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Thu. Jul. 20, 2017 ClubCorp Reports Thirteenth Consecutive Quarter of Revenue Growth
Second quarter revenue was $276.4 million , up 2.7%
Second quarter net income decreased $5.0 million to $0.8 million Second quarter adjusted EBITDA was $62.9 million , up 0.1% ClubCorp - The World Leader in Private Clubs® (NYSE:MYCC) - announces financial results for its fiscal-year 2017 second quarter ended June 13, 2017. The second quarter of fiscal 2017 and fiscal 2016 consisted of 12 weeks. Year-to-date results of fiscal 2017 and fiscal 2016 consisted of 24 weeks. All growth percentages refer to year-over-year progress. Second Quarter Results: Revenue increased $7.4 million to $276.4 million , up 2.7%, for the second quarter of 2017. Net Income decreased $5.0 million to $0.8 million , down 86.2%, primarily due to higher selling, general and administrative expense related to centralization and transformation of administrative processes, finance processes and related IT systems, and impairment of assets related to recently divested clubs. Adjusted EBITDA (1) of $62.9 million ,...
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Sun. Jul. 09, 2017 ClubCorp Enters into a Definitive Agreement to be Acquired by Certain Investment Funds Affiliated with Apollo Global Management in an All-Cash Transaction Valued at $1.1 Billion
ClubCorp Shareholders to Receive $17.12 Per Share in Cash ClubCorp – The World Leader in Private Clubs® (NYSE:MYCC), today announced that it has entered into a definitive agreement with affiliates of certain investment funds (the "Apollo funds") managed by affiliates of Apollo Global Management, LLC (together with its consolidated subsidiaries, "Apollo") (NYSE:APO), a leading global alternative investment manager, pursuant to which the Apollo funds will acquire all of the outstanding shares of ClubCorp for $17.12 per share in cash, or approximately $1.1 billion. The all-cash transaction represents a premium of approximately 30.7% over ClubCorp’s closing stock price on July 7, 2017. The ClubCorp Board of Directors (“Board”), acting with the recommendation of its Strategic Review Committee, unanimously approved the agreement with the Apollo funds. The Board, along with the Strategic Review Committee, the management team and independent financial and legal advisors, conducted a robust...
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Wed. Jun. 21, 2017 ClubCorp Announces 5th Acquisition in 2017 with Purchase of Medina Golf & Country Club in Medina, Minnesota
Premier, Family Focused Club Offers 27 Holes of Golf, Tennis, Aquatics and Dining ClubCorp – The World Leader in Private Clubs ® (NYSE:MYCC) – announces the acquisition of Medina Golf & Country Club , a formerly member-owned private club, in Medina, Minnesota, just west of downtown Minneapolis. This is the first club in Minnesota for ClubCorp, expanding the company’s presence to 28 states.  ClubCorp plans to spend more than $2.5 million over the first two years to reinvent the club bringing new contemporary dining and lifestyle features to the clubhouse and patio, plus improvements to the golf course, golf practice facilities and aquatics.
Medina Golf & Country Club offers a championship 18-hole golf course plus a nine-hole executive par-3 course ideal for junior golfers and beginners. A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/880ffcf7-6689-4126-b63b-0ad681cc1cff “We are very excited to add Medina Golf &...
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Tue. Jun. 20, 2017 Topgolf and ClubCorp Team up to Accelerate Innovation for Golf Industry
Topgolf enhancing ClubCorp member experiences at ranges and courses, while ClubCorp offers Topgolf guests new ways to enjoy golf Topgolf ® , the global leader in sports entertainment with the world’s largest digital golf audience, is teaming with ClubCorp – The World Leader in Private Clubs ® (NYSE:MYCC) – to grow interest and participation in golf among Topgolf’s 10.5 million players and ClubCorp’s 430,000 members. The strategic alliance, announced today, results in Topgolf providing new technology and benefits for ClubCorp members, and ClubCorp providing special offers and experiences at ClubCorp clubs.
