Revenue during the quarter went up marginally by 2.98 percent to $221.28 million from $214.87 million in the previous year period. Gross margin for the quarter expanded 2 basis points over the previous year period to 25 percent. Total expenses were 96.67 percent of quarterly revenues, down from 97 percent for the same period last year. This has led to an improvement of 33 basis points in operating margin to 3.33 percent.

Operating income for the quarter was $7.37 million, compared with $6.44 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $43.74 million compared with $41.99 million in the prior year period. At the same time, adjusted EBITDA margin improved 23 basis points in the quarter to 19.77 percent from 19.54 percent in the last year period.

Eric Affeldt, chief executive officer "We are pleased to deliver our twelfth consecutive quarter of revenue and adjusted EBITDA growth. As we celebrate ClubCorp's 60th anniversary this year, the Company remains firmly committed to executing its three-pronged growth strategy focused on organic growth, reinvention and acquisitions. We are particularly excited about the pacing of acquisitions, as we have already added four new clubs to our golf and country club segment this year as compared to three clubs added in fiscal 2016. Additionally, we completed a lease agreement to construct a new concept business / social club named "The Collective" that will open next year in Seattle. In each case, these clubs are expected to drive additional return on investment and further expand the value of our local, regional and national networks."

For financial year 2017, ClubCorp Holdings, Inc. expects revenue to be in the range of $1,095 million to $1,135 million.

The company has spent $32.59 million cash to meet investing activities during the quarter as against cash outgo of $26.81 million in the last year period. It has incurred capital expenditure of $23.43 million on net basis during the quarter, up 15.41 percent or $3.13 million from year ago period.

The company has spent $15.37 million cash to carry out financing activities during the quarter as against cash outgo of $14.65 million in the last year period.

Cash and cash equivalents stood at $53.89 million as on Mar. 21, 2017, down 44.60 percent or $43.38 million from $97.27 million on Mar. 22, 2016.

Working capital remains negative
Working capital of Clubcorp Holdings was negative $188.71 million on Mar. 21, 2017 compared with negative $127.38 million on Mar. 22, 2016. Current ratio was at 0.50 as on Mar. 21, 2017, down from 0.64 on Mar. 22, 2016.

Cash conversion cycle (CCC) has decreased to 19 days for the quarter from 23 days for the last year period. Days sales outstanding were almost stable at 29 days for the quarter, when compared with the last year period.

Days inventory outstanding has decreased to 6 days for the quarter compared with 12 days for the previous year period. At the same time, days payable outstanding went down to 17 days for the quarter from 18 for the same period last year.