Golf
TWC Enterprises Limited Announces Third Quarter 2024 Results and Eligible Dividend
KING CITY, Ontario, Nov. 07, 2024 (GLOBE NEWSWIRE) —
Consolidated Financial Highlights (unaudited)
| (in thousands of dollars except per share
amounts) |
Three months ended | Nine months ended | ||
| September 30,
2024 |
September 30,
2023 |
September 30,
2024 |
September 30,
2023 |
|
| Net earnings | 42,719 | 17,690 | 45,177 | 17,753 |
| Basic and diluted earnings per share | 1.75 | 0.72 | 1.85 | 0.72 |
Operating Data
| Three months ended | Nine months ended | |||
| September 30,
2024 |
September 30,
2023 |
September 30,
2024 |
September 30,
2023 |
|
| Canadian Full Privilege Golf Members | 15,414 | 15,530 | ||
| Championship rounds – Canada | 567,000 | 567,000 | 966,000 | 958,000 |
| 18-hole equivalent championship golf courses – Canada | 35.5 | 35.5 | ||
| 18-hole equivalent managed championship golf courses – Canada | 3.5 | 2.0 | ||
| Championship rounds – U.S. | 30,000 | 33,000 | 166,000 | 202,000 |
| 18-hole equivalent championship golf courses – U.S. | 6.5 | 6.5 | ||
The following is an analysis of net earnings:
| For the three months ended | |||||||
| (thousands of Canadian dollars) | September 30, 2024 | September 30, 2023 | |||||
| Operating revenue | $ | 66,383 | $ | 67,635 | |||
| Direct operating expenses (1) | 46,099 | 47,264 | |||||
| Net operating income (1) | 20,284 | 20,371 | |||||
| Amortization of membership fees | 1,409 | 1,469 | |||||
| Depreciation and amortization | (3,565 | ) | (3,607 | ) | |||
| Interest, net and investment income | 2,737 | 2,327 | |||||
| Other items | 32,641 | 2,610 | |||||
| Income taxes | (10,787 | ) | (5,480 | ) | |||
| Net earnings | $ | 42,719 | $ | 17,690 | |||
| For the nine months ended | |||||||
| (thousands of Canadian dollars) | September 30, 2024 | September 30, 2023 | |||||
| Operating revenue | $ | 193,912 | $ | 158,798 | |||
| Direct operating expenses (1) | 160,037 | 122,237 | |||||
| Net operating income (1) | 33,875 | 36,561 | |||||
| Amortization of membership fees | 3,494 | 3,582 | |||||
| Depreciation and amortization | (10,761 | ) | (10,561 | ) | |||
| Interest, net and investment income | 8,335 | 6,608 | |||||
| Other items | 24,138 | (10,962 | ) | ||||
| Income taxes | (13,904 | ) | (7,475 | ) | |||
| Net earnings | $ | 45,177 | $ | 17,753 | |||
The following is a breakdown of net operating income (loss) by segment:
| For the three months ended | |||||||
| (thousands of Canadian dollars) | September 30, 2024 | September 30, 2023 | |||||
| Net operating income (loss) by segment | |||||||
| Canadian golf club operations | $ | 21,304 | $ | 21,173 | |||
| US golf club operations | |||||||
| (2024 – US $17,000: 2023 – US$259,000) | 26 | 347 | |||||
| Corporate and other | (1,046 | ) | (1,149 | ) | |||
| Net operating income (1) | $ | 20,284 | $ | 20,371 | |||
| For the nine months ended | |||||||
| (thousands of Canadian dollars) | September 30, 2024 | September 30, 2023 | |||||
| Net operating income (loss) by segment | |||||||
| Canadian golf club operations | $ | 35,219 | $ | 34,314 | |||
| US golf club operations | |||||||
| (2024 – US$2,647,000: 2023 – US $3,398,000) | 3,578 | 4,585 | |||||
| Corporate and other | (4,922 | ) | (2,338 | ) | |||
| Net operating income (1) | $ | 33,875 | $ | 36,561 | |||
Operating revenue is calculated as follows:
| For the three months ended | |||||
| (thousands of Canadian dollars) | September 30, 2024 | September 30, 2023 | |||
| Annual dues | $ | 17,966 | $ | 17,230 | |
| Golf | 18,822 | 18,570 | |||
| Corporate events | 4,533 | 4,322 | |||
| Food and beverage | 15,373 | 15,714 | |||
| Merchandise | 5,478 | 5,611 | |||
| Real estate | 1,692 | 3,291 | |||
| Rooms and other | 2,519 | 2,897 | |||
| Operating revenue | $ | 66,383 | $ | 67,635 | |
| For the nine months ended | |||||
| (thousands of Canadian dollars) | September 30, 2024 | September 30, 2023 | |||
| Annual dues | $ | 53,719 | $ | 51,906 | |
| Golf | 38,231 | 38,343 | |||
| Corporate events | 7,321 | 6,939 | |||
| Food and beverage | 26,438 | 27,153 | |||
| Merchandise | 11,814 | 11,531 | |||
| Real estate | 52,582 | 18,821 | |||
| Rooms and other | 3,807 | 4,105 | |||
| Operating revenue | $ | 193,912 | $ | 158,798 | |
Direct operating expenses are calculated as follows:
| For the three months ended | |||||
| (thousands of Canadian dollars) | September 30, 2024 | September 30, 2023 | |||
| Operating cost of sales | $ | 9,050 | $ | 9,232 | |
| Real estate cost of sales | 1,951 | 3,816 | |||
| Labour and employee benefits | 23,890 | 22,429 | |||
| Utilities | 2,120 | 2,193 | |||
| Selling, general and administrative expenses | 1,165 | 1,246 | |||
| Property taxes | 230 | 463 | |||
| Insurance | 1,121 | 1,099 | |||
| Repairs and maintenance | 1,609 | 1,623 | |||
| Turf operating expenses | 1,244 | 1,120 | |||
| Fuel and oil | 584 | 676 | |||
| Other operating expenses | 3,135 | 3,367 | |||
|
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