Core Insights - The company reported a significant increase in net earnings, reaching $55,629,000 in 2025 compared to $40,597,000 in 2024, attributed to the acquisition of Deer Creek [10] - Basic and diluted earnings per share rose to $2.29 in 2025 from $1.66 in 2024, reflecting improved profitability [10] Financial Performance - Operating revenue decreased by 5.8% to $227,525,000 in 2025 from $241,560,000 in 2024, primarily due to reduced real estate revenue from home sales [5] - Direct operating expenses decreased by 13.1% to $171,677,000 in 2025 from $197,504,000 in 2024, influenced by lower real estate costs [6] - Net operating income for Canadian golf club operations increased to $53,479,000 in 2025 from $44,305,000 in 2024, driven by the Deer Creek acquisition and increased golf revenue [6] Segment Analysis - The net operating income for Canadian golf club operations was $53,479,000 in 2025, up from $44,305,000 in 2024 [3] - The US golf club operations segment reported net operating income of $4,840,000 in 2025, compared to $4,198,000 in 2024 [3] Acquisition Impact - The acquisition of Deer Creek on February 3, 2025, contributed to revenue and operating expenses increases, particularly in golf, corporate events, and food and beverage [4] - The acquisition is expected to enhance the company's market position and revenue streams [4] Dividend Announcement - The company announced an eligible cash dividend of 10 cents per common share, an 11% increase from the previous dividend of 9 cents [13]