TWC Enterprises Limited Announces First Quarter 2026 Results and Eligible Dividend

KING CITY, Ontario, April 30, 2026 (GLOBE NEWSWIRE) -- Consolidated Financial Highlights (unaudited) (in thousands of dollars except per share amounts) Three months ended March 31, 2026 March 31, 2025 Net earnings 6,154 1,084 Basic and diluted earnings per share 0.25 0.04       Operating Data   Three months ended   March 31, 2026 March 31, 2025 Canadian Full Privilege Golf Members 14,523 14,654 Championship rounds – Canada - - 18-hole equivalent championship golf courses – Canada 36.0 37.0 18-hole equivalent managed championship golf courses – Canada 3.5 3.5 Championship rounds – U.S. 79,000 84,000 18-hole equivalent championship golf courses – U.S. 6.5 6.5       The following is an analysis of net earnings:   For the three months ended (thousands of Canadian dollars) March 31, 2026   March 31, 2025                 Operating revenue $ 35,978     $ 40,764   Direct operating expenses (1)   30,154       32,631                   Net operating income (1)   5,824       8,133                   Amortization of membership fees   1,016       1,063   Depreciation and amortization   (3,532 )     (3,385 ) Interest, net and investment income   2,605       2,668   Other items   2,170       (5,994 ) Income taxes   (1,929 )     (1,401 ) Net earnings $ 6,154     $ 1,084                   The following is a breakdown of net operating income (loss) by segment:     For the three months ended (thousands of Canadian dollars) March 31, 2026   March 31, 2025               Net operating income (loss) by segment Canadian golf club operations $ 3,313     $ 3,332 US golf club operations (2026 - US $2,187,000; 2025 - US $2,458,000) 2,999       3,527 Corporate operations and other (488 )     1,274               Net operating income (1) $ 5,824     $ 8,133               Operating revenue is calculated as follows:     For the three months ended (thousands of Canadian dollars) March 31, 2026   March 31, 2025             Annual dues $ 17,826   $ 17,690 Golf   6,065     6,297 Corporate events   47     37 Food and beverage   2,349     1,827 Merchandise   1,554     1,554 Real estate sales   7,820     12,985 Rooms and other   317     374               $ 35,978   $ 40,764             Direct operating expenses are calculated as follows:     For the three months ended (thousands of Canadian dollars) March 31, 2026   March 31, 2025             Operating cost of sales $ 1,922   $ 1,830 Real estate cost of sales   7,242     10,953 Labour and employee benefits   11,219     10,541 Utilities   1,885     1,954 Selling, general and administrative expenses   1,963     1,504 Property taxes   1,632     1,599 Repairs and maintenance   891     927 Insurance   954     934 Turf operating expenses   230     237 Fuel and oil   99     105 Other operating expenses   2,117     2,047             Direct Operating Expenses (1) $ 30,154   $ 32,631              (1) Please see Non-IFRS Measures on following page First Quarter 2026 Consolidated Operating Highlights Operating revenue decreased 11.7% to $35,978,000 for the three month period ended March 31, 2026 from $40,764,000 in 2025 due to the decline in revenue from three Highland Gate home sales as compared to five in 2025. Direct operating expenses decreased 7.6% to $30,154,000 for the three month period ended March 31, 2026 from $32,631,000 in 2025 due to the decline in Highland Gate home sales as described above. Net operating income for the Canadian golf club operations segment decreased slightly to $3,313,000 for the three month period ended March 31, 2026 from $3,332,000 in 2025. Interest, net and investment income decreased 2.4% to income of $2,605,000 for the three month period ended March 31, 2026 from $2,668,000 in 2025. Other items consist of the following income (loss) items:   For the three months ended (thousands of Canadian dollars) March 31, 2026   March 31, 2025                 Foreign exchange gain (loss) $ (32 )   $ 108   Unrealized gain (loss) on investment in marketable securities   2,071       (6,352 ) Gain (loss) on sale of property, plant and equipment   203       (79 ) Equity income (loss) from investments in joint ventures   (3 )     7   Business combination transaction costs   -       (521 ) Other   (69 )     843                   Other items $ 2,170     $ (5,994 )                 At March 31, 2026, the Company recorded unrealized gains of $2,071,000 on its investment in marketable securities (March 31, 2025 - losses of $6,352,000). This gain is attributable to the fair market value adjustments of the Company's investment in Automotive Properties REIT. Net earnings in the amount of $6,154,000 for the three month period ended March 31, 2026 increased from $1,084,000 in 2025 due to the change in fair market value adjustments of the Company's investment in Automotive Properties REIT. Basic and diluted earnings per share increased to $0.25 per share in 2026, compared to basic and diluted earnings per share of $0.04 cents in 2025. Non-IFRS Measures 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. The glossary of financial terms is as follows: Direct operating expenses = 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 expenses Net 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. Eligible Dividend Today, TWC Enterprises Limited announced an eligible cash dividend of 10 cents per common share to be paid on June 15, 2026 to shareholders of record as at May 29, 2026. Corporate Profile 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 Tamlin Chief Financial Officer 15675 Dufferin Street King City, Ontario L7B 1K5 Tel: 905-841-5372 Fax: 905-841-8488 [email protected] Management’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