CANADREAM CORPORATION
TSX VENTURE : CDN
TSX VENTURE : CDN.DB.A

CANADREAM CORPORATION

March 12, 2008 16:32 ET

CanaDream Corporation Reports Third Quarter Earnings of $1.38 Million or 8.36 Cents Per Share

CALGARY, ALBERTA--(Marketwire - March 12, 2008) - CanaDream Corporation (TSX VENTURE:CDN) (TSX VENTURE:CDN.DB.A) today announced financial results for the nine months ended January 31, 2008, as follows:

Revenues for the nine months of $14.3 million were 6.96% higher than last year, Cash flow from operations was $5.08 million ($0.302 per share), up 1.53% from last year and comprehensive income was $1.38 million, $0.084 per share, compared to comprehensive income of $1.13 million, $0.068 per share last year.

The Company encourages interested parties to access CanaDream Corporation's MD&A on the SEDAR website, www.sedar.com, for a more detailed discussion of these results.



Summarized results for the nine months ended January 31, 2008 are as
follows:

Jan 31, 2008 Jan 31, 2007 %Change
------------------------------------------

Revenue $ 14,274,058 $ 13,345,520 6.96%

Revenue less direct expenses $ 8,891,691 $ 8,441,383 5.33%

Income before tax $ 2,128,227 $ 1,711,892 24.3%

Comprehensive income $ 1,383,712 $ 1,133,842 22.0%

Cash flow from operations $ 5,084,829 $ 5,008,072 1.53%

Basic earnings per share 8.36 cents 6.84 cents

Fully diluted earnings
per share 8.22 cents 6.70 cents

Common Shares outstanding
at January 31 16,596,542 16,538,042

Weighted average number of
common shares outstanding 16,548,097 16,573,093


Increased revenues for the nine months resulted from increased utilization and pricing, while revenues for the quarter were not considerably different from last year.

Direct expenses for the first nine months increased by $478,000 (9.75%) compared to last year's $4.90 million. This resulted in an increased gross margin (revenues less direct expenses) for the nine months of $450,000 or 62.3% from the previous year of 63.3%.

Amortization of rental fleet for the nine months decreased 16.6% to $1.93 million from $2.31 million last year. Adjustments to fleet inventory available for sale increased by $235,000 for the nine month period. Interest and placement fees on fleet financing increased 0.79% to $1.17 million ($1.16 million last year). Selling, general and administrative expenses increased to $2.66 million from $2.52 million last year.

Investment in rental fleet was $21.0 million at January 31, 2008, a decrease of $233,000 from January 2007 and an increase of $2.87 million from April 30, 2007 year-end levels. The investment in fleet inventory available for sale was $3.54 million at January 31, 2008, a decrease of $2.45 million from January 2007 and a decrease of $1.87 million from April 30, 2007 year-end levels.

Term debt outstanding on the Company's inventories of rental fleet and fleet inventory available for sale was $17.6 million at January 31, 2008, a decrease of $1.54 million from January 2007 and a decrease of $111,000 compared to April 30, 2007 year-end.

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 $1.67 million compared to negative $264,000 at January 2007.

The Company's future income tax liability remained consistent with the prior year at $1.03 million and increased $718,000 from the $315,000 at April 30, 2007. As previously noted, the Company does not expect to pay income taxes (other than capital taxes) for the foreseeable future.

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. Cash flow from operations as presented does not have any standardized meaning under Canadian GAAP and therefore, it may not be comparable with the calculation of similar measures for other entities. Cash flow from operations has been presented for information purposes only, and should not be considered an alternative to, or more meaningful than, cash flow from operating activities, as determined in accordance with GAAP.

The Company encourages interested parties to access CanaDream Corporation's MD&A on the SEDAR website, www.sedar.com, 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, (www.canadasbest.com), and its business-to-consumer on-line Internet reservation system, (www.canadream.com), 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 two associate dealer franchisees in Kelowna and Victoria, British Columbia.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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