From the 2017 Clublink annual report, Raj Sahi Chairman, President and CEO said “Canadian golf operations achieved a small increase in net operating income by way of a modest increase in revenue and a focus on cost control.”
“The Canadian and Florida golf markets continue to be challenging as a result of an oversupply of golf courses which has put a downward pressure on revenue per round across the industry. Notwithstanding this environment, our member counts have stabilized. However, this trend has put downward pressure on membership fees earned”
2017 Annual Report Comments:
Net operating income for the Canadian golf club operations segment increased 0.9% to $32,062,000 in 2017 from $31,763,000 in 2016. This compares to $31,361,000 in 2015.
Net operating income for the US golf club operations segment decreased to US $652,000 in 2017 from US $1,330,000 in 2016 primarily due to a decrease of 8.8% in championship golf rounds. The foreign exchange rate served as a deterrent to Canadian golfers visiting Florida in the 2017 winter season and was further impacted by the poor weather in that market, including a hurricane event. This compares to US 1,477,000 in 2015.
Review of Canadian Golf Club Operations for the year ended December 31, 2017.
18 – hole equivalent championship golf courses: 2017 – 42.5 2016 – 42.5
Championship golf rounds: 2017 – 1,058,000 2016 – 1,063,000
Full privilege golf members: 2017 – 14,991 2016 – 15,077