ClubCorp Topgolf Topgolf Logo Photos accompanying this announcement are available at: http://www.globenewswire.com/NewsRoom/AttachmentNg/caa35433-4b26-4cbc-b85b-0715769e16df http://www.globenewswire.com/NewsRoom/AttachmentNg/f1eedf55-21ea-4ccc-9978-6917ca69cab0 "Topgolf is leading the next generation of the sport and constantly innovating to attract new fans to golf. Our...
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Fri. May. 12, 2017 ClubCorp and FrontFour Capital Reach Agreement to Add Two New Independent Directors to Board of Directors
Simon M. Turner and Manny Pearlman Appointed to Board Effective Immediately ClubCorp – The World Leader in Private Clubs® (NYSE:MYCC) – today announced that it has reached an agreement (the “Agreement”) with FrontFour Capital Group LLC and certain of its affiliates (“FrontFour”) under which two new independent directors have been added to the ClubCorp Board of Directors, effective immediately. With these additions, the ClubCorp Board now comprises 10 directors, nine of whom are independent.
The two new independent directors are: -          Simon M. Turner, formerly the President, Global Development of Starwood Hotels & Resorts: Mr. Turner, who was identified as a mutually agreeable candidate pursuant to the Agreement, will be included on the Company’s slate of class I directors standing for election at the 2017 Annual Meeting and will serve as a member of the Board’s Nominating and Corporate Governance Committee. -          Emanuel (“Manny”) Pearlman, Executive Chairman of...
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Wed. Apr. 12, 2017 ClubCorp CEO Eric Affeldt to Retire
ClubCorp – The World Leader in Private Clubs® (NYSE:MYCC) – today announced that Eric Affeldt intends to retire from his role as Chief Executive Officer upon the appointment of his successor.
As part of its regular CEO succession planning process, the Board has identified a strong internal candidate and will engage a leading executive search firm to identify additional, highly qualified, external candidates. "The Board extends its deep appreciation to Eric for his outstanding leadership over the past 11 years,” said John Beckert , Chairman of the Board. “His expertise and strategic leadership have been instrumental in strengthening the Company. We look forward to Eric’s continued leadership as we conduct our CEO search and execute a seamless leadership transition.” Affeldt, who joined ClubCorp as President and CEO in late 2006, has led the Company through the best 10 years of its 60 year history, in terms of financial performance. In addition, he oversaw the investment of more...
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Wed. Apr. 12, 2017 ClubCorp Acquires Oakhurst Golf & Country Club, Marking Its Fourth Acquisition in 2017
Detroit-Area Club Offers Arthur Hills-Designed Golf Course, Tennis, Swimming and Dining ClubCorp – The World Leader in Private Clubs ® (NYSE:MYCC) – announces its fourth acquisition in 2017 with the purchase of Oakhurst Golf & Country Club , a premier private club in Clarkston, Michigan , just northwest of Detroit . ClubCorp plans to spend more than $1 million to reinvent the club, bringing stylish and new dining and social features to the clubhouse and patio, plus improvements to the golf course and aquatics center.
“With its location in a family oriented, upscale community and featuring an outstanding golf course and spectacular clubhouse, Oakhurst Golf & Country Club is a welcome addition to our portfolio of clubs and an expansion for our Detroit market,” said Mark Burnett, ClubCorp COO and president. Additional clubs in the area include Oak Pointe Country Club in Brighton, TPC Michigan in Dearborn and the Skyline Club in Southfield. “This is an exciting time for...
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Wed. Apr. 12, 2017 ClubCorp Provides Update on Review of Strategic Alternatives
ClubCorp – The World Leader in Private Clubs® (NYSE:MYCC) – today provided an update on its review of strategic alternatives, which was announced on January 12, 2017 .
