ClubLink Corporation Announces Second Quarter 2001 EPS Improve 64% Successful Launch of Caledon Woods Golf Club.Business Editors KING CITY, Ontario--(BUSINESS WIRE)--Aug. 13, 2001 ClubLink Corporation (ClubLink) announced today its results for its second quarter ended July 1, 2001. Revenue of $36,464,000 increased 13% from $32,332,000 in the second quarter ended July 2, 2000. Earnings before interest, income taxes, amortization and other of $12,015,000 increased 38% from $8,715,000 in 2000. Net income of $4,499,000 or 18 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , increased 47% and 64% respectively from $3,062,000 or 11 cents per in 2000. 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 of $6,793,000 or 34 cents per share, increased 31% and 42% respectively from $5,187,000 or 24 cents per share in 2000. During the 3 months ended July 1, 2001, on a same club basis, ClubLink realized a 6% increase in operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. and a 12% increase in club contribution from its Member Clubs. On its Daily Fee clubs, ClubLink realized a 14% increase in operating revenue and a 25% increase in club contribution. Both Member and Daily Fee clubs benefited from a reduction in same club labour of 1.2% and 1.1% respectively, offset by significant property tax increases of 182.0% and 87.3% respectively. Committed Membership sales increased 20% and through July 29, 2001 are up 29% year to date. Bruce S Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. . Simmonds, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. said, "The results for the second quarter reflect ClubLink's first comparable quarter over quarter results in over 2 years. ClubLink's second quarter results show the effort that all levels of management have taken to monitor labour and other controllable expenses while maintaining service levels and achieving increased revenue."
For the 3 months ended For the 6 months ended
(000's except per
share amounts and July 1, July 2, July 1, July 2,
weighted average 2001 2000 2001 2000
shares)
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Revenue $ 36,464 $ 32,332 $ 44,873 $ 40,623
EBITDA 12,015 8,715 11,093 7,958
Net Income 4,499 3,062 1,675 1,952
Cash flow from
operations 6,793 5,187 5,204 5,020
Earnings per share 0.18 0.11 0.00 0.02
Cash flow per share 0.34 0.24 0.26 0.23
Weighted average
common shares
outstanding 20,148,791 21,552,842
Common shares
outstanding 19,961,128 21,000,188
Net book value per share
(at end of period) 10.40 10.00
ClubLink finished the quarter in a strong financial position, with working capital of $12,646,000, excluding prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. annual dues and
deposits, plus unutilized lines of credit exceeding $20 million.Corporate Initiatives Commencing July 2, 2001, 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. will include results from The Mark O'Meara Mark Francis O'Meara (born January 13, 1957) is a professional golfer who was a prolific tournament winner on the PGA Tour and around the world from the mid 1980s to the late 1990s. In 2007 he entered his first season on the Champions Tour. Course at Grandview in Muskoka, Ontario, Le Maitre at Mont Tremblant, Quebec, and a second 18-hole golf course at Les Quatres Domaines in Montreal, Quebec, which opened for play during June 2001. The existing ClubLink Membership structure was designed eight years ago to accommodate only four Golf Clubs in Southern Ontario. Due to the greatly expanded range, variety and geographic locations of the Golf Clubs, ClubLink has redesigned the structure to accommodate the existing portfolio of Member Clubs as well as planned future growth. The new structure has four categories consisting of Prestige, Platinum, Gold and Silver. Member Clubs have been grouped into each category as of July 9, 2001 as follows: Prestige: King Valley and Greystone Platinum: Emerald Hills Emerald Hill may refer to:
Lake Joseph Club, Le Maitre, Rocky Crest and Rattlesnake Point Rattlesnake Point may refer to:
Gold: Blue Springs, Cherry Downs, DiamondBack and Heron Point Silver: Caledon Woods, Greenhills, Predator at GreyHawk and Cedarbrook ClubLink's 27-hole Daily Fee Bolton Golf Club will close at the end of the 2001 golf season and is being redesigned by golf course architect Paul Takahashi into an 18-hole Member Club. This new course will be named Caledon Woods Golf Club. Caledon Woods will be a championship layout with bent grass tees, greens and fairways. The course routing takes full advantage of the natural features of the site including the picturesque valley holes, which traverse the Humber River There are several rivers in the world called the Humber River:
On August 3, 2000, ClubLink announced a normal course issuer bid to purchase up to $8,445,000 principal amount of its outstanding 6% convertible unsecured subordinated debentures subordinated debenture An unsecured bond with a claim to assets that is subordinate to all existing and future debt. Thus, in the event that the issuer encounters financial difficulties and must be liquidated, all other claims must be satisfied before commencing August 8, 2000. As of August 7, 2001 the expiration of the normal course issuer bid, ClubLink has repurchased for cancellation $2,743,000 principal amount for an aggregate purchase price of $1,787,000 or $65.16 per $100 principal amount of debenture excluding commissions. As of August 7, 2001, the outstanding balance of 6% debentures is $83,318,000. ClubLink has submitted an application for a new normal course issuer bid to the TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). with approval expected shortly. On September 29, 2000, ClubLink announced a normal course issuer bid to purchase up to 1,040,541 common shares of ClubLink, commencing October 5, 2000. As of August 7, 2001, ClubLink has repurchased for cancellation 965,680 shares for an aggregate purchase price of $5,907,000 or $6.12 per share, excluding commissions. As of August 7, 2001, ClubLink has 19,845,158 common shares outstanding. Attached to this press release is ClubLink s second quarter 2001 Report to Shareholders which includes Financial Highlights, Operational Highlights for the 3 months ended July 1, 2001, Management Discussion and Analysis for the 6 months ended July 1, 2001, Consolidated Balance Sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. , Consolidated Statements of Income, Consolidated Statements of Cash Flows and Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Footnotes. ClubLink is Canada's largest owner, operator and developer of high-quality Member Golf Clubs, Daily Fee Golf Clubs and Resorts that feature golf as their key amenity a·men·i·ty n. pl. a·men·i·ties 1. The quality of being pleasant or attractive; agreeableness. 2. Something that contributes to physical or material comfort. 3. . |
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