TWC TWC Enterprises

TWC Enterprises Limited Announces Second Quarter 2025 Results And Eligible Dividend

TWC Enterprises Limited Announces Second Quarter 2025 Results And Eligible Dividend

KING CITY, Ontario, Aug. 01, 2025 (GLOBE NEWSWIRE) --  

Consolidated Financial Highlights (unaudited)

(in thousands of dollars except per share amounts)

Three months endedSix months ended
 June 30,

2025
June 30,

2024
June 30,

2025
June 30,

2024
Net earnings21,4793,15922,5632,458
Basic and diluted earnings per share0.880.130.930.10

Operating Data

 Three months endedSix months ended
 June 30,

2025
June 30,

2024
June 30,

2025
June 30,

2024
Canadian Full Privilege Golf Members  14,99915,063
Championship rounds – Canada405,000399,000405,000399,000
18-hole equivalent championship golf courses – Canada  37.035.5
18-hole equivalent managed championship golf courses – Canada  3.53.5
Championship rounds – U.S.46,00046,000130,000136,000
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) June 30, 2025June 30, 2024
    
Operating revenue $61,560 $62,183 
Direct operating expenses(1)  47,326  53,049 
    
Net operating income(1)  14,234  9,134 
    
Amortization of membership fees  1,200  1,126 
    
Depreciation and amortization  (3,559) (3,681)
    
Interest, net and investment income  2,321  2,813 
    
Other items  12,605  (3,902)
    
Income taxes  (5,322) (2,331)
    
Net earnings $21,479 $3,159 
    



  For the six months ended
(thousands of Canadian dollars) June 30, 2025June 30, 2024
    
Operating revenue $102,324 $127,529 
Direct operating expenses(1)  79,957  113,938 
    
Net operating income(1)  22,367  13,591 
    
Amortization of membership fees  2,263  2,085 
    
Depreciation and amortization  (6,944) (7,196)
    
Interest, net and investment income  4,989  5,598 
    
Other items  6,611  (8,503)
    
Income taxes  (6,723) (3,117)
    
Net earnings $22,563 $2,458 
    

The following is a breakdown of net operating income (loss) by segment:

  For the three months ended
(thousands of Canadian dollars) June 30, 2025June 30, 2024
    
Net operating income (loss) by segment

   
Canadian golf club operations

 $13,581 $10,361 
US golf club operations   
(2025 - US $699,000; 2024 - US $467,000)  967  636 
Corporate and other

  (314) (1,863)
    
    
Net operating income(1)

 $14,234 $9,134 
    



  For the six months ended
(thousands of Canadian dollars) June 30, 2025June 30, 2024
    
Net operating income (loss) by segment   
Canadian golf club operations $16,913 $13,915 
US golf club operations   
(2025 - US $3,157,000; 2024 - US $2,630,000) 4,494  3,552 
Corporate and other 960  (3,876)
    
    
Net operating income(1) $22,367 $13,591 
    

Operating revenue is calculated as follows:

  For the three months ended
(thousands of Canadian dollars) June 30, 2025June 30, 2024
    
Annual dues $18,953 $18,246 
Golf  15,455  13,407 
Corporate events  3,387  2,770 
Food and beverage  12,261  9,798 
Merchandise  4,736  4,581 
Real estate  5,736  12,381 
Rooms and other  1,032  1,000 
    
Operating revenue $61,560 $62,183 
    



  For the six months ended
(thousands of Canadian dollars) June 30, 2025June 30, 2024
    
Annual dues $ 36,643 $35,753 
Golf  21,752  19,409 
Corporate events  3,424  2,788 
Food and beverage  14,088  11,065 
Merchandise  6,290  6,336 
Real estate  18,721  50,890 
Rooms and other  1,406  1,288 
    
Operating revenue $ 102,324 $127,529 
    

Direct operating expenses are calculated as follows:

  For the three months ended
(thousands of Canadian dollars) June 30, 2025June 30, 2024
    
Operating cost of sales $6,878 $ 6,284
    
Real estate cost of sales  5,375   13,488
    
Labour and employee benefits  22,518   20,661
    
Utilities  1,685   1,884
    
Selling, general and administrative expenses 1,238   1,367
    
Property taxes  773   665
    
Repairs and maintenance  961   1,114
    
Insurance  1,686   1,789
    
Turf operating expenses  2,328   2,215
    
Fuel and oil  431   484
    
Other operating expenses  3,453   3,098
    
Direct Operating Expenses(1) $47,326 $ 53,049
    



  For the six months ended
(thousands of Canadian dollars) June 30, 2024June 30, 2025
    
