TWC Enterprises Limited Announces Second Quarter 2022 Results and Increase to Eligible Cash Dividend

Date:


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KING CITY, Ontario, Aug. 04, 2022 (GLOBE NEWSWIRE) —

Consolidated Monetary Highlights (unaudited)

(in hundreds of {dollars} besides per share quantities) Three months ended Six months ended
June 30,

2022

June 30,

2021

June 30,

2022

June 30,

2021

Web earnings 3,594   4,472   2,501   4,927  
Primary and diluted earnings per share 0.15   0.18   0.10   0.20  

Working Knowledge

  Three months ended Six months ended
  June 30,

2022

June 30,

2021

June 30,

2022

June 30,

2021

Canadian Full Privilege Golf Members     15,583   15,097  
Championship rounds – Canada 444,000   362,000   444,000   362,000  
18-hole equal championship golf programs – Canada     37.5   39.5  
18-hole equal managed championship golf programs – Canada     2.0   2.0  
Championship rounds – U.S. 55,000   63,000   167,000   156,000  
18-hole equal championship golf programs – U.S.     8.0   8.0  

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The next is an evaluation of web earnings:

  For the three months ended
(hundreds of Canadian {dollars}) June 30, 2022 June 30, 2021
Working income $ 52,736   $ 34,059  
Direct working bills (1)   39,569     25,023  
Web working revenue (1)   13,167     9,036  
Amortization of membership charges   1,081     1,037  
Depreciation and amortization   (4,458 )   (4,788 )
Curiosity, web and funding revenue   422     (384 )
Different objects   (3,582 )   (303 )
Revenue taxes   (3,036 )   (126 )
Web earnings $ 3,594   $ 4,472  
  For the six months ended
(hundreds of Canadian {dollars}) June 30, 2022 June 30, 2021
Working income $ 90,668   $ 48,168  
Direct working bills (1)   72,523     41,389  
Web working revenue (1)   18,145     6,779  
Amortization of membership charges   2,020     1,995  
Depreciation and amortization   (8,882 )   (9,543 )
Curiosity, web and funding revenue   698     (820 )
Different objects   (6,152 )   5,337  
Revenue taxes   (3,328 )   1,179  
Web earnings $ 2,501   $ 4,927  

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The next is a breakdown of web working revenue (loss) by phase:

  For the three months ended
(hundreds of Canadian {dollars}) June 30, 2022 June 30, 2021
Web working revenue (loss) by phase    
Canadian golf membership operations $ 12,675   $ 9,065  
US golf membership operations (2022 – US $421,000; 2021 – US $585,000)   529     723  
Company and different   (37 )   (752 )
Web working revenue (1) $ 13,167   $ 9,036  
  For the six months ended
(hundreds of Canadian {dollars}) June 30, 2022 June 30, 2021
Web working revenue (loss) by phase    
Canadian golf membership operations $ 16,583   $ 6,178  
US golf membership operations (2022 – US $2,857,000; 2021 – US $1,716,000)   3,613     2,156  
Company and different   (2,051 )   (1,555 )
Web working revenue (1) $ 18,145   $ 6,779  

Working income is calculated as follows:

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  For the three months ended
(hundreds of Canadian {dollars}) June 30, 2022 June 30, 2021  
Annual dues $ 17,286   $ 13,992  
Golf   13,842     12,299  
Company occasions   2,573     426  
Meals and beverage   10,382     3,577  
Merchandise   4,301     2,945  
Actual property   3,037      
Rooms and different   1,315     820  
Working Income $ 52,736   $ 34,059  
  For the six months ended
(hundreds of Canadian {dollars})   June 30, 2022     June 30, 2021  
Annual dues $ 34,088   $ 21,934  
Golf    19,680     16,489  
Company occasions    2,597     497  
Meals and beverage    11,325     4,150  
Merchandise    5,521     4,008  
Actual property    15,811      
Rooms and different   1,646     1,090  
Working income $ 90,668   $ 48,168  

Direct working bills are calculated as follows:

  For the three months ended
(hundreds of Canadian {dollars})  June 30, 2022 June 30, 2021
Working value of gross sales  $ 5,974   $ 3,350  
Actual property value of gross sales    2,370      
Labour and worker advantages    18,822     11,568  
Utilities    1,966     1,716  
Promoting, common and administrative bills    1,460     1,312  
Property taxes    695     724  
Repairs and upkeep    1,556     1,253  
Insurance coverage    903     802  
Turf working bills    2,108     1,883  
Gasoline and oil    621     335  
Different working bills    3,094     2,080  
Direct Working Bills (1)  $ 39,569   $ 25,023  

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  For the six months ended
(hundreds of Canadian {dollars}) June 30, 2022 June 30, 2021
Working value of gross sales $ 7,302   $ 4,303  
Actual property value of gross sales   16,394      
Labour and worker advantages   27,498     19,392  
Utilities   3,640     3,171  
Promoting, common and administrative bills   2,884     2,402  
Property taxes   2,335     2,652  
Repairs and upkeep   1,781     1,602  
Insurance coverage   2,626     1,974  
Turf working bills   2,358     1,980  
Gasoline and oil   735     418  
Different working bills   4,970     3,495  
Direct Working Bills (1) $ 72,523   $ 41,389  

(1) Please see Non-IFRS Measures

Second
Quarter 2022 Consolidated Working Highlights

As required by IFRS, ClubLink acknowledges its annual dues income on a straight-line foundation all year long based mostly on when its properties are allowed to open and companies are supplied. On account of COVID-19 lockdowns in 2021, annual dues income was not acknowledged throughout sure durations. There have been 56 days within the second quarter of 2021 that ClubLink was allowed to function in Ontario. There have been no COVID-19 lockdowns to this point in 2022. Canadian annual dues income elevated 24.7% to $15,649,000 for the three month interval ended June 30, 2022 from $12,547,000 in 2021 on account of this coverage and the rise in members. This deferral in 2021 was acknowledged into income all through the rest of the yr on a straight-line foundation.

