{"id":450183,"date":"2021-03-03T17:44:47","date_gmt":"2021-03-03T22:44:47","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=450183"},"modified":"2021-03-03T17:44:47","modified_gmt":"2021-03-03T22:44:47","slug":"twc-enterprises-limited-announces-2020-year-end-results-and-eligible-cash-dividend","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/twc-enterprises-limited-announces-2020-year-end-results-and-eligible-cash-dividend\/","title":{"rendered":"TWC Enterprises Limited Announces 2020 Year End Results and Eligible Cash Dividend"},"content":{"rendered":"
\n

KING CITY, Ontario, March 03, 2021 (GLOBE NEWSWIRE) — TWC Enterprises Limited (TSX: TWC)<\/p>\n

\n Con<\/strong>
\n s<\/strong>
\n olidat<\/strong>
\n e<\/strong>
\n d <\/strong>
\n Financia<\/strong>
\n l <\/strong>
\n Highlight<\/strong>
\n s<\/strong>
\n (<\/strong>
\n u<\/strong>
\n naudit<\/strong>
\n e<\/strong>
\n d)<\/strong>\n <\/p>\n\n\n\n\n\n
(in thousands of dollars except per share amounts)<\/td>\n\n Thr<\/strong>
\n e<\/strong>
\n e<\/strong>
\n months<\/strong>
\n e<\/strong>
\n nd<\/strong>
\n e<\/strong>
\n d<\/strong>\n <\/td>\n		\n Yea<\/strong>
\n r<\/strong>
\n e<\/strong>
\n nd<\/strong>
\n e<\/strong>
\n d<\/strong>\n <\/td>\n<\/tr>\n
\n De<\/strong>
\n c<\/strong>
\n em<\/strong>
\n b<\/strong>
\n e<\/strong>
\n r<\/strong>
\n 3<\/strong>
\n 1,
2020<\/strong>
\n \n <\/td>\n		\n De<\/strong>
\n c<\/strong>
\n em<\/strong>
\n b<\/strong>
\n e<\/strong>
\n r<\/strong>
\n 3<\/strong>
\n 1,
2019<\/strong>
\n \n <\/td>\n		\n De<\/strong>
\n c<\/strong>
\n em<\/strong>
\n b<\/strong>
\n e<\/strong>
\n r<\/strong>
\n 3<\/strong>
\n 1,
2020<\/strong>
\n \n <\/td>\n		\n December 31,
<\/strong>
\n 20<\/strong>
\n 19<\/strong>\n <\/td>\n<\/tr>\n
Net earnings<\/td>\n8,359\u00a0<\/td>\n4,859\u00a0<\/td>\n971\u00a0<\/td>\n4,904\u00a0<\/td>\n<\/tr>\n
Basic and diluted earnings per share<\/td>\n0.33\u00a0<\/td>\n0.18\u00a0<\/td>\n0.04\u00a0<\/td>\n0.18\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n Oper<\/strong>
\n a<\/strong>
\n t<\/strong>
\n in<\/strong>
\n g <\/strong>
\n Data<\/strong>
\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Thr<\/strong>
\n e<\/strong>
\n e<\/strong>
\n months<\/strong>
\n e<\/strong>
\n nd<\/strong>
\n e<\/strong>
\n d<\/strong>\n <\/td>\n		\n Yea<\/strong>
\n r<\/strong>
\n e<\/strong>
\n nd<\/strong>
\n e<\/strong>
\n d<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n De<\/strong>
\n c<\/strong>
\n em<\/strong>
\n b<\/strong>
\n e<\/strong>
\n r<\/strong>
\n 3<\/strong>
\n 1,
2020<\/strong>
\n \n <\/td>\n		\n De<\/strong>
\n c<\/strong>
\n em<\/strong>
\n b<\/strong>
\n e<\/strong>
\n r<\/strong>
\n 3<\/strong>
\n 1,
2019<\/strong>
\n \n <\/td>\n		\n De<\/strong>
\n c<\/strong>
\n em<\/strong>
\n b<\/strong>
\n e<\/strong>
\n r<\/strong>
\n 3<\/strong>
\n 1,
2020<\/strong>
\n \n <\/td>\n		\n De<\/strong>
\n c<\/strong>
\n em<\/strong>
\n b<\/strong>
\n e<\/strong>
\n r<\/strong>
\n 3<\/strong>
\n 1,
2019<\/strong>
\n \n <\/td>\n<\/tr>\n
\n ClubL<\/strong>
\n i<\/strong>
\n nk<\/strong>\n <\/td>\n<\/tr>\n
Canadian Full Privilege Golf Members<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,705\u00a0<\/td>\n14,193\u00a0<\/td>\n<\/tr>\n
Championship rounds \u2013 Canada<\/td>\n232,000\u00a0<\/td>\n115,000\u00a0<\/td>\n1,223,000\u00a0<\/td>\n1,069,000\u00a0<\/td>\n<\/tr>\n
18-hole equivalent championship golf courses \u2013 Canada<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n39.5\u00a0<\/td>\n41.5\u00a0<\/td>\n<\/tr>\n
18-hole equivalent managed championship golf courses \u2013 Canada<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.0\u00a0<\/td>\n1.0\u00a0<\/td>\n<\/tr>\n
Championship rounds \u2013 U.S.<\/td>\n58,000\u00a0<\/td>\n77,000\u00a0<\/td>\n249,000\u00a0<\/td>\n331,000\u00a0<\/td>\n<\/tr>\n
18-hole equivalent championship golf courses \u2013 U.S.<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8.0\u00a0<\/td>\n11.0\u00a0<\/td>\n<\/tr>\n<\/table>\n

