ClubLink Corporation Announces Higher Revenues and Profits for 1996.KING CITY, Ontario--(BUSINESS WIRE)--Feb. 18, 1997--(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : LNK LNK Love and Kisses LNK Lincoln, NE, USA - Municipal Airport (Airport Code) LNK Laisvas Nepriklausomas Kanalas (Lithuanian TV) LNK Linkcentre (website) .) ClubLink Corporation announced today results for the year ending December 31, 1996. Revenue increased 28 percent to $22.5 million from ;$17.6 million for 1995. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. before depreciation, amortization and interest was $6.7 million for 1996 compared to $2.8 million for 1995, ahead 137 percent. Net income was $1.9 million, with basic earnings of $0.20 per share for 1996, compared to a loss of $2.5 million or $0.41 per share for 1995. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses for 1996 was $4.8 million or $0.57 per share versus $0.5 million or $0.07 per share for 1995. Mr. Bruce Simmonds, President and Chief Executive Officer, said: "1996 was a pivotal year for ClubLink. The improved financial performance year-over-year is a function of the critical mass ClubLink has attained, the ability to leverage growth off of an essentially fixed operating cost structure and the commitment made by all ClubLink staff to focus on revenue enhancement revenue enhancement An increase in revenues, especially by way of increased taxes. Revenue enhancement includes reducing taxpayer deductions and eliminating tax credits. and the control of costs. We have built a strong base for aggressive yet controlled growth." Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. increased only 7 percent, notwithstanding the addition of The Lake Joseph Club's 18-hole course in 1996. Facilities and golf course maintenance expenses decreased 8 percent due to a focus on cost controls and the increasing advantage of ClubLink's growing purchasing economies. Operating expenses as a percentage of operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. decreased from 104 percent to 87 percent reflecting ClubLink's ability to grow the business while keeping costs stable. Mr. Simmonds stated: "The strength of ClubLink's Balance Sheet, supplemented by the recent equity offering of $13 million, creates a strong financial base for ClubLink. This, combined with ClubLink's growing membership base, recent acquisition of two new golf properties (Chestnut Hill Chestnut Hill may refer to: In geography:
CLUBLINK CORPORATION
CONSOLIDATED REVENUE, NET INCOME AND CASH FROM OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1996
(UNAUDITED)
1996
Increase over
1996 1995 1995 (percent)
--------- ---------- -------------
$ $ per share $ $ per share
Revenue $22,459,366 $17,579,064 28
Operating
Income $6,657,731 $2,809,529 137
Net Income $1,900,465 $0.20 ($2,541,204) (0.41) N/M
Cash From
Operations $4,773,889 $0.57 $451,039 $0.07 958
CONTACT: ClubLink Corporation Mr. Bruce S. Simmonds, 905/841-3730 905/841-7033 (FAX) or ClubLink Corporation Mr. Kim S. Robinson, 905/841-3730 905/841-7033 (FAX) |
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