For 2016, ClubCorp’s revenue increased $35.6 million to $1.1 billion, up 3.4%. Same-store clubs revenue increased $18.8 million to $1 billion, up 1.9%, driven by increases in dues (up 3.1%) and food-and-beverage (up 2.4%), while new clubs opened or acquired in 2015 and 2016 contributed $51.3 million in revenue.
ClubCorp has announced financial results for its fiscal-year 2016 fourth quarter ended December 27, 2016. Revenue increased $13.6 million to $345.3 million, up 4.1%, while net income increased $11.7 million to $5.4 million. Adjusted EBITDA increased $3.8 million to $83.3 million, up 4.7%, driven by increased revenue and effectively managing and controlling variable operating expenses.
Same Store Combined Clubs revenue increased $6.7 million to $321.4 million, up 2.1%, driven by increases in all three major revenue streams, dues up 2.4%, food & beverage up 3.2% and golf operations up 0.3%. New clubs opened or acquired in 2015 and 2016 contributed revenue of $17.2 million and adjusted EBITDA of $3.3 million.
For the full year, revenue increased $35.6 million to $1.1 billion, up 3.4%, and net income increased $13.6 million. Adjusted EBITDA increased $14.4 million to $247.7 million, up 6.2%, driven by higher revenue and improved margin performance across both same-store and new and recently acquired clubs. Same Store Clubs revenue increased $18.8 million to $1.0 billion, up 1.9%, driven by increases in dues up 3.1% and food-and-beverage up 2.4%, and offset by golf operations down 0.7%.
Same-store adjusted EBITDA grew $12.6 million to $294.6 million, up 4.5%, due to increased revenue and favorable variable payroll expenses and improved operating expenses as a percentage of revenue. Same-store Adjusted EBITDA margin increased 80 bps to 28.9%. New clubs opened or acquired in 2015 and 2016 contributed revenue of $51.3 million and adjusted EBITDA of $7.6 million.
“We are incredibly proud of what we accomplished in 2016,” said Eric Affeldt, CEO. “The success of our O.N.E. offering, reinventions and acquisitions embody the core competencies that are at the essence of who we are as a company…a successful membership business and a growing network of private lifestyle clubs that cater to our members’ needs and wants. As a result, ClubCorp has produced six consecutive years of record revenue and adjusted EBITDA growth. Since 2010, revenue and adjusted EBITDA have grown 8.0% and 8.9%, respectively, compounded annually. To celebrate our 60th anniversary, we will be launching some exciting new product offerings that will expand our addressable market reaching even more prospective members.”
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