The following is a breakdown of net operating income by segment.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Year Ended<\/strong>\n <\/td>\nYear Ended<\/td>\n<\/tr>\n
\n (thousands of Canadian dollars)<\/strong>\n <\/td>\n\u00a0<\/td>\n\n December 31, 2020<\/strong>\n <\/td>\nDecember 31, 2019<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net operating income (loss) by segment<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Canadian golf club operations<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 46,213<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n31,267<\/td>\n\u00a0<\/td>\n<\/tr>\n
US golf club operations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
(2020 – US $449,000; 2019 – US $695,000)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 567<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n931<\/td>\n\u00a0<\/td>\n<\/tr>\n
Corporate operations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2,869<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(3,212<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net operating income (1) <\/sup><\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 43,911<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n28,986<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

The following is an analysis of net earnings:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Year Ended<\/strong>\n <\/td>\nYear Ended<\/td>\n<\/tr>\n
\n (thousands of Canadian dollars)<\/strong>\n <\/td>\n\u00a0<\/td>\n\n December 31, 2020<\/strong>\n <\/td>\nDecember 31, 2019<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating revenue<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 127,216<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n163,641<\/td>\n\u00a0<\/td>\n<\/tr>\n
Direct operating expenses (1)<\/sup><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 83,305<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n134,655<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net operating income (1)<\/sup><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 43,911<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n28,986<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Amortization of membership fees<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 4,585<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,146<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (19,249<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(20,119<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest, net and investment income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (3,609<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(4,923<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other items<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (21,458<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(1,644<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Impairment expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(352<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (3,209<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(2,190<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net earnings<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 971<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n4,904<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

Direct operating expenses are calculated as follows:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Year Ended<\/strong>
\n
\n
\n <\/strong>\n <\/td>\n		Year Ended<\/td>\n<\/tr>\n
\n (thousands of Canadian dollars)<\/strong>\n <\/td>\n\u00a0<\/td>\n\n December 31, 2020<\/strong>
\n
\n
\n <\/strong>\n <\/td>\n		December 31, 2019<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cost of sales<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 11,236<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n22,414<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Labour and employee benefits<\/td>\n\u00a0<\/td>\n\n 39,358<\/strong>\n <\/td>\n\u00a0<\/td>\n70,475<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Utilities<\/td>\n\u00a0<\/td>\n\n 7,049<\/strong>\n <\/td>\n\u00a0<\/td>\n8,118<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Selling, general and administrative expenses<\/td>\n\n 3,906<\/strong>\n <\/td>\n\u00a0<\/td>\n5,454<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Property taxes<\/td>\n\u00a0<\/td>\n\n 3,401<\/strong>\n <\/td>\n\u00a0<\/td>\n3,450<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Repairs and maintenance<\/td>\n\u00a0<\/td>\n\n 3,184<\/strong>\n <\/td>\n\u00a0<\/td>\n4,241<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Insurance<\/td>\n\u00a0<\/td>\n\n 2,970<\/strong>\n <\/td>\n\u00a0<\/td>\n2,724<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Fertilizers and pest control products<\/td>\n\u00a0<\/td>\n\n 1,911<\/strong>\n <\/td>\n\u00a0<\/td>\n2,378<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Fuel and oil<\/td>\n\u00a0<\/td>\n\n 908<\/strong>\n <\/td>\n\u00a0<\/td>\n1,357<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other operating expenses<\/td>\n\u00a0<\/td>\n\n 9,382<\/strong>\n <\/td>\n\u00a0<\/td>\n14,044<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Direct Operating Expenses (1)<\/sup><\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 83,305<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n134,655<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n (1)<\/sup> Please see Non-IFRS Measures on page following<\/p>\n

