TWC Enterprises Limited Announces Third Quarter 2025 Results and Eligible Dividend

Core Insights - The company reported a significant decrease in net earnings for the third quarter of 2025, with net earnings of $16,929,000 compared to $42,719,000 in the same period of 2024, primarily due to unrealized losses on investments [10] - Operating revenue increased by 15.5% to $76,699,000 for the three months ended September 30, 2025, driven by the acquisition of Deer Creek, which contributed to higher revenue streams [7][6] - Direct operating expenses rose by 12.8% to $51,980,000 for the same period, also influenced by the Deer Creek acquisition [7] Financial Performance - For the three months ended September 30, 2025, basic and diluted earnings per share decreased to $0.70 from $1.75 in 2024 [10] - Net operating income for Canadian golf club operations increased to $26,031,000 for the three months ended September 30, 2025, up from $21,304,000 in 2024, attributed to the Deer Creek acquisition and increased golf revenue [8] - The company recorded an unrealized loss of $1,707,000 on its investment in marketable securities for the three months ended September 30, 2025, compared to a gain of $24,839,000 in 2024 [9] Operational Highlights - The company acquired Deer Creek, one of Canada's largest golf and event complexes, on February 3, 2025, which includes 45 holes of championship golf and has positively impacted revenue and operating expenses [6] - Championship rounds in Canada increased to 626,000 in Q3 2025 from 567,000 in Q3 2024, while U.S. championship rounds rose to 34,000 from 30,000 in the same period [2] - The number of Canadian full privilege golf members remained stable at 15,397 compared to 15,414 in the previous year [2] Revenue Breakdown - For the three months ended September 30, 2025, operating revenue components included annual dues of $18,666,000, golf revenue of $23,537,000, and food and beverage revenue of $19,831,000 [4] - For the nine months ended September 30, 2025, total operating revenue was $179,023,000, down from $193,912,000 in 2024, with notable declines in real estate revenue [4] Dividend Announcement - The company announced an eligible cash dividend of 9 cents per common share, to be paid on December 15, 2025, to shareholders of record as of December 1, 2025 [14]