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Working income elevated 54.8% to $52,736,000 for the three month interval ended June 30, 2022 from $34,059,000 in 2021 on account of closures in 2021 because of COVID-19 lockdowns and fewer COVID-19 working restrictions in 2022, permitting the Firm to function on a extra regular tempo.

Direct working bills elevated 58.1% to $39,569,000 for the three month interval ended June 30, 2022 from $25,023,000 in 2021 on account of the truth that sure actions have been diminished in 2021 on account of lockdowns and restrictions. Excessive inflation can also be impacting most expense classes.

Web working revenue for the Canadian golf membership operations phase elevated to $12,675,000 for the three month interval ended June 30, 2022 from $9,065,000 in 2021 as a result of change in annual dues income described above.

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Web working revenue for the US golf membership operations decreased to US$421,000 for the three month interval ended June 30, 2022 from US$585,000 in 2021 on account of decreased rounds.

Curiosity, web and funding revenue elevated to revenue of $422,000 for the three month interval ended June 30, 2022 from an expense of $384,000 in 2021 on account of a lower in borrowings and a rise in distributions from the Firm’s funding in Automotive Properties REIT.

Different objects include the next revenue (loss) objects:

  For the three months ended
  June 30, 2022 June 30, 2021
Unrealized overseas change acquire (loss) $ 481   $ (432 )
Unrealized acquire (loss) on funding in marketable securities   (8,366 )   6,808  
Achieve on actual property fund investments   4,370      
Insurance coverage proceeds       2,603  
Fairness revenue (loss) from investments in joint ventures   (62 )   404  
Glen Abbey redevelopment cost       (9,500 )
Different   (5 )   (186 )
Different objects $ (3,582 ) $ (303 )

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The change charge used for translating US denominated belongings has modified from 1.2496 at March 31, 2022 to 1.2886 at June 30, 2022. This has resulted in a overseas change acquire of $481,000 for the three month interval ended June 30, 2022 on the interpretation of the Firm’s US denominated monetary devices.

Web earnings decreased to $3,594,000 for the three month interval ended June 30, 2022 from $4,472,000 in 2021 on account of an unrealized loss on the Firm’s funding in Automotive Properties REIT. Primary and diluted earnings per share decreased to fifteen cents per share in 2022, in comparison with fundamental and diluted earnings per share of 18 cents in 2021.

Non-IFRS Measures

TWC makes use of non-IFRS measures as a benchmark measurement of our personal working outcomes and as a benchmark relative to our rivals. We take into account these non-IFRS measures to be a significant complement to web earnings. We additionally imagine these non-IFRS measures are generally utilized by securities analysts, traders and different events to guage our monetary efficiency. These measures, which included direct working bills and web working revenue shouldn’t have standardized that means below IFRS. Whereas these non-IFRS measures have been disclosed herein to allow a extra full comparative evaluation of the Firm’s working efficiency and debt servicing means relative to different corporations, readers are cautioned that these non-IFRS measures as reported by TWC might not be comparable in all cases to non-IFRS measures as reported by different corporations.

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The glossary of economic phrases is as follows:

Direct working bills = bills which are immediately attributable to firm’s enterprise models and are utilized by administration within the evaluation of their efficiency. These exclude bills that are attributable to main company selections resembling impairment.

Web working revenue = working income – direct working bills

Web working revenue is a vital metric utilized by administration in evaluating the Firm’s working efficiency because it represents the income and expense objects that may be immediately attributable to the precise enterprise unit’s ongoing operations. It’s not a measure of economic efficiency below IFRS and shouldn’t be thought of as an alternative choice to measures of efficiency below IFRS. Essentially the most immediately comparable measure specified below IFRS is web earnings.

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Eligible Dividend

At present, TWC Enterprises Restricted introduced an eligible money dividend of 5 cents per widespread share to be paid on September 15, 2022 to shareholders of report as at August 31, 2022. This is a rise from 2 cents per widespread share.

Company Profile

TWC is engaged in golf membership operations below the trademark, “ClubLink One Membership Extra Golf.” TWC is Canada’s largest proprietor, operator and supervisor of golf golf equipment with 47.5 18-hole equal championship and a couple of.5 18-hole equal academy programs (together with two managed properties) at 36 places in Ontario, Quebec and Florida.

For additional info please contact:

Andrew Tamlin
Chief Monetary Officer
15675 Dufferin Avenue
King Metropolis, Ontario L7B 1K5
Tel: 905-841-5372 Fax: 905-841-8488
atamlin@clublink.ca

Administration’s dialogue and evaluation, monetary statements and different disclosure info referring to the Firm is obtainable by means of SEDAR and at www.sedar.com and on the Firm web site at www.twcenterprises.ca

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