Operating cost of sales $ 8,708 $8,131 
    
Real estate cost of sales  16,328  53,210 
    
Labour and employee benefits  33,059  30,369 
    
Utilities  3,639  3,584 
    
Selling, general and administrative expenses 2,742  2,843 
    
Property taxes  2,372  2,548 
    
Repairs and maintenance  1,888  2,268 
    
Insurance  2,620  2,789 
    
Turf operating expenses  2,565  2,528 
    
Fuel and oil  536  584 
    
Other operating expenses  5,500  5,084 
    
Direct Operating Expenses (1) $ 79,957 $113,938 
    

(1) Please see Non-IFRS Measures

Second Quarter 2025 Consolidated Operating Highlights

On February 3, 2025, the Company acquired Deer Creek, one of Canada’s largest golf and event complexes, located in Ajax, Ontario, and includes 45-holes of championship golf, a nine-hole short course, large driving range and performance academy. This is a daily fee property with a focus on food and beverage operations. This acquisition is a contributing factor to increases seen in both revenue and operating expenses, specifically golf, corporate events and food and beverage revenue, as well as operating cost of sales and labour and employee benefits.

Operating revenue decreased 1.0% to $61,560,000 for the three month period ended June 30, 2025 from $62,183,000 in 2024 due to the decline in revenue from two Highland Gate home sales as compared to seven in 2024.

Direct operating expenses decreased 10.8% to $47,326,000 for the three month period ended June 30, 2025 from $53,049,000 in 2024 due to the decline in Highland Gate home cost of sales as described above.

Net operating income for the Canadian golf club operations segment increased to $13,581,000 for the three month period ended June 30, 2025 from $10,361,000 in 2024 due to the Deer Creek acquisition and healthy increases in golf revenue for all properties due to strong demand.

Interest, net and investment income decreased 17.5% to income of $2,321,000 for the three month period ended June 30, 2025 from $2,813,000 in 2024 due to a reduction in cash (and resulting interest income on this excess cash) as a result of the Deer Creek acquisition.

Other items consist of the following income (loss) items:

 For the three months ended
 June 30, 2025June 30, 2024
   
Foreign exchange gain (loss)$541 $(22)
Unrealized loss on investment in marketable securities 12,325  (5,119)
Business combination transaction costs (94) - 
Gain on sale of property, plant and equipment 103  162 
Equity income from investments in joint ventures 1  - 
Insurance -  621 
Other (271) 456 
   
Other items$12,605 $(3,902)
   

At June 30, 2025, the Company recorded an unrealized gain of $12,325,000 on its investment in marketable securities (June 30, 2024 - loss of $5,119,000). This gain is attributable to the fair market value adjustments of the Company's investment in Automotive Properties REIT.

Net earnings in the amount of $21,479,000 for the three month period ended June 30, 2025 increased from $3,159,000 in 2024 due to the change in unrealized gain on the Company’s investment in Automotive Properties REIT as compared to 2024. Basic and diluted earnings per share increased to $0.88 per share in 2025, compared to basic and diluted earnings per share of $0.13 cents in 2024.

Non-IFRS Measures

TWC uses non-IFRS measures as a benchmark measurement of our own operating results and as a benchmark relative to our competitors. We consider these non-IFRS measures to be a meaningful supplement to net earnings. We also believe these non-IFRS measures are commonly used by securities analysts, investors and other interested parties to evaluate our financial performance. These measures, which included direct operating expenses and net operating income do not have standardized meaning under IFRS. While these non-IFRS measures have been disclosed herein to permit a more complete comparative analysis of the Company’s operating performance and debt servicing ability relative to other companies, readers are cautioned that these non-IFRS measures as reported by TWC may not be comparable in all instances to non-IFRS measures as reported by other companies.

The glossary of financial terms is as follows:

Direct operating expenses = expenses that are directly attributable to company’s business units and are used by management in the assessment of their performance. These exclude expenses which are attributable to major corporate decisions such as impairment.

Net operating income = operating revenue – direct operating expenses

Net operating income is an important metric used by management in evaluating the Company’s operating performance as it represents the revenue and expense items that can be directly attributable to the specific business unit’s ongoing operations. It is not a measure of financial performance under IFRS and should not be considered as an alternative to measures of performance under IFRS. The most directly comparable measure specified under IFRS is net earnings.

Eligible Dividend

Today, TWC Enterprises Limited announced an eligible cash dividend of 9 cents per common share to be paid on September 15, 2025 to shareholders of record as at August 29, 2025.

New Director

The Board of Directors of TWC Enterprises Limited announced that Gagan Navani has been appointed as a director of the Company effective August 1, 2025.

Corporate Profile

TWC is engaged in golf club operations under the trademark, “ClubLink One Membership More Golf.” TWC is Canada’s largest owner, operator and manager of golf clubs with 47 18-hole equivalent championship and 2.5 18-hole equivalent academy courses (including three managed properties) at 35 locations in Ontario, Quebec and Florida.

For further information please contact:

Andrew Tamlin

Chief Financial Officer

15675 Dufferin Street

King City, Ontario L7B 1K5

Tel: 905-841-5372 Fax: 905-841-8488

Management’s discussion and analysis, financial statements and other disclosure information relating to the Company is available through SEDAR and at and on the Company website at         



EN
01/08/2025

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