\n 2020 Conso<\/strong>
\n l<\/strong>
\n idated<\/strong>
\n Highlights<\/strong>\n <\/p>\n

As a result of the COVID-19 pandemic, the Company closed all golf clubs in mid-March in order to adhere to government restrictions that involve social gatherings and ensure the health and wellbeing of members and staff alike. This has and will continue to impact revenue streams such as corporate events, banquets, weddings and food and beverage. As government closure orders were lifted, Ontario courses were re-opened on May 16th, 2020 and Quebec courses were re-opened on May 20th, 2020, but social distancing requirements continue to prohibit certain revenue streams such as corporate events, banquets, weddings, meetings and other large gatherings. All Florida courses were re-opened by May 2nd. The Company will continue to adhere to guidance provided by governments and regulatory authorities.<\/p>\n

Due to overwhelming demand for golf amongst the Company\u2019s members and customers, golf revenue increased 36.7% to $33,241,000 in 2020 from $24,312,000 in 2019 for the Canadian golf operations.<\/p>\n

Consolidated operating revenue decreased 22.3% to $127,216,000 in 2020 from $163,641,000 in 2019 due to the decline in revenue from the impact of COVID-19. This decline is due to streams of revenue that have been lost due to regulations surrounding COVID-19. Group business has been minimal, including corporate events, weddings, banquets or resort stays, as social distancing measures remain in place.<\/p>\n

Direct operating expenses decreased 38.1% to $83,305,000 in 2020 from $134,655,000 in 2019 due to the fact that certain revenue streams were reduced which all had costs associated with them. Certain cost saving measures have been enacted in order to help offset the revenue declines. Expenses also significantly declined during the spring of 2020 when the Company was not allowed to operate. Labour and employee benefits for the Canadian golf operations have decreased 48.4% to $30,340,000 in 2020 from $58,944,000 in 2019 as a result of these changes and the recording of the Canada Emergency Wage Subsidy.<\/p>\n

Net operating income for the Canadian golf club operations segment increased to $46,213,000 in 2020 from income of $31,267,000 in 2019 despite the impact of COVID-19 on streams of revenue relating to group business.<\/p>\n

Interest, net and investment income decreased 26.7% to an expense of $3,609,000 in 2020 from $4,923,000 in 2019 due to a decrease in borrowings and an increase in investment income from the Company\u2019s investment in Automotive Properties REIT.<\/p>\n

Other items consist of the following income (loss) items:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
\n (thousands of Canadian dollars)<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2020<\/strong>\n <\/td>\n\u00a0<\/td>\n2019<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gain on sale of property, plant and equipment<\/td>\n\n $<\/strong>\n <\/td>\n\n 1,416<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n525<\/td>\n\u00a0<\/td>\n<\/tr>\n
Insurance proceeds<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n –<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,141<\/td>\n\u00a0<\/td>\n<\/tr>\n
Foreign exchange gain (loss)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1,256<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,944<\/td>\n)<\/td>\n<\/tr>\n
Unrealized gain (loss) on investment in marketable securities<\/td>\n\u00a0<\/td>\n\n (7,311<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n2,426<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loss on sale of common shares in Carnival plc<\/td>\n\u00a0<\/td>\n\n (16,240<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
Equity income from investments in joint ventures<\/td>\n\u00a0<\/td>\n\n 115<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,135<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (694<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n(927<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other items<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (21,458<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n$<\/td>\n(1,644<\/td>\n)<\/td>\n<\/tr>\n<\/table>\n

