KING CITY, Ontario, Sept. 17, 2025 (GLOBE NEWSWIRE) -- TWC Enterprises Limited (“TWC”) today announced that the Toronto Stock Exchange (the “TSX”) has accepted a notice filed by TWC of its intention to make a normal course issuer bid through the facilities of the TSX or alternative Canadian trading systems. The notice provides that TWC may, during the twelve-month period commencing September 20, 2025 and ending September 19, 2026 purchase up to 1,208,438 common shares (“Common Shares”) in total, being appro ...

Core Insights - The company reported significant increases in net earnings for the second quarter of 2025, with net earnings reaching $21,479,000 compared to $3,159,000 in the same period of 2024, driven by unrealized gains on investments [11] - Basic and diluted earnings per share also saw a substantial rise to $0.88 in 2025 from $0.13 in 2024 [11] Financial Performance - For the three months ended June 30, 2025, operating revenue decreased by 1.0% to $61,560,000 from $62,183,000 in 2024, primarily due to a decline in revenue from Highland Gate home sales [7] - Direct operating expenses decreased by 10.8% to $47,326,000 for the same period, down from $53,049,000 in 2024, attributed to lower costs associated with Highland Gate home sales [7] - Net operating income for the Canadian golf club operations segment increased to $13,581,000 for the three months ended June 30, 2025, up from $10,361,000 in 2024, benefiting from the acquisition of Deer Creek and increased golf revenue [8] Segment Analysis - The company operates 47 18-hole equivalent championship golf courses and 2.5 academy courses across 35 locations in Canada and Florida [16] - The acquisition of Deer Creek, a significant golf and event complex, contributed to increased revenues in golf, corporate events, and food and beverage operations [6] Other Financial Metrics - Interest, net and investment income decreased by 17.5% to $2,321,000 for the three months ended June 30, 2025, down from $2,813,000 in 2024, due to reduced cash and interest income following the Deer Creek acquisition [9] - The company recorded an unrealized gain of $12,325,000 on its investment in marketable securities as of June 30, 2025, compared to a loss of $5,119,000 in 2024 [10] Dividend Announcement - The company announced an eligible cash dividend of 9 cents per common share, to be paid on September 15, 2025, to shareholders of record as of August 29, 2025 [14]

Group 1: Shareholder Meeting Results - TWC Enterprises Limited held its Annual Shareholders Meeting on May 7, 2025, with 37 shareholders representing 21,047,881 Common Shares, which is 86.36% of the total 24,371,549 issued and outstanding Common Shares [2][3] - All eight nominees proposed by management were elected as Directors of the Corporation, with voting results showing unanimous support for most nominees, except for Samuel J. B. Pollock, who received 98.55% votes in favor [3] - Deloitte LLP was appointed as the auditor of the Corporation, receiving 100% votes in favor, with 21,047,843 votes for and only 38 votes withheld [4] Group 2: Corporate Profile - TWC is the largest owner, operator, and manager of golf clubs in Canada, operating under the trademark "ClubLink One Membership More Golf," with 47 championship golf courses and 2.5 academy courses across 35 locations in Ontario, Quebec, and Florida [5]

Core Insights - TWC Enterprises Limited reported a net earnings of $1,084,000 for the three months ended March 31, 2025, a significant improvement from a loss of $701,000 in the same period of 2024, driven by better performance in Highland Gate operations [8] - The company experienced a 37.6% decrease in operating revenue, totaling $40,764,000 in Q1 2025 compared to $65,346,000 in Q1 2024, primarily due to a decline in real estate sales [5][6] - Direct operating expenses also decreased by 46.4% to $32,631,000 in Q1 2025 from $60,889,000 in Q1 2024, reflecting the reduced costs associated with lower home sales [5] Financial Performance - Basic and diluted earnings per share increased to $0.04 in Q1 2025 from a loss of $0.03 per share in Q1 2024 [8] - Net operating income rose to $8,133,000 in Q1 2025, up from $4,457,000 in Q1 2024, with contributions from Canadian and U.S. golf club operations [6][8] - The Canadian golf club operations segment reported a net operating income of $3,332,000, slightly down from $3,554,000 in the previous year [6] Revenue Breakdown - Annual dues contributed $17,690,000 in Q1 2025, up from $17,507,000 in Q1 2024, while golf-related revenue remained stable [3] - Real estate sales saw a significant drop to $12,985,000 in Q1 2025 from $38,509,000 in Q1 2024, impacting overall revenue [3][5] - Other revenue streams, including food and beverage and corporate events, showed modest increases compared to the previous year [3] Operational Highlights - The company acquired Deer Creek, a major golf and event complex in Ontario, on February 3, 2025, which includes 45 holes of championship golf [4] - The lease of the National Pines Golf Club concluded on November 15, 2024, impacting the operational footprint [4] - The company operates 47 18-hole equivalent championship golf courses across Canada and Florida, maintaining its position as the largest golf club operator in Canada [13] Investment and Other Income - Interest, net and investment income decreased by 4.2% to $2,668,000 in Q1 2025 from $2,785,000 in Q1 2024, attributed to lower interest rates [7] - The company recorded unrealized losses of $6,352,000 on marketable securities as of March 31, 2025, compared to losses of $4,551,000 in the previous year [7] Dividend Announcement - TWC Enterprises Limited announced an eligible cash dividend of 9 cents per common share, scheduled for payment on June 16, 2025, to shareholders of record as of May 30, 2025 [12]