TWC Enterprises Limited Announces First Quarter 2025 Results and Eligible Dividend

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]