TWC Enterprises Limited Announces Third Quarter 2026 Results and Eligible Dividend

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Postmedia has not reviewed the content. by GlobeNewswire TWC Enterprises Limited Announces Third Quarter 2026 Results and Eligible DividendAuthor of the article:KING CITY, Ontario, Oct. 30, 2026 (GLOBE NEWSWIRE) —THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountConsolidated Financial Highlights (unaudited)(in thousands of dollars except per share amounts)Three months endedNine months endedSeptember 30,2026September 30,2025September 30,2026September 30,2025Net earnings27,71016,92953,31239,492Basic and diluted earnings per share1.150.702.211.62 Three months endedNine months ended September 30,2026September 30,2025September 30,2026September 30,2025Canadian Full Privilege Golf Members 15,15815,397Championship rounds – Canada604,000626,000973,0001,031,00018-hole equivalent championship golf courses – Canada 36.037.018-hole equivalent managed championship golf courses – Canada 3.53.5Championship rounds – U.S.32,00034,000160,000164,00018-hole equivalent championship golf courses – U.S. 6.56.5This advertisement has not loaded yet, but your article continues below.The following is an analysis of net earnings:Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try again For the three months ended(thousands of Canadian dollars) September 30, 2026September 30, 2025Operating revenue $77,910 $76,699 Direct operating expenses(1) 51,069 51,980 Net operating income(1) 26,841 24,719 Amortization of membership fees 1,586 1,516 Depreciation and amortization (3,721) (3,563) Interest, net and investment income 2,694 2,371 Other items 7,875 (1,816) Income taxes (7,565) (6,298) Net earnings $27,710 $16,929 For the nine months ended(thousands of Canadian dollars) September 30, 2026September 30, 2025Operating revenue $171,022 $179,023 Direct operating expenses(1) 125,367 131,937 Net operating income(1) 45,655 47,086 Amortization of membership fees 3,742 3,779 Depreciation and amortization (10,870) (10,507) Interest, net and investment income 8,072 7,360 Other items 21,184 4,795 Income taxes (14,471) (13,021) Net earnings $53,312 $39,492 The following is a breakdown of net operating income (loss) by segment: For the three months ended(thousands of Canadian dollars) September 30, 2026September 30, 2025 Net operating income (loss) by segment Canadian golf club operations $28,098 $26,031 US golf club operations (2026 – loss US $261,000; 2025 – loss US $142,000) (365) (199)Corporate and other (892) (1,113) Net operating income(1) $26,841 $24,719 This advertisement has not loaded yet, but your article continues below. For the nine months ended(thousands of Canadian dollars) September 30, 2026September 30, 2025 Net operating income (loss) by segment Canadian golf club operations $ 44,133 $42,944 US golf club operations (2026 – US $2,560,000; 2025 – US $3,015,000) 3,513 4,295 Corporate and other (1,991) (153) Net operating income (1) $ 45,655 $47,086 Operating revenue is calculated as follows: For the three months ended(thousands of Canadian dollars) September 30, 2026September 30, 2025Annual dues $19,117$18,666Golf 23,671 23,537Corporate events 5,962 5,714Food and beverage 19,932 19,831Merchandise 6,006 6,011Rooms and other 3,222 2,940 Operating revenue $77,910$76,699 For the nine months ended(thousands of Canadian dollars) September 30, 2026September 30, 2025Annual dues $ 56,295$55,309Golf 44,938 45,289Corporate events 9,829 9,138Food and beverage 34,995 33,919Merchandise 12,147 12,301Real estate 8,153 18,721Rooms and other 4,665 4,346 Operating revenue $ 171,022$179,023 Direct operating expenses are calculated as follows: For the three months ended(thousands of Canadian dollars) September 30, 2026September 30, 2025 Operating cost of sales $10,240$10,314 Real estate cost of sales – 280 Labour and employee benefits 27,815 27,580 Utilities 2,489 2,809 Selling, general and administrative expenses 1,424 1,568 Property taxes 611 590 Repairs and maintenance 1,494 1,013 Insurance 1,108 1,528 Turf operating expenses 1,399 1,886 Fuel and oil 763 501 Other operating expenses 3,726 3,911 Direct Operating Expenses(1) $51,069$51,980 This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below. For the nine months ended(thousands of Canadian dollars) September 30, 2026September 30, 2025 Operating cost of sales $ 19,111$19,022 Real estate cost of sales 7,242 16,608 Labour and employee benefits 61,727 60,639 Utilities 6,157 6,448 Selling, general and administrative expenses 5,048 4,310 Property taxes 3,045 2,962 Repairs and maintenance 2,937 2,901 Insurance 4,740 4,148 Turf operating expenses 4,376 4,451 Fuel and oil 1,399 1,037 Other operating expenses 9,585 9,411 Direct Operating Expenses (1) $ 125,367$131,937 (1) Please see Non-IFRS MeasuresThird Quarter 2026 Consolidated Operating HighlightsThe sale of Kanata Golf