TWC Enterprises Limited Announces Third Quarter 2024 Results and Eligible Dividend

Published

2 weeks ago

November 7, 2024

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KING CITY, Ontario, Nov. 07, 2024 (GLOBE NEWSWIRE) —

Consolidated Financial Highlights (unaudited)

(in thousands of dollars except per share amounts) Get the latest news delivered to your inbox Sign up for The Manila Times newsletters By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service and Privacy Policy.	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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