After a careful and thorough evaluation, the Company’s Board of Directors has unanimously determined not to pursue a strategic transaction at this time, and to continue executing its three-pronged growth strategy focused on organic growth, reinvention and acquisitions. The Board’s Strategic Review Committee, along with the Board’s independent financial and legal advisors, conducted a robust and thorough process, which included discussions with a wide array of potential counterparties regarding an outright purchase of, potential investments in, partnerships with, and/or asset purchases from the Company. The Strategic Review Committee remains in place and continues to discuss opportunities to enhance shareholder value. John Beckert , Chairman of the Board, said, “Under the leadership of the Strategic Review...
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Wed. Apr. 12, 2017 ClubCorp Reports Twelfth Consecutive Quarter of Growth, Announces Acquisition of Oakhurst Golf and Country Club and "The Collective" a New Club Concept
First quarter revenue was $221.3 million , up 3.0%, net loss decreased $0.8 million to $7.5 million , and adjusted EBITDA was $43.7 million , up 4.2% ClubCorp acquires Oakhurst Golf and Country Club in Clarkston, Michigan ClubCorp signs lease to open a new concept business / social club "The Collective" in Seattle, Washington The Company's Board of Directors provides an update on its review of strategic alternatives by unanimously determining not to pursue a strategic transaction at this time. The Board's Strategic Review Committee will remain in place, and the Company will continue executing its three-pronged growth strategy focused on organic growth, reinvention and acquisitions ClubCorp - The World Leader in Private Clubs® (NYSE:MYCC) - announces financial results for its fiscal-year 2017 first quarter ended March 21, 2017. The first quarter of fiscal 2017 and fiscal 2016 consisted of 12 weeks. All growth percentages refer to year-over-year progress. First Quarter Results: Revenue...
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Mon. Apr. 10, 2017 ClubCorp and Alexandria Real Estate Equities Launch New, Dynamic Club in Seattle
Located in Seattle’s thriving South Lake Union cluster, The Collective will bring the city’s top-tier entrepreneurs and creatives together in an energetic environment featuring a day + night bar, communal workspaces, an urban spa and a boutique bouldering gym ClubCorp –  The World Leader in Private Clubs ® (NYSE:MYCC) – announces with Alexandria Real Estate Equities, Inc. (NYSE:ARE), the leader in collaborative life science and technology campuses, plans for The Collective, a new club in the heart of South Lake Union . Slated to open in March 2018 , The Collective will connect Seattle’s growing community of innovators and creatives, as well as provide them with an urban escape for the mind, body and soul. “Opening The Collective is a new and exciting venture for ClubCorp,” said Eric Affeldt, ClubCorp CEO. “We are realigning traditional club elements with a completely new concept that combines a unique community experience with collaborative work spaces, spa and physical well-being....
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Mon. Apr. 10, 2017 ClubCorp Holdings, Inc. Announces First Quarter Earnings Release Date and Conference Call Information
Company to Provide Status Update on Review of Strategic Alternatives ClubCorp – The World Leader in Private Clubs® (NYSE:MYCC) – today announced that it will release its first quarter fiscal 2017 financial results before market open on Wednesday, April 12, 2017 .
The Company's quarterly conference call and webcast will be held the same day at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). On the conference call, the Company will also provide a status update on the Board of Directors’ review of strategic alternatives. To participate in the teleconference, please call in a few minutes before the start time: (877) 201-0168 for U.S. callers and (647) 788-4901 for international callers and reference the ClubCorp first quarter conference call (conference code 99134788) when prompted. The live webcast and an archived replay of the call can be accessed through the Investors section of the ClubCorp website at ir.clubcorp.com . For those unable to participate in the live call, a replay...
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Tue. Mar. 14, 2017 ClubCorp Announces Third Acquisition in 2017 with Purchase of Norbeck Country Club
Rockville, Maryland, Family Friendly Club Offers Golf, Tennis, Swimming and Dining ClubCorp – The World Leader in Private Clubs ® (NYSE:MYCC) – announces the acquisition of Norbeck Country Club , a premier country club in Rockville, Maryland , just north of Washington, D.C. This marks the third acquisition this year for ClubCorp , which plans a multimillion-dollar reinvention of the club that will feature new dining amenities, and improvements and upgrades to the club over the next two years.
