TWC Enterprises Limited Announces Second Quarter 2026 Results and Eligible Dividend

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Postmedia has not reviewed the content. by GlobeNewswire TWC Enterprises Limited Announces Second Quarter 2026 Results and Eligible DividendAuthor of the article: You can save this article by registering for free here. Or sign-in if you have an account.KING CITY, Ontario, July 31, 2026 (GLOBE NEWSWIRE) —THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountConsolidated Financial Highlights (unaudited)(in thousands of dollars except per share amounts)Three months endedSix months endedJune 30,2026June 30,2025June 30,2026June 30,2025Net earnings19,44821,47925,60222,563Basic and diluted earnings per share0.810.881.060.93 Three months endedSix months ended June 30,2026June 30,2025June 30,2026June 30,2025Canadian Full Privilege Golf Members 14,68714,999Championship rounds – Canada369,000405,000369,000405,00018-hole equivalent championship golf courses – Canada 36.037.018-hole equivalent managed championship golf courses – Canada 3.53.5Championship rounds – U.S.49,00046,000128,000130,00018-hole equivalent championship golf courses – U.S. 6.56.5The following is an analysis of net earnings:Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. 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Please try again For the three months ended(thousands of Canadian dollars)June 30, 2026June 30, 2025 Operating revenue$57,134 $61,560 Direct operating expenses(1) 44,144 47,326 Net operating income(1) 12,990 14,234 Amortization of membership fees 1,140 1,200 Depreciation and amortization (3,617) (3,559) Interest, net and investment income 2,773 2,321 Other items 11,139 12,605 Income taxes (4,977) (5,322) Net earnings$19,448 $21,479 For the six months ended(thousands of Canadian dollars)June 30, 2026June 30, 2025 Operating revenue$93,112 $102,324 Direct operating expenses(1) 74,298 79,957 Net operating income(1) 18,814 22,367 Amortization of membership fees 2,156 2,263 Depreciation and amortization (7,149) (6,944) Interest, net and investment income 5,378 4,989 Other items 13,309 6,611 Income taxes (6,906) (6,723) Net earnings$25,602 $22,563 The following is a breakdown of net operating income (loss) by segment: For the three months ended(thousands of Canadian dollars)June 30, 2026June 30, 2025 Net operating income (loss) by segment Canadian golf club operations$12,722 $13,581 US golf club operations (2026 – US $636,000; 2025 – US $699,000) 879 967 Corporate and other (611) (314) Net operating income (1)$12,990 $14,234 For the six months ended(thousands of Canadian dollars)June 30, 2026June 30, 2025 Net operating income (loss) by segment Canadian golf club operations$16,035 $16,913US golf club operations (2026 – US $2,822,000; 2025 – US $3,157,000) 3,878 4,494Corporate and other (1,099) 960 Net operating income(1)$18,814 $22,367Operating revenue is calculated as follows: For the three months ended(thousands of Canadian dollars)June 30, 2026June 30, 2025 Annual dues$ 19,352$18,953Golf 15,202 15,455Corporate events 3,820 3,387Food and beverage 12,714 12,261Merchandise 4,587 4,736Real estate 333 5,736Rooms and other 1,126 1,032 Operating revenue$ 57,134$61,560 For the six months ended(thousands of Canadian dollars)June 30, 2026June 30, 2025 Annual dues$37,178$36,643Golf 21,267 21,752Corporate events 3,867 3,424Food and beverage 15,063 14,088Merchandise 6,141 6,290Real estate 8,153 18,721Rooms and other 1,443 1,406 Operating revenue$93,112$102,324Direct operating expenses are calculated as follows: For the three months ended(thousands of Canadian dollars)June 30, 2026June 30, 2025 Operating cost of sales$6,949$6,878 Real estate cost of sales – 5,375 Labour and employee benefits 22,693 22,518 Utilities 1,783 1,685 Selling, general and administrative expenses 1,661 1,238 Property taxes 802 773 Repairs and maintenance 938 961 Insurance 2,292 1,686 Turf operating expenses 2,747 2,328 Fuel and oil 537 431 Other operating expenses 3,742 3,453 Direct Operating Expenses(1)$44,144$47,326This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below. For the six months ended(thousands of Canadian dollars)June 30, 2026June 30, 2025 Operating cost of sales$8,871$8,708 Real estate cost of sales 7,242 16,328 Labour and employee benefits 33,912 33,059 Utilities 3,668 3,639 Selling, general and administrative expenses 3,624 2,742 Property taxes 2,434 2,372 Repairs and maintenance 1,829 1,888 Insurance 3,246 2,620 Turf operating expenses 2,977 2,565 Fuel and oil 636 536 Other operating expenses 5,859 5,500 Direct Operating Expenses(1)$74,298$79,957(1) Please see Non-IFRS MeasuresSecond Quarter 2026 Consolidated Operating HighlightsOperating revenue decreased 7.2% to $57,134,000 for the three month period ended June 30, 2026 from $61,560,000 in 2025 due to no Highland Gate home sales in 2026 as compared to two in 2025.Direct operating expenses decreased 6.7% to $44,144,000 for the three month period ended June 30, 2026 from $47,326,000 in 2025 due to the decline in Highland Gate home sales as described above.Net operating income for the Canadian golf club operations segment decreased to $12,722,000 for the three month period ended June 30, 2026 from $13,581,000 in 2025 due to the 9% decline in golf rounds resulting in less discretionary revenue. The weather in the second quarter of 2026 has been unusually wet and cold.Interest, net and investment income increased 19.5% to income of $2,773,000 for the three month period ended June 30, 2026 from $2,321,000 in 2025.Other items consist of the following income (loss) items: For the three months ended June 30, 2026June 30, 2025 Foreign exchange gain (loss)$(16)$541 Unrealized loss on investment in marketable securities 11,283 12,325 Gain on sale of property, plant and equipment 150 103 Equity income (loss) from investments in joint ventures (1) 1 Business combination transaction costs – (94)Other (277) (271) Other items$11,139 $12,605 At June 30, 2026, the Company recorded unrealized gains of $11,283,000 on its investment in marketable securities (June 30, 2025 – gains of $12,325,000). 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 $19,448,000 for the three month period ended June 30, 2026 decreased from $21,479,000 in 2025 due to the change in fair market value adjustments of the Company’s investment in Automotive Properties REIT. Basic and diluted earnings per share decreased to $0.81 per share for the three month period ended June 30, 2026, compared to basic and diluted earnings per share of $0.88 cents in 2025.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:Directoperatingexpenses = 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 expensesNet 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.Today, TWC Enterprises Limited announced an eligible cash dividend of 10 cents per common share to be paid on September 15, 2026 to shareholders of record as at August 31, 2026.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 46 18-hole equivalent championship and 2.5 18-hole equivalent academy courses (including three managed properties) at 34 locations in Ontario, Quebec and Florida.For further information please contact:Andrew TamlinChief Financial Officer15675 Dufferin StreetKing City, Ontario L7B 1K5Tel: 905-841-5372 Fax: 905-841-8488atamlin@clublink.caManagement’s discussion and analysis, financial statements and other disclosure information relating to the Company is available through SEDAR and at www.sedar.com and on the Company website at www.twcenterprises.ca.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. 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