Consolidated Financial Highlights (unaudited)
(in thousands of dollars except per shareamounts)
Three months ended
Nine months ended
September 30,2025
September 30,2024
September 30,2025
September 30,2024
Net earnings
16,929
42,719
39,492
45,177
Basic and diluted earnings per share
0.70
1.75
1.62
1.85
Operating Data
Three months ended
Nine months ended
September 30,2025
September 30,2024
September 30,2025
September 30,2024
Canadian Full Privilege Golf Members
15,397
15,414
Championship rounds, Canada
626,000
567,000
1,031,000
966,000
18-hole equivalent championship golf courses, Canada
37.0
35.5
18-hole equivalent managed championship golf courses, Canada
3.5
3.5
Championship rounds, U.S.
34,000
30,000
164,000
166,000
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, 2025
September 30, 2024
Operating revenue
$
76,699
$
66,383
Direct operating expenses(1)
51,980
46,099
Net operating income(1)
24,719
20,284
Amortization of membership fees
1,516
1,409
Depreciation and amortization
(3,563
)
(3,565
)
Interest, net and investment income
2,371
2,737
Other items
(1,816
)
32,641
Income taxes
(6,298
)
(10,787
)
Net earnings
$
16,929
$
42,719
For the nine months ended
(thousands of Canadian dollars)
September 30, 2025
September 30, 2024
Operating revenue
$
179,023
$
193,912
Direct operating expenses(1)
131,937
160,037
Net operating income(1)
47,086
33,875
Amortization of membership fees
3,779
3,494
