The management firm announced preliminary and unaudited fiscal-year 2015 financial results that showed total revenue up 19.1% from 2014. Despite a 100-year rain event in Texas during 2015 and the current volatility in the oil market, same-store combined clubs revenue in that state, where ClubCorp has 42 properties, was up 2% from 2014 with accelerated growth in the fourth quarter, and President/CEO Eric Affeldt expressed “confidence in the resiliency of our business.”
ClubCorp has announced preliminary and unaudited fiscal-year 2015 financial results for the fourth quarter (16 weeks) and full-year (52 weeks) ended December 29, 2015. Highlights included these results:
- Full-year total revenue was $1,052.9 million, up 19.1% from the prior year
- Full-year total adjusted EBITDA is expected to be $233 to $234 million, up 18.9% compared to the prior year
- Fourth-quarter total revenue was $331.7 million, up 9.6% from the prior year
- Fourth-quarter total adjusted EBITDA is expected to be $79 to $80 million, up 14.6% compared to the prior year
Club Corp also issued these highlights for its same-store combined clubs in Texas for 2015:
- Full-year Texas same-store combined clubs revenue was up 2.0% compared to the prior year
- Full-year Texas same-store combined clubs adjusted EBITDA was up 4.1% from the prior year
- Fourth-quarter Texas same-store combined clubs revenue was up 3.1% compared to the prior year
- Fourth-quarter Texas same-store combined clubs adjusted EBITDA was up 7.6% from the prior year
ClubCorp lists 42 clubs in Texas on its website.
“ClubCorp delivered its fifth consecutive year of record revenue and adjusted EBITDA,” said Eric Affeldt, President and Chief Executive Officer. “Moreover, total adjusted EBITDA has grown at a compounded annual growth rate above 9% since 2010.
“Even though the company experienced a 100-year rain event impacting growth in Texas during the spring of 2015, both revenue and adjusted EBITDA for same-store clubs located in Texas not only grew for the full-year, but also growth accelerated in the fourth quarter,” Affeldt added. “Despite the recent market turmoil surrounding the price of oil and its impact to the Texas economy, we feel confident in the resiliency of our business.
“We believe the company will continue to grow in 2016 by pursuing our three-pronged growth strategy, and we will provide our 2016 outlook on our fourth-quarter investor call scheduled for February 25, 2016,” Affeldt said. “The company is now enforcing its quiet period until the next quarterly investor call.”