ClubCorp Holdings, Inc., a membership-based leisure company, owns and operates private golf, country, business, sports, and alumni clubs in North America. It operates through two segments, Golf and Country Clubs; and Business, Sports, and Alumni Clubs. The Golf and Country Clubs segment operates private country clubs that provide 18-hole golf course and various other recreational amenities for members and their guests; golf clubs, which offer private and public golf play, and other recreational amenities; and public golf facilities. The Business, Sports, and Alumni Clubs segment operates business clubs that provide a setting for dining, business, or social entertainment for business executiv...
3030 LBJ Freeway
Dallas, TX 75234
Founded in 1957
Clubcorp Holdings, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 6, 2016; Reports Impairment of Assets for the Third Quarter of 2016; Revises Earnings Guidance for the Fiscal Year 2016
Oct 13 16
ClubCorp Holdings, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 6, 2016. For the quarter, the company reported total revenues of $259,332,000 compared to $255,360,000 a year ago, up 1.6% due to increases in dues and food & beverage revenue. Operating income was $22,776,000 compared to $17,234,000 a year ago. Income before income taxes was $2,765,000 compared to $3,203,000 a year ago. Net income was $1,182,000 compared to $1,185,000 a year ago. Net income attributable to the company was $1,188,000 compared to $1,252,000 a year ago. Basic and diluted earnings per share attributable to the company were $0.02 compared to $0.02 a year ago. Adjusted EBITDA increased $4.1 million to $59.0 million compared to $54.9 million, up 7.5%, largely from increased revenue and from effectively managing and controlling variable operating expenses. Cash flow from operations totaled $27.6 million.
For the nine months period, the company reported total revenues of $743,179,000 compared to $721,179,000 a year ago. Operating income was $58,859,000 compared to $41,270,000 a year ago. Loss before income taxes was $1,257,000 compared to $3,501,000 a year ago. Net loss was $1,381,000 compared to $3,314,000 a year ago. Net loss attributable to the company was $1,647,000 compared to $3,166,000 a year ago. Basic and diluted loss per share attributable to the company was $0.03 compared to $0.05 a year ago. Net cash provided by operating activities was $97,871,000 compared to $98,614,000 a year ago. Purchase of property and equipment was $73,528,000 compared to $76,110,000 a year ago. Adjusted EBITDA increased $10.5 million to $164.3 million compared to $153.8 million, up 6.8%, driven by higher revenue and improved margin performance across both same-store and new and recently acquired clubs. Cash flow from operations totaled $97.9 million.
For the third quarter, the company reported impairment of assets of $1,798,000.
For fiscal year 2016, the company is reducing its revenue outlook and narrowing its adjusted EBITDA outlook. The company reduced its anticipated revenue to a range of $1,080 million to $1,090 million and narrowed its anticipated adjusted EBITDA to a range of $245 million to $249 million, while maintaining the midpoint at $247 million. This outlook implies year-over-year revenue growth of approximately 2.5% to 3.5%, and adjusted EBITDA growth of approximately 5.0% to 6.5%. During the remainder of fiscal 2016, the company anticipates spending approximately $21.4 million in maintenance capital net of interest proceeds.
ClubCorp Holdings, Inc. to Report Q3, 2016 Results on Oct 13, 2016
Sep 30 16
ClubCorp Holdings, Inc. announced that they will report Q3, 2016 results Pre-Market on Oct 13, 2016