(TheNewswire)
VANCOUVER, B.C. - TheNewswire - August 30 , 2023 – Pathfinder Ventures Inc. ( TSXV:RV ) (the “Company,” or“Pathfinder.”), a growing campground owner and operator reportstoday on its financial and operating results for the three-monthperiod (or “second quarter” or “Q2”) ended June 30, 2023.
The Company reports a YTD increase in revenue of $1,982 to $1,377,998driven by the successful build-out of winter stay programs in bothAgassiz and Parksville earlier in the year. Advanced site nightsbooked for the FY24 spring and summer season are up 23% YoY followinga successful marketing campaign promoting advanced bookings for thenext season.
While Q2 2023 occupancy is down slightly at 48% compared to 50% in Q22022, occupancy increased 15% YoY this July compared to last, and theCompany is seeing continued strong demand. The Company expects tomeet or exceed 2022 revenues this year ending 2023.
The consolidated financial statements and Management Discussion andAnalysis (“MD&A”) can be viewed at www.sedar.com. Thefinancial information provided herein should be read in conjunctionwith and is qualified by additional information and disclosurescontained in the consolidated financial statements, including thenotes thereto, and the MD&A.
Financial andOperational Highlights
Q2 2023 | Q2 2022 | |
Occupancy | 48% | 50% |
Occupied Site Nights (1) | 14,287 | 14,838 |
Revenue | $ 865,614 | $ 916,938 |
Operating expenses | ($ 1,357,806) | ($ 1,251,658) |
Net loss and comprehensive loss | ($ 553,838) | ($401,621) |
Net loss per share | ($0.01) | ($0.01) |
Adjusted EBITDA (loss) (2) | ($ 70,455) | $ 54,227 |
YTD 2023 | YTD 2022 | |
Occupancy | 49% | 46% |
Occupied Site Nights (1) | 29,086 | 27,332 |
Revenue | $ 1,377,998 | $ 1,376,016 |
Operating expenses | ($ 2,513,856) | ($ 2,430,520) |
Net loss and comprehensive loss | ($ 1,241,953) | ($1,149,038) |
Net loss per share | ($0.01) | ($0.01) |
Adjusted EBITDA (loss) (2) | ($ 305,009) | $ (253,436) |
8/28/2023-8/26/2024 | 8/29/2022-8/28/2023 | |
Advanced Site Nights booked (3) | 19,764 | 21,910 |
FY24 Spring/Summer only | 3,842 | 3,113 |
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(1) OccupiedSite Nights is the sum of all actual nights the sites were occupied byvisitors to the camp resorts when summing all occupied sites acrossthe Company’s three camp resorts (for example: 1 camp site isavailable 7 Site Nights per week).
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(2) AdjustedEBITDA is a non-GAAP financial measure that is calculated as income(loss) from operations before depreciation and amortization, interest,accretion, financing costs, and share-based compensation. AdjustedEBITDA calculations may be adjusted from period to period to reflectupdated calculation methodology. Management will continue to drivetowards positive Adjusted EBITDA through additional cost cuttinginitiatives and maximizing the operating capacity of the camp resortparks.
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(3) AdvancedSite Nights booked is the sum of all reserved nights for the availablesites for the next 12 months forward.
2023/2024 AdvancedReservations
Advanced site nights booked for the FY24 spring and summer seasonare up 23% YoY following a successful marketing campaign promotingadvanced bookings for the next season. While campers are tending tobook closer to their travel dates, we are pleased with the advancebooking interest and will continue to promote advance bookings.
Q2 2023 Summary – for the secondquarter ended June 30, 2023
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Revenue in Q2 2023 decreased by 6% or $51,324 from sameperiod last year to $865,614. The Management of the Company views thisdecrease as a return to normal RV industry conditions. Factors thataffect RV travel and campgrounds include weather, a return to officeworkforce, gas prices and general cost of travel. RV sales havesoftened but there is constant new supply and campers of all ages thatare looking to be mobile and use their RVs and other campgroundaccommodation options. All factors considered, we continue to believethat the demand for RV travel will remain strong and our locations areproving resilient as reflected in our advance FY24 reservations.
