TWC Enterprises Limited Announces Third Quarter 2025 Results and Eligible Dividend

Executive Summary

• TWC Enterprises reported Q3 2025 net earnings of C$16.9 M (EPS C$0.70), down from C$42.7 M (EPS C$1.75) a year earlier, primarily due to an unrealized loss on marketable securities.
• Operating revenue rose 15.5% YoY to C$76.7 M, driven by the February 2025 acquisition of Deer Creek golf and event complex.
• Direct operating expenses increased 12.8% YoY to C$52.0 M, reflecting higher cost structure from the Deer Creek integration.

Key Details

• Financial Highlights (Three months ended Sep 30, 2025 vs 2024)
• Net earnings: C$16,929 K vs. C$42,719 K.
• Basic & diluted EPS: $0.70 vs. $1.75.
• Operating revenue: C$76,699 K vs. C$66,383 K (+15.5%).
• Direct operating expenses: C$51,980 K vs. C$46,099 K (+12.8%).

• Net operating income: C$24,719 K vs. C$20,284 K.

• Nine‑month Highlights (Sep 30, 2025 vs 2024)

• Net earnings: C$39,492 K vs. C$45,177 K.

• Operating revenue: C$179,023 K vs. C$193,912 K.

• Segment Performance – Q3 2025

• Canadian golf club operations NOI: C$26,031 K (up from C$21,304 K).
• US golf club operations recorded a loss of US$142 K (vs. loss of US$17 K in 2024).

• Corporate & other segment NOI: –C$1,113 K (vs. –C$1,046 K).

• Revenue Mix (Three months)

• Annual dues: C$18,666 K (+3.9%).
• Golf revenue: C$23,537 K (+25.2%).
• Corporate events: C$5,714 K (+26.1%).
• Food & beverage: C$19,831 K (+28.8%).

• Merchandise: C$6,011 K (+9.7%).

• Expense Mix (Three months)

• Operating cost of sales: C$10,314 K.
• Labour & employee benefits: C$27,580 K.
• Utilities: C$2,809 K.
• SG&A: C$1,568 K.

• Property taxes: C$590 K.

• Other Items (Q3 2025 vs 2024)

• Foreign exchange loss: –C$75 K (vs. gain of C$205 K).
• Unrealized loss on marketable securities: –C$1,707 K (vs. gain of C$24,839 K).

• Gain on sale of PPE: C$190 K (vs. none).

• Acquisition Impact

• Deer Creek acquisition (Feb 3, 2025) added 45 championship holes, a short course, driving range and performance academy; contributed to higher golf, corporate events, and food‑beverage revenues as well as increased operating costs.

• Dividend Announcement

• Eligible cash dividend declared: C$0.09 per common share payable Dec 15, 2025 (record date Dec 1, 2025).

Notable Quotes

(No direct CEO/President quotes were included in the release.)