“Norbeck Country Club is an exceptional, family oriented full-service club – a profile that fits nicely into our portfolio of clubs in the D.C./Maryland/Virginia area,” said Mark Burnett, ClubCorp COO and president. “We are very excited to now offer our members two outstanding clubs in the Maryland market.” Additional clubs in the area include Eagle’s Nest Country Club in Phoenix, Maryland , which ClubCorp acquired last month, Chantilly National Golf and Country Club in Centreville,...
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Wed. Feb. 22, 2017 ClubCorp Announces the Addition of North Hills Country Club
Philadelphia-Area Family Focused Club Offers Golf, Swimming and Dining ClubCorp – The World Leader in Private Clubs ® (NYSE:MYCC) – announces the acquisition of North Hills Country Club , a premier member-owned country club, founded in 1908 located just north of downtown Philadelphia . ClubCorp has plans for a multimillion-dollar reinvention that will bring new amenities, improvements and upgrades to the club. “We are proud to add North Hills Country Club, an exceptional club rich in history and family traditions, to our portfolio of clubs,” said Mark Burnett, ClubCorp COO and president. “The club allows us to expand to three clubs in the Philadelphia market, perfectly complementing our Hartefeld National club in Avondale and the newly reinvented Pyramid Club located downtown.” “The members are extremely excited about ClubCorp acquiring North Hills,” said Del Markward , president of the club. “They are a world-class organization that brings an expansive network of benefits and...
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Wed. Feb. 22, 2017 ClubCorp Reports Sixth Consecutive Year of Record Results, and Announces Acquisition of North Hills Country Club
Fiscal 2016 revenue was $1.1 billion , up 3.4%, net income increased $13.6 million to $4.0 million , and adjusted EBITDA was $247.7 million , up 6.2% Fourth quarter revenue was $345.3 million , up 4.1%, net income increased $11.7 million to $5.4 million , and adjusted EBITDA was $83.3 million , up 4.7% ClubCorp acquires North Hills Country Club in Glenside, Pennsylvania ClubCorp - The World Leader in Private Clubs® (NYSE:MYCC) - announces financial results for its fiscal-year 2016 fourth quarter ended December 27, 2016. The fourth quarter of fiscal 2016 and fiscal 2015 consisted of 16 weeks. Fiscal 2016 and fiscal 2015 consisted of 52 weeks. All comparisons are year-over-year. ClubCorp Holdings, Inc. A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/2ad53ca4-1698-40d8-a2f9-e2b2eb77f882 Fourth Quarter Results:
Revenue increased $13.6 million to $345.3 million, up 4.1%.  Net Income increased $11.7 million to $5.4 million....
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Wed. Feb. 15, 2017 ClubCorp Charity Classic Raises Record-Breaking $3,053,312
In its 10th year, ClubCorp’s major philanthropic effort has now raised more than $20.3 million ClubCorp – The World Leader in Private Clubs ® (NYSE:MYCC) – today announced that through its Charity Classic events the company raised $3,053,312 in 2016, breaking its previous all-time fundraising record set in 2015. The Charity Classic, ClubCorp’s major philanthropic effort benefiting over 100 national and local charitable organizations, Augie’s Quest/ALS Therapy Development Institute and ClubCorp’s E.P.C.F., has now raised more than $20.3 million since its inception in 2007. From left: Joel Pitts, ClubCorp Regional Vice President; Lynne Nieto, wife of Augie Nieto of Augie’s Quest; Brookhaven Member David McCool and Chuck Feddersen, ClubCorp Executive Vice President, Golf and Country Clubs, attend the 2016 ClubCorp Charity Classic event at Brookhaven Country Club in Farmers Branch, Texas. Brookhaven Country Club raised a total of $80,000 during their event, while ClubCorp clubs combined...
