It is still red and most likely spent much of it's life in Lake Tahoe (right between us and Reno, NV). It needs restoration but has good bones. No broken ribs.
Welcome to the WCHA. If you have any questions about restoring your canoe, feel free to ask questions here, and if you do, posting photos is often very useful (and we do like seeing pictures of old canes, particularly ones with "good bones."
Further, when considering any restoration work, whether you plan to do it youself or to hire a professional, there are three good sources of information about canoe restoration that you would do well to get, or at least look at, before making any decision about how to repair or restore your canoe:
The Wood and Canvas Canoe: A Complete Guide to its History, Construction, Restoration, and Maintenance by Rollin Thurlow and Jerry Stelmok
Building the Maine Guide Canoe by Jerry Stelmok
This Old Canoe: How To Restore Your Wood-Canvas Canoe, by Mike Elliott
The first is often called the "bible" of canoe repair, restoration, and maintenance; the second is an excellent study of the wooden/canvas canoe and its construction. The third was just recently published and has gotten some good reviews.
Of course, you can always ask questions here on the forums.
You might also want to look at The Old Town Canoe Company by Susan Audette and David Baker, a great history of the Old Town company and its canoes.
These books are all available from the WCHA store, are often on eBay, or from Amazon.
I hope you get many hours of use and enjoyment from your new/old canoe.
Greg