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Adjusted EBITDA decreased by $124,682 to a -$70,455loss in the current period as a result of both decreased revenue andincreased costs. Management continues to find efficiencies andaddress costs of operations at each site and corporately.
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Net loss and comprehensive loss increased by 38% or$153,517 to $555,138 due to decreased revenues and operational costsincrease as explained above, as well as increased interest andaccretion expense as a result of the Parksville refinancing andextension and amendment of the Company’s corporate debt instruments.
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Cash and on June 30, 2023 was $446,321 compared to$982,482 in December 31, 2022. YTD cash used in operating activitieswas $144,877 largely due to the increased receivables by $224,423 fromDecember 31, 2022 to $340,840. Receivables comprised mainly ofholdbacks from credit card processors for the purpose of mitigatingthe liquidity risk of the financial intermediary. YTD net loss furthercontributed to the reduction in cash.
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Working capital deficiency decreased by $2,898,413 to$5,203,912 from $8,102,325 reported at December 31, 2022, mainly dueto a reduction of current liabilities of $3,127,144 in the currentperiod, partially offset by decreased cash and increased loan value ofthe consolidated Parksville mortgage post refinancing.
YTD Summary – for the six-monthperiod ended June 30, 2023
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YTD revenue increased by $1,982 from same period lastyear to $1,377,998 due to increased revenues in Q1 driven by thesuccessful build-out of winter stay programs in the newly openedproperties in Agassiz and Parksville, offset by the decreased Q2revenues explained above.
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YTD adjusted loss before interest, taxes, depreciationand amortization increased by 20% or $51,573 to $305,009 in thecurrent period as a result of lower Q2 revenues as well as increasedlabour costs and corporate overheads, partially offset by decreasedproperty costs.
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YTD net loss and comprehensive loss increased by 12% or$132,611 to $1,282,490 due to the operational cost increases asexplained above, additional interest and accretion expense resultingfrom Parksville refinancing and corporate debt amendments in Q2, andan additional mortgage loan secured in connection with the acquisitionof land at the Agassiz property in April 2022.
Non-IFRS Financial Measures
The discussion of consolidated financial results in this press releaseincludes references to “Adjusted EBITDA” (earnings beforeinterest, taxes, depreciation, and amortization), which is a non-IFRSperformance measure. The Company presents these measures to provideadditional information regarding the Company’s financial results andperformance. Please refer to the Company’s MD&A for the threemonths ended March 31, 2023 and 2022 for a reconciliation of thesemeasures to reported IFRS results.
About Pathfinder Ventures
Pathfinder Ventures Inc. is developing a network of premier branded,upscale and family-friendly RV parks and campgrounds under the“Pathfinder Camp Resorts” name. Pathfinder currently has threecamp resorts located in B.C. and is focused on growing its networkthrough both acquisitions and new construction. The Corporation istaking advantage of the rapidly growing market of Canadians who wantto experience the great outdoors in an RV.
To learn more about Pathfinder Camp Resorts, click thelink below:
On behalf of the board of directorsof the Corporation:
Joe Bleackley
Chief Executive Officer, Founder and Director
Pathfinder Ventures Inc.
CompanyContact:
Joe Bleackley
Chief Executive Officer, andDirector
Phone: (604) 914 2575
Email: ir@PathfinderVentures.ca
Website: PathfinderVentures.ca || PathfinderCampResorts.com
Investor Relations Contact:
Anthony Simone
Simone Capital Corp.
Phone: (416)-881-5154
Email: asimone@simonecapital.ca
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release. No stock exchange, securitiescommission or other regulatory authority has approved or disapprovedthe information contained herein.
