VANCOUVER, BC, May 30, 2023 /PRNewswire/ – Pathfinder Ventures Inc. (TSXV: RV) (the “Company,” “RV” or “Pathfinder.”) reports today its financial and operating results for the three-month period (or “first quarter” or “Q1”) ended March 31, 2023.
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.
Pathfinder Announces 2023 First Quarter Financial Results and Full Occupancy for the May Long Weekend (CNW Group/Pathfinder Ventures Inc.)
Financial and Operational Highlights
|
Q1 2023 |
Q1 2022 |
|
|
Occupancy |
50 % |
42 % |
|
Occupied Site Nights (1) |
14,799 |
12,494 |
|
Revenue |
$ 512,384 |
$ 459,078 |
|
Operating expenses |
($ 1,156,050) |
($ 1,178,862) |
|
Net loss and comprehensive loss |
($ 727,352) |
($748,258) |
|
Net loss per share |
($0.01) |
($0.01) |
|
Adjusted EBITDA (loss) (2) |
($234,554) |
($307,663) |
|
5/25/2023 to 5/24/2024 |
5/25/2022 to 5/24/2023 |
|
|
Advanced Site Nights booked (3) |
24,252 |
20,776 |
|
(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. |
|
(3) |
Advanced Site Nights booked is the sum of all reserved nights for the available sites for the next 12 months forward. |
Pathfinder Reports Busiest May Long Weekend on Record
Pathfinder is pleased to announce that this past May long weekend brought in the Company’s highest occupancy on record in the month of May. All Camp Resorts were at full capacity from May 19-21, with a 4% increase YoY in occupied site nights. Responding to the high reservation demand, Pathfinder was able to temporarily create additional RV sites to accommodate Campers which resulted in higher occupied site nights.
2023 Advanced Reservations
Booked site nights as of May 25, 2023 for the next 12 months forward was 24,252, up 17% from 20,776 advanced booked same period last year. The increase is driven by the advanced winter stay bookings in April for returning guests. While the customer booking windows are narrowing from the date of arrival for the summer season compared to same period last year, the impact is being offset by earlier winter bookings for the next season.
Q1 2023 Summary – for the first quarter ended March 31, 2023
Revenue in Q1 2023 increased by 12% or $53,306 to $512,384 due to increased volume of winter stay guests in the newer resort locations of Agassiz-Harrison and Parksville. Revenues in Q1 2022 were negatively impacted by a severe winter flood in November 2021.
Adjusted loss before interest, taxes, depreciation and amortization decreased by 24% or $73,109 to $234,554 in the current period as a result of increased revenues and reduced operating costs. Property costs and marketing costs returned to a normal level in the current period compared to the same period last year, during which the property and marketing costs were negatively impacted by the winter flood and costs associated with initial design and printing of brochures, respectively. From the corporate side, professional fees decreased since the “go public” transaction in October 2021. The reduction in costs were partially offset by increased salaries and benefits required to support the increased corporate and resort activities.
Net loss and comprehensive loss decreased by 3% or $20,906 to $727,352 due to the factors mentioned above and reduced share-based compensation expense, partially offset by increased accretion and interest expense driven by the extension of corporate debt in Q1 2023 and the additional mortgage loan entered into in April 2022 in connection with the Agassiz property expansion.
Cash on March 31, 2023 was $544,073 compared to $982,482 in December 31, 2022 largely due to the reduced pace of advanced bookings and increased receivables during fiscal 2023. Due to the Covid-19 pandemic travel restrictions in 2022, there was a general trend for earlier booking in fiscal 2022, which also included reservations for certain long weekends in fiscal 2023. The Management of the Company assesses the reduced pace of advanced bookings for the peak summer reservations as a matter of timing and not an indication of an overall reduced demand for the full year. Receivables comprised mainly of holdbacks from credit card processors for the purpose of mitigating the liquidity risk of the financial intermediary.
YTD cash used by operating activities was $208,736 in comparison to cash provided by operating activities of $331,744 in the same period last year, during which the Company benefited from a higher volume of early bookings.
Working capital deficiency increased by $628,990 to $8,731,315 from $8,102,325 reported at December 31, 2022, mainly due to a reduction in cash of $438,409 in the current period as well as increased deferred revenues and accrued interests on the convertible debentures. A total $3,931,466 of the working capital deficiency was either paid out or converted to a long-term liability in April 2023.
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 March 31, 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:
Pathfinder Camp Resorts
On behalf of the board of directors of the Corporation:
Joe Bleackley
Chief Executive Officer, Founder and Director
Pathfinder Ventures Inc.
Website: PathfinderVentures.ca || Pathfinder Camp Resorts
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.
SOURCE Pathfinder Ventures Inc.