News and Events

September 19, 2008

CanaDream Corporation Reports First Quarter Earnings of $2.1 million or 12.7 cents per share

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 three months ended July 31, 2008 are as follows:


 July 31, 2008 

 July 31, 2007 










 Revenue less direct expenses 




 Income before income tax 




 Net and comprehensive income 




 Cash flow from operations 




 Basic earnings per share 

 12.7 cents 

 11.8 cents 


 Fully diluted earnings per share

 12.5 cents 

 11.6 cents 


 Common Shares outstanding 




 Weighted average number of
 common shares outstanding




Increased revenues of $865,000 for the three months resulted from increased rental nights,
utilization, and fleet sales.

Direct expenses for the three months increased by $437,000 or 9% compared to last year’s $4.8
million. As the increase in revenue exceeded the increase in direct expenses this resulted in an
increased gross margin for the three months of $428,000. Direct expenses as a percentage of
gross margin remained consistent with prior year first quarter at 48%.2

Investment in rental fleet was $28.7 million at July 31, 2008, an increase of $5.6 from July 31,
2007 and an increase of $13.0 million from April 30, 2008 year-end levels. The investment in
fleet inventory available for sale was $4.9 million at July 31, 2008 an increase of $470,000 from
July 31, 2007.

Fleet capital asset and other financing increased $4.9 million or 20% to $29.4 million from the
prior years first quarter of $24.4 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 $4.0 million
compared to $5.7 million at July 31, 2007.

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 one associate
dealer franchisee in Kelowna, British Columbia.

For further information, please contact:
Mr. Brian Gronberg, President & CEO, CanaDream Corporation
Toll Free: 800-461-7638