The exchange rate used for translating US denominated assets has changed from 1.2988 at December 31, 2019 to 1.2732 at December 31, 2020. This has resulted in a foreign exchange gain of $1,256,000 in 2020 on the translation of the Company\u2019s US denominated financial instruments.<\/p>\n

On July 13, 2020, ClubLink sold Club de Golf Val des Lacs for proceeds of $1,750,000, including a vendor take-back mortgage of $300,000. Net proceeds totalled $1,680,000 and ClubLink recorded a gain of $835,000 on the sale.<\/p>\n

Net earnings decreased to $971,000 in 2020 from $4,904,000 in 2019 due to the loss on the sale of Carnival shares. Basic and diluted earnings per share decreased to 4 cents per share in 2020, compared to 18 cents in 2019.<\/p>\n

\n No<\/strong>
\n n<\/strong>
\n –<\/strong>
\n IFR<\/strong>
\n S <\/strong>
\n M<\/strong>
\n easu<\/strong>
\n r<\/strong>
\n es<\/strong>\n <\/p>\n

TWC uses non-IFRS measures as a benchmark measurement of our own operating results and as a benchmark relative to our competitors. We consider these non-IFRS measures to be a meaningful supplement to net earnings. We also believe these non-IFRS measures are commonly used by securities analysts, investors and other interested parties to evaluate our financial performance. These measures, which included direct operating expenses and net operating income do not have standardized meaning under IFRS. While these non-IFRS measures have been disclosed herein to permit a more complete comparative analysis of the Company\u2019s operating performance and debt servicing ability relative to other companies, readers are cautioned that these non-IFRS measures as reported by TWC may not be comparable in all instances to non-IFRS measures as reported by other companies.<\/p>\n

The glossary of financial terms is as follows:<\/p>\n

\n Dire<\/strong>
\n c<\/strong>
\n t<\/strong>
\n oper<\/strong>
\n a<\/strong>
\n ting<\/strong>
\n exp<\/strong>
\n e<\/strong>
\n n<\/strong>
\n s<\/strong>
\n es<\/strong> = expenses that are directly attributable to company\u2019s business units and are used by management in the assessment of their performance. These exclude expenses which are attributable to major corporate decisions such as impairment.<\/p>\n

\n Ne<\/strong>
\n t<\/strong>
\n operatin<\/strong>
\n g<\/strong>
\n incom<\/strong>
\n e<\/strong> = operating revenue \u2013 direct operating expenses<\/p>\n

Net operating income is an important metric used by management in evaluating the Company\u2019s operating performance as it represents the revenue and expense items that can be directly attributable to the specific business unit\u2019s ongoing operations. It is not a measure of financial performance under IFRS and should not be considered as an alternative to measures of performance under IFRS. The most directly comparable measure specified under IFRS is net earnings.<\/p>\n

\n Eligibl<\/strong>
\n e<\/strong>
\n Cas<\/strong>
\n h<\/strong>
\n Dividend<\/strong>\n <\/p>\n

Today, TWC Enterprises Limited announced an eligible cash dividend of 2 cents per common share to be paid on March 31, 2021 to shareholders of record as at March 15, 2021.<\/p>\n

\n Corp<\/strong>
\n o<\/strong>
\n r<\/strong>
\n at<\/strong>
\n e<\/strong>
\n Profile<\/strong>\n <\/p>\n

TWC is engaged in golf club operations under the trademark, \u201cClubLink One Membership More Golf.\u201d TWC is Canada\u2019s largest owner, operator and manager of golf clubs with 48.5 18-hole equivalent championship and 3.5 18-hole equivalent academy courses (including one managed property) at 37 locations in Ontario, Quebec and Florida.<\/p>\n

For further information please contact:<\/p>\n

Andrew Tamlin
Chief Financial Officer
15675 Dufferin Street
King City, Ontario L7B 1K5
Tel: 905-841-5372 Fax: 905-841-8488
atamlin@c<\/u>l<\/u>u<\/u>blink.ca<\/u><\/a><\/p>\n

