation recorded net and comprehensive income of $4.7 million, a 12%
decrease from the prior period. Fully diluted earnings per share
decreased 3.2 cents, or 12%.

       

Total revenue decreased $39,000 (rental revenue increased 2%,
revenue from the sale of rental fleet and fleet inventory available for
sale decreased 8%). Operating expenses increased 4% from the prior
period. As a result, income before foreign currency forward contracts
(gains)/losses, finance and income tax expenses of $7.0 million
decreased $591,000, or 8%.

       

At October 31, 2012, investment in rental fleet was $28.1
million, an increase of $4.7 million from April 30, 2012, due to fleet
purchases less unit sales and rental fleet transferred to fleet
inventory available for sale and amortization. Fleet and other financing
increased $4.4 million to $26.3 million from April 30, 2012.

       

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. 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 guest experienced recreational
vehicles and fleet inventory available for sale 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. 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.

       

CanaDream Corporation promotes Canada and the opportunity to
"experience Canada at your own pace" in recreational vehicles and sells
its guest experienced recreational vehicle fleet on a wholesale and
retail basis. The Company is utilizing 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 its network of RV rental locations in Canada.
CanaDream maintains six Company-operated locations in Calgary,
Vancouver, Whitehorse, Toronto, Montreal and Halifax. CanaDream now
offers a global RV solution by partnering with Apollo Motorhome Holidays
in Australia, New Zealand and the USA. The Company is also leveraging
its proprietary technology to build a collective membership network of
associate dealers that are fully interconnected to CanaDream's
e-commerce systems. CanaDream currently has one associate dealer
franchisee in Edmonton, Alberta.

   

Neither TSX Venture Exchange nor its
Regulation Services Provider (as the term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.


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