ClubCorp Holdings (MYCC) swung to a net profit for the quarter ended Dec. 27, 2016. The company has made a net profit of $5.22 million, or $ 0.08 a share in the quarter, against a net loss of $6.35 million, or $0.10 a share in the last year period.

Revenue during the quarter grew 4.10 percent to $345.30 million from $331.69 million in the previous year period. Gross margin for the quarter expanded 34 basis points over the previous year period to 28.58 percent. Total expenses were 90.42 percent of quarterly revenues, down from 94.41 percent for the same period last year. This has led to an improvement of 399 basis points in operating margin to 9.58 percent.

Operating income for the quarter was $33.09 million, compared with $18.54 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $83.34 million compared with $79.58 million in the prior year period. At the same time, adjusted EBITDA margin improved 14 basis points in the quarter to 24.13 percent from 23.99 percent in the last year period.

Eric Affeldt, chief executive officer: "We are incredibly proud of what we accomplished in 2016. The success of our O.N.E. offering, reinventions and acquisitions embody the core competencies that are at the essence of who we are as a company a successful membership business and a growing network of private lifestyle clubs that cater to our members' needs and wants. As a result, ClubCorp has produced six consecutive years of record revenue and adjusted EBITDA growth. Since 2010, revenue and adjusted EBITDA have grown 8.0% and 8.9%, respectively, compounded annually. To celebrate our 60th anniversary, we will be launching some exciting new product offerings that will expand our addressable market reaching even more prospective members."

ClubCorp Holdings forecasts revenue to be in the range of $1,095 million to $1,135 million for fiscal year 2017.

The company has spent $105.37 million cash to meet investing activities during the year as against cash outgo of $160.24 million in the last year. It has incurred net capital expenditure of $108.40 million on net basis during the year, up 6.82 percent or $6.92 million from year ago.

The company has spent $85.03 million cash to carry out financing activities during the year as against cash inflow of $48.49 million in the last year period.

Cash and cash equivalents stood at $84.60 million as on Dec. 27, 2016, down 27.29 percent or $31.75 million from $116.35 million on Dec. 29, 2015.

Debt comes down marginally
ClubCorp Holdings has recorded a decline in total debt over the last one year. It stood at $1,086.49 million as on Dec. 27, 2016, down 1.20 percent or $13.24 million from $1,099.73 million on Dec. 29, 2015. Total debt was 51.04 percent of total assets as on Dec. 27, 2016, compared with 50.66 percent on Dec. 29, 2015. Debt to equity ratio was at 7.13 as on Dec. 27, 2016, up from 6.15 as on Dec. 29, 2015. Interest coverage ratio improved to 1.24 for the quarter from 0.84 for the same period last year.