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Wed. Feb. 15, 2017 ClubCorp Holdings, Inc. Announces 2016 Fourth Quarter and Full Year Earnings Release Date and Conference Call Information
ClubCorp – The World Leader in Private Clubs® (NYSE:MYCC) – today announced that it will release its fiscal 2016 full-year and fourth quarter financial results before market open on Wednesday, February 22, 2017 .
The Company’s quarterly conference call and webcast will be held the same day at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). Participants on the call will include Eric Affeldt, Chief Executive Officer; Mark Burnett, President and Chief Operating Officer; Curt McClellan, Chief Financial Officer; and Frank Molina, Senior Vice President of Investor Relations and Treasury. To participate in the teleconference, please call in a few minutes before the start time: (877) 201-0168 for U.S. callers and (647) 788-4901 for international callers and reference the ClubCorp fourth quarter conference call (conference code 56353403) when prompted. The live webcast and an archived replay of the call can be accessed through the Investors section of the ClubCorp website at...
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Thu. Feb. 09, 2017 ClubCorp Announces Quarterly Dividend of $0.13
ClubCorp – The World Leader in Private Clubs® (NYSE:MYCC) – today announced that its Board of Directors has declared a quarterly cash dividend of $0.13 per share payable on April 17, 2017 to all common stockholders of record at the close of business on April 5 , 2017.
About ClubCorp (NYSE:MYCC) Since its founding in 1957, Dallas-based ClubCorp has operated with the central purpose of Building Relationships and Enriching Lives®. ClubCorp is a leading owner-operator of private golf and country clubs and private business clubs in North America. ClubCorp owns or operates a portfolio of over 200 golf and country clubs, business clubs, sports clubs, and alumni clubs in 26 states, the District of Columbia and two foreign countries that serve over 430,000 members, with approximately 20,000 peak-season employees. ClubCorp Holdings, Inc. is a publicly traded company on the New York Stock Exchange (NYSE:MYCC). ClubCorp properties include: Firestone Country Club (Akron, Ohio); Mission Hills...
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Wed. Feb. 08, 2017 ClubCorp Acquires Eagle’s Nest Country Club
Located in Maryland, Eagle’s Nest Offers Golf, Tennis, Dining and Swimming ClubCorp – The World Leader in Private Clubs ® (NYSE:MYCC) – announces the acquisition of Eagle’s Nest Country Club , a premier member-owned country club located in Maryland, just north of Baltimore. ClubCorp plans to spend more than $1 million on capital projects that will bring new amenities, improvements and upgrades to the club. Eagle’s Nest Country Club, which includes an Olympic-size pool among its amenities, offers spectacular views overlooking Dulaney Valley and Loch Raven Reservoir. The 18-hole championship golf course at Eagle’s Nest Country Club is accented by streams, ponds and bunkers that challenge all levels of golfers. Eagle’s Nest Country Club offers a championship 18-hole golf course surrounded by sycamores and 75 dawn redwoods – one of the largest single collections in the country of the majestic trees. Photos accompanying this announcement are available at...
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Thu. Jan. 12, 2017 ClubCorp Reviewing Strategic Alternatives
The World Leader in Private Clubs® (NYSE: MYCC ) - today announced that the Board of Directors has established a Strategic Review Committee (the "Committee"), which, with the assistance of financial advisors, is reviewing and evaluating alternatives to further enhance shareholder value.
The Committee, comprised of independent directors, is working closely with the management team to oversee the review process and will report its findings to the full Board of Directors. The Committee is focusing on opportunities to further unlock the value inherent in the Company. The Committee is evaluating opportunities with a focus on maximizing value for all shareholders. The Company has engaged Jefferies LLC and Wells Fargo Securities, LLC as financial advisors to assist the Committee. About ClubCorp (NYSE: MYCC) Since its founding in 1957, Dallas -based ClubCorp has operated with the central purpose of Building Relationships and Enriching Lives ® . ClubCorp is a leading owner-operator of...
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