For the eighth consecutive quarter, the Dallas-based owner/operator has reported continued growth. For the first quarter of fiscal year 2016, revenue has increased 6.3% and adjusted EBITDA has increased 8.2%, driven by higher revenue and improved margin performance.
ClubCorp has announced financial results for its fiscal-year 2016 first quarter ended March 22. Revenue has increased $12.8 million, or 6.3%, to $214.9 million, and adjusted EBITDA increased $3.2 million to $42.1 million, up 8.2%, driven by higher revenue and improved margin performance across both same-store and new and recently acquired clubs.
Same store clubs revenue was up $7.9 million, up 4% to $206.4 million, driven by increases across all three major revenue streams: dues revenue up 3.8%, a la carte and private events food & beverage revenue up 5.2%, and golf operations revenue 3.1%. Same-store adjusted EBITDA grew $3.9 million, up 7.4% to$56.6 million, due to increased revenue and favorable operating expenses as a percentage of revenue. Adjusted EBITDA margin increased 90 bps to 27.4% for same-store combined clubs.
New clubs opened or acquired in 2015 and 2016 contributed revenue of $7.7 million and adjusted EBITDA of $0.9 million.
“This is our eighth consecutive quarter of record financial results,” said Eric Affeldt, president and chief executive officer. “Our golf and country club division delivered revenue growth in all three major revenue streams. We benefited from increased member activity across our network of clubs and improved golf and food & beverage revenue. Our results this quarter demonstrate strong member demand for our differentiated leisure product, newly reinvented clubs and our O.N.E. offering. We are confident that our three pronged growth strategy of organic growth, reinvention and acquisitions continues to deliver consistent growth and will continue to add long-term value to our members and shareholders.”
Among golf and country clubs, revenue was up $13.9 million to $172.8 million, up 8.8%. Adjusted EBITDA increased $5.2 million to $50.1 million, up 11.6%, and GCC adjusted EBITDA margin increased 70 basis points to 29.0%. Same-store revenue increased $7.1 million, up 4.5%, driven by increases across all three major revenue streams: dues up 3.9%, food & beverage up 9.1%, and golf operations up 3.1% benefiting from good weather leading to more golf rounds, cart rental revenue, and a la carte food & beverage spend.
“We are very happy with our first quarter results,” Curt McClellan, chief financial officer. “Reinventions and acquisitions continue to deliver superior returns on capital and we continue to believe this is the best way to deliver long-term shareholder value. We are positioned to deliver solid financial results in 2016 consistent with our outlook for the year.”