This news release does not constitutean offer to sell or a solicitation of an offer to buy any of thesecurities in the United States. The securities have not been andwill not be registered under the United States Securities Act of 1933,as amended (the "U.S. Securities Act") or any statesecurities laws and may not be offered or sold within the UnitedStates or to U.S. persons unless registered under the U.S. SecuritiesAct and applicable state securities laws or an exemption from suchregistration is available.
Forward-Looking Information Cautionary Statement
Thisnews release contains forward-looking statements relating to thefuture operations of the Corporation and other statements that are nothistorical facts. Forward-looking statements are often identified byterms such as "will", "may", "should","anticipate", "expects" and similar expressions.All statements other than statements of historical fact, included inthis release, including, without limitation, statements regarding thefuture plans and objectives of the Corporation, are forward-lookingstatements that involve risks and uncertainties. There can be noassurance that such statements will prove to be accurate and actualresults and future events could differ materially from thoseanticipated in such statements. Important factors that could causeactual results to differ materially from the Corporation'sexpectations include risks detailed from time to time in the filingsmade by the Corporation with securities regulations.
The reader is cautioned thatassumptions used in the preparation of any forward-looking informationmay prove to be incorrect. Events or circumstances may cause actualresults to differ materially from those predicted, as a result ofnumerous known and unknown risks, uncertainties, and other factors,many of which are beyond the control of the Corporation. The reader iscautioned not to place undue reliance on any forward-lookinginformation. Such information, although considered reasonable bymanagement at the time of preparation, may prove to be incorrect andactual results may differ materially from those anticipated.Forward-looking statements contained in this news release areexpressly qualified by this cautionary statement. The forward-lookingstatements contained in this news release are made as of the date ofthis news release. Except as required by law, the Corporation does notundertake any obligation to update publicly or to revise anyforward-looking statements that are contained or incorporated in thispress release.
In the case of RV, this news releaseincludes certain "forward-looking statements" which areparticular to RV and are not comprised of historical facts.Forward-looking statements include estimates and statements that describe RV’s futureplans, objectives or goals, including words to the effect that RV orits management expects a stated condition or result to occur.Forward-looking statements may be identified by such terms as“believes”, “anticipates”, “expects”, “estimates”,“may”, “could”, “would”, “will”, or “plan”. Sinceforward-looking statements are based on assumptions and address futureevents and conditions, by their very nature they involve inherentrisks and uncertainties. Although these statements are based oninformation currently available to RV, RV provides no assurance thatactual results will meet management’s expectations. Risks,uncertainties and other factors involved with forward-lookinginformation could cause actual events, results, performance, prospectsand opportunities to differ materially from those expressed or impliedby such forward-looking information. Forward looking information inthis news release includes, but is not limited to, RV’s objectives,goals or future plans, statements, refinancing and funding, andanticipated future growth in new markets. Factors that could causeactual results to differ materially from such forward-lookinginformation include, but are not limited to, the ability of the RV tosuccessfully implement its development strategy and whether this willyield the expected benefits; competitive factors in RV’s industrysector; the success or failure of product development programs;currently existing applicable laws and regulations or futureapplicable laws and regulations that may affect RV’ s business;decisions of regulatory authorities and the timing thereof; Covid-19related risks, availability of properties; the economic circumstancessurrounding RV’s business, including general economic conditions inCanada, the US and worldwide; changes in exchange rates; changes inthe equity market; inflation; uncertainties relating to theavailability and costs of financing needed in the future; and thoseother risks disclosed in thefiling statement or other disclosure document prepared and supplied onSedar . Although RV believesthat the assumptions and factors used in preparing the forward-lookinginformation in this news release are reasonable, undue reliance shouldnot be placed on such information, which only applies as of the dateof this news release, and no assurance can be given that such eventswill occur in the disclosed time frames or at all. RV disclaims anyintention or obligation to update or revise any forward-lookinginformation, whether as a result of new information, future events orotherwise, other than as required by law.
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