ClubCorp Holdings (MYCC) Misses Q2 EPS by 4c; Comps Rose 1.2%; Names New COO

ClubCorp Holdings (NYSE: MYCC) reported Q2 EPS of $0.08, $0.04 worse than the analyst estimate of $0.12. Revenue for the quarter came in at $269 million versus the consensus estimate of $273.6 million.

• Same Store Clubs(2) revenue was up $3.0 million, up 1.2% to $253.7 million, driven by increases in dues revenue up 3.8% and a la carte and private events food & beverage revenue up 0.8%. This result was offset by golf operations revenue down (1.7)% impacted by rain and flooding at several clubs in the Houston market.
• Same-store adjusted EBITDA grew $4.7 million, up 6.7% to $75.1 million, due to increased revenue and favorable operating expenses as a percentage of revenue. Same-store Adjusted EBITDA margin increased 150 bps to 29.6%.

ClubCorp also announced the promotion of Mark A. Burnett to the position of President and Chief Operating Officer. He will continue to report to ClubCorp's CEO, Eric Affeldt.

Announcing the appointment, Affeldt said, "Mark's promotion to President is the result of his excellent performance and contributions to the Company during his tenure and demonstrates our commitment to developing talent and promoting from within. The Board and I feel fortunate to have someone of Mark's skill and industry experience as we continue to pursue our growth strategies and drive the Company's operational and financial performance. I look forward to working with Mark in his expanded role and responsibilities, which will also allow me to devote more time to business development and our strategic initiatives."

As Chief Operating Officer, Burnett led the successful acquisition, integration and reinvention of Sequoia Golf, the largest acquisition in the Company's history. He has also led efforts and has overseen the acquisition of 25 additional acquired golf and country clubs and the reinvention of 55 legacy golf and country and business clubs during his career with ClubCorp.

Burnett joined ClubCorp in 2006 and brings over 25 years of experience managing and operating private clubs. Burnett was promoted to Chief Operating Officer in October 2013, and was previously Executive Vice President of Golf & Country Clubs. Prior to joining ClubCorp, Burnett held titles of Executive Vice President and Chief Operating Officer at American Golf Corporation, and President and Chief Executive Officer, Chief Operating Officer and Vice President of Golf Operations at KSL Fairways Golf Corporation.

For earnings history and earnings-related data on ClubCorp Holdings (MYCC) click here.

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