(TheNewswire)
VANCOUVER, B.C. - TheNewswire -November 21, 2023 – Pathfinder Ventures Inc. (TSXV:RV) (the “Company,” “RV” or “Pathfinder.”), a growing campground owner and operator reports today on its financial and operating results for the three-month period (or “third quarter” or “Q3”) ended September 30, 2023.
The Company’s Q3 revenue increased by 10% or $142,303 compared to the prior year same period evidencing the continued demand for Pathfinder Camp Resorts as summer destinations, supported by the normalized weather conditions in the current year. YTD revenue increased by 8% or $116,215 YoY, driven by strong Q1 and Q3 sales partially offset by weaker demand seen in the shoulder seasons of April-May.
Q3 adjusted EBITDA increased by 19% or $73,008 from the same prior year period primarily as a result of increased revenue. YTD adjusted EBITDA decreased however by 1% or $5,049 YoY, due to the increased cost on staffing, insurance and corporate activities which largely offset the revenue increase.
The consolidated financial statements and Management Discussion and Analysis (“MD&A”) can be viewed at www.sedar.com. The financial information provided herein should be read in conjunction with and is qualified by additional information and disclosures contained in the consolidated financial statements, including the notes thereto, and the MD&A.
Financial and Operational Highlights
|
Q3 2023
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Q3 2022
|
|
Occupancy
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78%
|
70%
|
|
Occupied Site Nights (1)
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23,806
|
21,103
|
|
Revenue
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$ 1,544,628
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$ 1,402,325
|
|
Operating expenses
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($ 1,561,240)
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($ 1,456,848)
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|
Net loss and comprehensive loss
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($ 32,561)
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($91,997)
|
|
Net loss per share
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($0.00)
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($0.00)
|
|
Adjusted EBITDA (loss) (2)
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$447,553
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$ 374,545
|
|
YTD 2023
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YTD 2022
|
|
Occupancy
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56%
|
54%
|
|
Occupied Site Nights (1)
|
50,877
|
48,435
|
|
Revenue
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$ 2,894,556
|
$ 2,778,341
|
|
Operating expenses
|
($ 4,075,096)
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($ 3,887,368)
|
|
Net loss and comprehensive loss
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($ 1,315,051)
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($1,241,876)
|
|
Net loss per share
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($0.02)
|
($0.02)
|
|
Adjusted EBITDA (loss) (2)
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$ 116,060
|
$ 121,109
|
(1) Occupied Site Nights is the sum of all actual nights the sites were occupied by visitors to the camp resorts when summing all occupied sites across the Company’s three camp resorts (for example: 1 camp site is available 7 Site Nights per week).
(2) Adjusted EBITDA 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. Adjusted EBITDA calculations may be adjusted from period to period to reflect updated calculation methodology. Management will continue to drive towards positive Adjusted EBITDA through additional cost cutting initiatives and maximizing the operating capacity of the camp resort parks.
Non-IFRS Financial Measures
The discussion of consolidated financial results in this press release includes references to “Adjusted EBITDA” (earnings before interest, taxes, depreciation, and amortization), which is a non-IFRS performance measure. The Company presents these measures to provide additional information regarding the Company’s financial results and performance. Please refer to the Company’s MD&A for the three months ended September 30, 2023 and 2022 for a reconciliation of these measures 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 three camp resorts located in B.C. and is focused on growing its network through both acquisitions and new construction. The Corporation is taking advantage of the rapidly growing market of Canadians who want to experience the great outdoors in an RV.
To learn more about Pathfinder Camp Resorts, click the link below:
www.PathfinderCampResorts.com
On behalf of the board of directors of the Corporation:
Joe Bleackley
Chief Executive Officer, Founder and Director
Pathfinder Ventures Inc.
Company Contact:
Joe Bleackley
Chief Executive Officer, and Director
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 nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Forward-Looking Information Cautionary Statement
This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation's expectations include risks detailed from time to time in the filings made by the Corporation with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Corporation. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Corporation does not undertake any obligation to update publicly or to revise any forward-looking statements that are contained or incorporated in this press release.
In the case of RV, this news release includes certain "forward-looking statements" which are particular to RV and are not comprised of historical facts. Forward-looking statements include estimates and statements that describe RV’s future plans, objectives or goals, including words to the effect that RV or its 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”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to RV, RV provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, RV’s objectives, goals or future plans, statements, refinancing and funding, and anticipated future growth in new markets. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, the ability of the RV to successfully implement its development strategy and whether this will yield the expected benefits; competitive factors in RV’s industry sector; the success or failure of product development programs; currently existing applicable laws and regulations or future applicable laws and regulations that may affect RV’ s business; decisions of regulatory authorities and the timing thereof; Covid-19 related risks, availability of properties; the economic circumstances surrounding RV’s business, including general economic conditions in Canada, the US and worldwide; changes in exchange rates; changes in the equity market; inflation; uncertainties relating to the availability and costs of financing needed in the future; and those other risks disclosed in the filing statement or other disclosure document prepared and supplied on Sedar. Although RV believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. RV disclaims any intention or obligation 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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