Club for the 2026 operating season impacted both operating revenue and expenses for the Canadian golf club operations. A wet summer also contributed to a decline in golf rounds. The demand for golf remains robust and as a result, ClubLink was able to pass through inflationary revenue increases.Net operating income for the Canadian golf club operations segment increased to $28,098,000 for the three month period ended September 30, 2026 from $26,031,000 in 2025 due to the robust demand for golf allowing for inflationary increases in revenue.This advertisement has not loaded yet, but your article continues below.Interest, net and investment income increased 13.6% to income of $2,694,000 for the three month period ended September 30, 2026 from $2,371,000 in 2025.Other items consist of the following income (loss) items: For the three months ended September 30, 2026September 30, 2025 Foreign exchange gain (loss)$113 $(75)Unrealized loss on investment in marketable securities (7,453) (1,707)Gain on sale of property, plant and equipment 15,271 190 Equity income (loss) from investments in joint ventures (6) (7)Business combination transaction costs – (12)Other (50) (205) Other items$7,875 $(1,816) At September 30, 2026, the Company recorded an unrealized loss of $7,453,000 on its investment in marketable securities (September 30, 2025 – loss of $1,707,000). This loss is attributable to the fair market value adjustments of the Company’s investment in Automotive Properties REIT.On July 16, 2026, ClubLink sold Kanata Golf Club to separate joint ventures and retained a 44.5% ownership in each. A $15,179,000 gain was recognized on this transaction and is included in the above amount.This advertisement has not loaded yet, but your article continues below.Net earnings in the amount of $27,710,000 for the three month period ended September 30, 2026 increased from $16,929,000 in 2025 due to the $15,179,000 gain on the sale of Kanata Golf Club. Basic and diluted earnings per share increased to $1.15 per share for the three month period ended September 30, 2026, compared to basic and diluted earnings per share of $0.70 cents in 2025.TWC uses non-IFRS measures as a benchmark measurement of our own operating results and as a benchmark relative to our competitors. We consider these non-IFRS measures to be a meaningful supplement to net earnings. We also believe these non-IFRS measures are commonly used by securities analysts, investors and other interested parties to evaluate our financial performance. These measures, which included direct operating expenses and net operating income do not have standardized meaning under IFRS. While these non-IFRS measures have been disclosed herein to permit a more complete comparative analysis of the Company’s operating performance and debt servicing ability relative to other companies, readers are cautioned that these non-IFRS measures as reported by TWC may not be comparable in all instances to non-IFRS measures as reported by other companies.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.The glossary of financial terms is as follows:Directoperatingexpenses = expenses that are directly attributable to company’s business units and are used by management in the assessment of their performance. These exclude expenses which are attributable to major corporate decisions such as impairment.Net operating income = operating revenue – direct operating expensesNet operating income is an important metric used by management in evaluating the Company’s operating performance as it represents the revenue and expense items that can be directly attributable to the specific business unit’s ongoing operations. It is not a measure of financial performance under IFRS and should not be considered as an alternative to measures of performance under IFRS. The most directly comparable measure specified under IFRS is net earnings.Today, TWC Enterprises Limited announced an eligible cash dividend of 10 cents per common share to be paid on December 15, 2026 to shareholders of record as at December 1, 2026.TWC is engaged in golf club operations under the trademark, “ClubLink One Membership More Golf.” TWC is Canada’s largest owner, operator and manager of golf clubs with 46 18-hole equivalent championship and 2.5 18-hole equivalent academy courses (including three managed properties) at 34 locations in Ontario, Quebec and Florida.For further information please contact:Andrew TamlinChief Financial Officer15675 Dufferin StreetKing City, Ontario L7B 1K5Tel: 905-841-5372 Fax: 905-841-8488atamlin@clublink.caManagement’s discussion and analysis, financial statements and other disclosure information relating to the Company is available through SEDAR and at www.sedar.com and on the Company website at www.twcenterprises.ca This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. 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