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

Consolidated Financial Highlights (unaudited)

(in thousands of dollars except per share

amounts)

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Three months endedNine months ended
September 30,

2024

September 30,

2023

September 30,

2024

September 30,

2023

Net earnings42,71917,69045,17717,753
Basic and diluted earnings per share1.750.721.850.72
Operating Data

 Three months endedNine months ended
 September 30,

2024

September 30,

2023

September 30,

2024

September 30,

2023

Canadian Full Privilege Golf Members  15,41415,530
Championship rounds - Canada567,000567,000966,000958,000
18-hole equivalent championship golf courses - Canada  35.535.5
18-hole equivalent managed championship golf courses - Canada  3.52.0
Championship rounds - U.S.30,00033,000166,000202,000
18-hole equivalent championship golf courses - U.S.  6.56.5

The following is an analysis of net earnings:

  For the three months ended
(thousands of Canadian dollars) September 30, 2024September 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, 2024September 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, 2024September 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, 2024September 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, 2024September 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, 2024September 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, 2024September 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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