StorageVault Canada Inc.
TSX VENTURE : SVI

November 30, 2010 08:00 ET

StorageVault Canada Inc. Releases Third Quarter Results

REGINA, SASKATCHEWAN--(Marketwire - Nov. 30, 2010) - STORAGEVAULT CANADA INC. ("StorageVault") (TSX VENTURE:SVI) is pleased to report results for the third quarter ended September 30, 2010.

Highlights of the Quarter:

  • Revenue increased by $224,998 to $751,997 representing a 42.7% increase compared to the same period last year.
  • Net operating income from properties (non-GAAP measure) increased by $96,661 to $406,044 representing a 31.2% increase compared to the same period last year.
  • Cash flow as measured by Funds from Operations (non-GAPP measure) increased by $45,746 to $200,519 representing a 29.6% increase compared to the same period last year.
  • Free cash flow (non-GAAP measured as net operating income minus corporate expenses, long term debt principal and interest) increased by $36,297 to $125,176 representing a 40.8% increase compared to the same period last year.
  • The Corporation entered into an agreement to manage a portfolio of six self-storage properties located in the province of Ontario.

Subsequent to the Quarter:

  • On November 1, 2010 the Corporation acquired the assets and operations of Parksville Mini Storage, a self-storage facility located in the Parksville/Nanaimo region of British Columbia.
  • On October 18, 2010 the Corporation drew down a second and final tranche of $2-million preferred share financing used in part to fund the acquisition of Parksville.

Alan Simpson, President and CEO said "The Q3 results demonstrate and further validate StorageVault's strategic objective to own, acquire and operate self storage facilities across Canada, and to develop a complimentary and nationally branded Canada-wide portable storage business to serve an untapped market in the Canadian storage industry. StorageVault will remain focused on acquiring and operating self storage facilities with proven cash flows, superior location in relationship to markets, and excess physical space, to allow the continued deployment of PUPS portable storage operations."

As at September 30, 2010, StorageVault's self storage portfolio included 113,000 square feet of rentable area, 55,000 square feet of rentable portable storage area, and a further two portable storage locations secured in Cambridge, Ontario and Nanaimo, British Columbia with planned launches in 2011.

StorageVault's quarter end occupancy averaged 83.8 % for the self storage division and 79.2% for the portable storage division recognizing the stability of StorageVault's portfolio. The Company's portable occupancy is reflective of the maturing of operations in Regina and the progression of operations in Winnipeg and Saskatoon.

About StorageVault Canada Inc.

StorageVault currently owns and operates Trans Can Mini-Stor in Regina, Kenaston Self Storage in Winnipeg, B&B Self Storage in Cambridge, Parksville Mini Storage in Parksville/Nanaimo and Canadian PUPS in Saskatoon. Both Trans Can Mini-Stor and Kenaston Self Storage are self storage facilities operating in conjunction with high margin Canadian PUPS portable storage franchises at each location. StorageVault operates Canadian PUPS in Saskatoon as a stand-alone portable storage franchise. StorageVault also manages six self-storage facilities in southern Ontario and intends to continue to grow its business through the acquisition of additional self-storage properties, and organically as master franchisee through the deployment of Canadian PUPS portable storage operations in both Cambridge and Nanaimo, as well as other future self storage acquisitions.

The non-GAAP measures identified in this Press Release do not have any standard meaning prescribed by Canadian generally accepted accounting principles ("GAAP") 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 September 30, 2010, available on 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
    (306) 536-3771
    or
    StorageVault Canada Inc.
    3603 Selinger Crescent
    Regina, Saskatchewan
    S4V 2H7