Third Quarter 2017 Consolidated Operating Highlights Net earnings increased 9.0% to $19,472,000 for the three-month period ended September 30, 2017 from $17,869,000 in 2016. Basic and diluted earnings per share was 71 cents per share for the three-month period ended September 30, 2017, compared to 65 cents in 2016. The exchange rate used for translating US denominated earnings has changed to a quarterly average of 1.2526 for the three months ended September 30, 2017 from 1.3051 for the three-month period ended September 30, 2016 due to the improving Canadian dollar over the one year period. Consolidated operating revenue increased 3.1% to $97,357,000 for the three-month period ended September 30, 2017 from $94,448,000 in 2016, due to higher operating revenue for the Canadian golf club operations from 33,000 more rounds and the rail and port operations from 17,000 more rail passengers. Consolidated direct operating expenses increased 1.4% to $57,890,000 for the three-month period ended September 30, 2017 from $57,114,000 in 2016. Net operating income for the Canadian golf club operations segment increased 4.3% to $18,055,000 in 2017 from $17,306,000 in 2016 due to an increase in rounds to 574,000 for the three-month period ended September 30, 2017 from 541,000 in 2016. Net operating loss for US golf club operations segment increased to US $1,038,000 in 2017 from US $867,000 in 2016. Net operating income for the rail and port operations increased 11.0% to US $18,674,000
