(TheNewswire)
VANCOUVER, B.C. - TheNewswire - November 21, 2023 – Pathfinder Ventures Inc. ( TSXV:RV ) (the “Company,”“RV” or “Pathfinder.”), a growing campground owner andoperator reports today on its financial and operating results for thethree-month period (or “third quarter” or “Q3”) endedSeptember 30, 2023.
The Company’s Q3 revenue increased by 10% or $142,303 compared tothe prior year same period evidencing the continued demand forPathfinder Camp Resorts as summer destinations, supported by thenormalized weather conditions in the current year. YTD revenueincreased by 8% or $116,215 YoY, driven by strong Q1 and Q3 salespartially offset by weaker demand seen in the shoulder seasons ofApril-May.
Q3 adjusted EBITDA increased by 19% or $73,008 from the same prioryear period primarily as a result of increased revenue. YTD adjustedEBITDA decreased however by 1% or $5,049 YoY, due to the increasedcost on staffing, insurance and corporate activities which largelyoffset the revenue increase.
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
Q3 2023 | Q3 2022 | |
Occupancy | 78% | 70% |
Occupied Site Nights (1) | 23,806 | 21,103 |
Revenue | $ 1,544,628 | $ 1,402,325 |
Operating expenses | ($ 1,561,240) | ($ 1,456,848) |
Net loss and comprehensive loss | ($ 32,561) | ($91,997) |
Net loss per share | ($0.00) | ($0.00) |
Adjusted EBITDA (loss) (2) | $447,553 | $ 374,545 |
YTD 2023 | YTD 2022 | |
Occupancy | 56% | 54% |
Occupied Site Nights (1) | 50,877 | 48,435 |
Revenue | $ 2,894,556 | $ 2,778,341 |
Operating expenses | ($ 4,075,096) | ($ 3,887,368) |
Net loss and comprehensive loss | ($ 1,315,051) | ($1,241,876) |
Net loss per share | ($0.02) | ($0.02) |
Adjusted EBITDA (loss) (2) | $ 116,060 | $ 121,109 |
(1) Occupied Site Nights is the sum of allactual nights the sites were occupied by visitors to the camp resortswhen summing all occupied sites across the Company’s three campresorts (for example: 1 camp site is available 7 Site Nights perweek).
(2) Adjusted EBITDA is a non-GAAP financialmeasure that is calculated as income (loss) from operations beforedepreciation and amortization, interest, accretion, financing costs,and share-based compensation. Adjusted EBITDA calculations may beadjusted from period to period to reflect updated calculation methodology. Management willcontinue to drive towards positive Adjusted EBITDA through additionalcost cutting initiatives and maximizing the operating capacity of thecamp resort parks.
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 September 30, 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 thatdescribe RV’s future plans, objectives or goals, including words tothe effect that RV or its management expects a stated condition orresult to occur. Forward-looking statements may be identified by suchterms as “believes”, “anticipates”, “expects”,“estimates”, “may”, “could”, “would”, “will”, or“plan”. Since forward-looking statements are based on assumptionsand address future events and conditions, by their very nature theyinvolve inherent risks and uncertainties. Although these statementsare based on information currently available to RV, RV provides noassurance that actual 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 suchinformation, which only applies as of the date of this news release,and no assurance can be given that such events will occur in thedisclosed time frames or at all. RV disclaims any intention orobligation to update or revise any forward-looking information,whether as a result of new information, future events or otherwise,other than as required by law.
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