StorageVault Canada Inc.
TSX VENTURE : SVI

June 30, 2011 13:26 ET

StorageVault Canada Inc. Releases Financial Results for the Quarter Ended March 31, 2011

REGINA, SASKATCHEWAN--(Marketwire - June 30, 2011) - STORAGEVAULT CANADA INC. ("StorageVault") (TSX VENTURE:SVI) is pleased to report results for the fiscal quarter ended March 31, 2011. Highlights for the fiscal quarter are presented below. All financial figures are unaudited and in Canadian dollars unless otherwise noted. For further information on the results for the fiscal quarter, please see StorageVault's unaudited interim financial statements and management's discussion and analysis for the three months ended March 31, 2011 filed on the SEDAR website at www.sedar.com on June 29, 2011, as well as the audited annual financial statements for the fiscal year ended December 31, 2010.

The March 31, 2011 unaudited interim financial statements are prepared and reported in accordance with Canadian generally accepted accounting principles ("GAAP") as set out in the Handbook of the Canadian Institute of Chartered Accountants. Canadian GAAP has been revised to incorporate International Financial Reporting Standards ("IFRS"), and StorageVault, as a publicly accountable enterprise, has begun to apply such standards beginning January 1, 2011.

Highlights of the Fiscal Quarter:

  • Revenue increased by $228,385 to $681,471 representing a 50.4% increase compared to the same period last year.
  • Net operating income from properties (a non-GAAP measure) increased by $83,311 to $315,538 representing a 35.9% increase compared to the same period last year.
  • Cash flow as measured by Funds from Operations (a non-IGAAP measure) decreased by $4,571 to $42,327 representing a 9.7% decrease compared to the same period last year.

Subsequent to the end of the fiscal quarter:

  • On January 18, 2011, StorageVault agreed to sell a 2.16 acre parcel of undeveloped land in Cambridge, ON in exchange for $350,000 cash and a 1.45 acre parcel of undeveloped land adjacent to its B&B Mini Storage operation in Cambridge, ON. This transaction is expected to close in July 2011.

As at March 31, 2011, StorageVault's self storage portfolio included 133,000 square feet of rentable area and 68,000 square feet of rentable portable storage area. StorageVault has continued to pursue its strategic plan of expanding the PUPS portable storage product line by launching two new PUPS locations in Cambridge, ON and Nanaimo, British Columbia in the spring of 2011.

About StorageVault Canada Inc.

StorageVault currently owns and operates Trans Can Mini-Stor in Regina, Kenaston Self Storage in Winnipeg, B&B Mini Storage in Cambridge, and Parksville Mini Storage in the Regional District of Nanaimo. Each of these sites operates in conjunction with a high margin Canadian PUPS portable storage franchise. StorageVault also owns and operates a Canadian PUPS facility in Saskatoon as a stand-alone portable storage franchise. Additionally, StorageVault manages five self-storage facilities in southern Ontario. StorageVault intends to continue to grow its business through the acquisition of additional self-storage properties, and organically as master franchisee through the development of Canadian PUPS portable storage facilities in Canada.

The non-GAAP measures identified in the Press Release do not have any standard meaning prescribed by Canadian Generally Accepted Accounting Principles and therefore may not be comparable to similar measures presented by other issuers. These non-GAAP measures are more fully defined and discussed in the management discussion and analysis of StorageVault for the three months ended March 31, 2011, available on the SEDAR website at www.sedar.com.

Forward-Looking information: This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in StorageVault's disclosure documents on the SEDAR website at www.sedar.com.

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.

Contact Information

  • StorageVault Canada Inc.
    Mr. Alan Simpson
    3603 Selinger Crescent
    Regina, Saskatchewan S4V 2H7
    (306) 536-3771