Nov. 6, 2009 (Canada NewsWire Group) --
MISSISSAUGA, ON, Nov. 6 /CNW/ --
Financial Highlights
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Three months ended Nine months ended
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(in thousands of dollars September September September September
except per share amounts) 30, 2009 30, 2008 30, 2009 30, 2008
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Operating revenue 90,378 91,662 165,531 167,876
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Net operating income(1) 36,604 37,994 50,587 51,805
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Net membership fee income(1) 3,085 3,235 9,177 9,040
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EBITDA(1) 39,689 41,229 59,764 60,845
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Net earnings 17,001 14,544 13,367 11,208
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Basic and diluted earnings
per share $0.63 $0.64 $0.55 $0.49
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Weighted average shares
outstanding (000's) 26,788 22,926 24,122 22,877
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(1) Net operating income, net membership fee income and EBITDA are not
recognized performance measures under Canadian GAAP. EBITDA is
defined as earnings before taxes, interest, depreciation,
amortization, non-controlling interest and earnings from equity
accounted investments. Management believes that in addition to net
earnings, these measures are useful supplemental information to
provide investors with an indication of a company's performance.
Investors should be cautioned, however, that these measures should
not be construed as an alternative to net earnings determined in
accordance with GAAP as an indicator of the Company's performance.
Third Quarter 2009 Highlights
Net operating income from the golf club and resort operations decreased 9.0% to $20,115,000 for the third quarter of 2009, compared to $22,100,000 in 2008, due to declines in discretionary spending in categories such as food and beverage, corporate events and rooms caused by the recession and a cool and wet summer.
Total Golf Members increased 2.6% to 17,321 as at September 30, 2009, from 16,886 as at September 30, 2008.
