ClubCorp, Dallas, reported its 13th consecutive quarter of revenue growth on July 19, with second quarter revenue of $276.4 million, a 2.7 percent increase year-over-year.
The company released the second quarter financials two weeks after it reported that private equity firm Apollo Global Management would acquire ClubCorp for $1.1 billion. Pending approval of shareholders, the purchase is expected to be finalized in the fourth quarter and would make the company private.
ClubCorp's adjusted EBITA increased 0.1 percent to $62.9 million, according to the earnings report, and same-store combined revenue increased 1.4 percent to $263.4 million. However, net income decreased 86.2 percent to $800,000 due to administrative and IT expenses, as well as the "impairment of assets related to recently divested clubs," according to the report.
Total memberships also grew 2.5 percent to 174,348 for the quarter.
“We are pleased to deliver our 13th consecutive quarter of growth," outgoing CEO Eric Affeldt said in the report. "As we celebrate ClubCorp's 60th anniversary this year, the company remains firmly committed to providing our members unrivaled experiences at our clubs."
President and COO Mark Burnett praised ClubCorp's recent acquisitions—five clubs so far this year, which contributed $10 million in revenue. This includes the recently acquired Medina Golf & Country Club in Medina, Minnesota.
"We expect these acquisitions and initiatives to drive additional return on investment and further expand the value of our local, regional and national networks," Burnett said.
Through the year's first two quarters, ClubCorp's revenue has increased 2.8 percent year-over-year to $497.6 million. Net loss has grown considerably, 162 percent to $6.7 million.
Executives are offering no further financial outlooks, the report said, due to the Apollo Global Management purchase of the company and future delisting of the company from the New York Stock Exchange.
The Apollo acquisition "will continue to grow our business and provide the highest level of service and club offerings to our members," Affeldt said in the report.
ClubCorp was founded in 1957 and operates more than 200 private golf, country and business clubs in 28 states. The company ranked No. 4 on Club Industry’s Top 100 Health Clubs of 2016 with $1.1 billion in 2015 revenue.