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