\n M<\/em>
\n a<\/em>
\n n<\/em>
\n a<\/em>
\n gemen<\/em>
\n t<\/em>
\n \u2019<\/em>
\n s <\/em>
\n d<\/em>
\n i<\/em>
\n scus<\/em>
\n s<\/em>
\n io<\/em>
\n n <\/em>
\n a<\/em>
\n nd<\/em>
\n a<\/em>
\n n<\/em>
\n a<\/em>
\n l<\/em>
\n y<\/em>
\n s<\/em>
\n i<\/em>
\n s,<\/em>
\n f<\/em>
\n i<\/em>
\n n<\/em>
\n a<\/em>
\n nci<\/em>
\n al<\/em>
\n s<\/em>
\n ta<\/em>
\n t<\/em>
\n eme<\/em>
\n n<\/em>
\n t<\/em>
\n s <\/em>
\n an<\/em>
\n d<\/em>
\n oth<\/em>
\n e<\/em>
\n r <\/em>
\n d<\/em>
\n is<\/em>
\n c<\/em>
\n l<\/em>
\n o<\/em>
\n su<\/em>
\n re<\/em>
\n in<\/em>
\n f<\/em>
\n o<\/em>
\n r<\/em>
\n ma<\/em>
\n t<\/em>
\n io<\/em>
\n n r<\/em>
\n e<\/em>
\n l<\/em>
\n at<\/em>
\n i<\/em>
\n n<\/em>
\n g <\/em>
\n t<\/em>
\n o <\/em>
\n th<\/em>
\n e<\/em>
\n C<\/em>
\n o<\/em>
\n mpa<\/em>
\n ny<\/em>
\n i<\/em>
\n s <\/em>
\n ava<\/em>
\n i<\/em>
\n labl<\/em>
\n e <\/em>
\n t<\/em>
\n h<\/em>
\n rou<\/em>
\n gh<\/em>
\n S<\/em>
\n EDA<\/em>
\n R<\/em>
\n a<\/em>
\n n<\/em>
\n d <\/em>
\n a<\/em>
\n t <\/em>
\n
\n
\n www<\/u>
\n <\/em>
\n
\n .<\/u>
\n <\/em>
\n
\n sedar.com<\/u>
\n <\/em>
\n <\/a>
\n a<\/em>
\n n<\/em>
\n d on<\/em>
\n t<\/em>
\n h<\/em>
\n e<\/em>
\n C<\/em>
\n o<\/em>
\n m<\/em>
\n p<\/em>
\n a<\/em>
\n ny<\/em>
\n web<\/em>
\n s<\/em>
\n i<\/em>
\n te<\/em>
\n a<\/em>
\n t<\/em>
\n
\n
\n www<\/u>
\n <\/em>
\n
\n .<\/u>
\n <\/em>
\n
\n tw<\/u>
\n <\/em>
\n
\n c<\/u>
\n <\/em>
\n
\n ent<\/u>
\n <\/em>
\n
\n e<\/u>
\n <\/em>
\n
\n r<\/u>
\n <\/em>
\n
\n prises.<\/u>
\n <\/em>
\n
\n c<\/u>
\n <\/em>
\n
\n a<\/u>
\n <\/em>
\n <\/a>\n <\/p>\n<\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

KING CITY, Ontario, March 03, 2021 (GLOBE NEWSWIRE) — TWC Enterprises Limited (TSX: TWC) Con s olidat e d Financia l Highlight s ( u naudit e d) (in thousands of dollars except per share amounts) Thr e e months e nd e d Yea r e nd e d De c em b e r 3 1,2020 De c em b e r 3 1,2019 De c em b e r 3 1,2020 December 31, 20 19 Net earnings 8,359\u00a0 4,859\u00a0 971\u00a0 4,904\u00a0 Basic and diluted earnings per share 0.33\u00a0 0.18\u00a0 0.04\u00a0 0.18\u00a0 Oper a t in g Data \u00a0 Thr e e months e nd e d Yea r e nd e d \u00a0 De c em b … <\/p>\n

Continue reading “TWC Enterprises Limited Announces 2020 Year End Results and Eligible Cash Dividend”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-450183","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nTWC Enterprises Limited Announces 2020 Year End Results and Eligible Cash Dividend - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/twc-enterprises-limited-announces-2020-year-end-results-and-eligible-cash-dividend\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TWC Enterprises Limited Announces 2020 Year End Results and Eligible Cash Dividend - 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