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]