Home > Boards > US Listed > Gaming and Casinos > Drive Shack Inc. (DS)

Drive Shack Inc. Announces First Quarter 2018 Results

Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
Enterprising Investor Member Profile
Member Level 
Followed By 207
Posts 10,752
Boards Moderated 6
Alias Born 04/05/09
160x600 placeholder
Statement of Ownership (sc 13g) Edgar (US Regulatory) - 2/14/2020 1:36:37 PM
Disclosure of Asset-backed Securities (abs-15g) Edgar (US Regulatory) - 2/14/2020 10:39:35 AM
Amended Statement of Ownership (sc 13g/a) Edgar (US Regulatory) - 2/7/2020 11:19:31 AM
Statement of Ownership (sc 13g) Edgar (US Regulatory) - 2/7/2020 8:48:19 AM
Drive Shack Inc. Schedules Fourth Quarter and Full Year 2019 Earnings Release and Conference Call Business Wire - 2/5/2020 4:30:00 PM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 1/3/2020 4:16:06 PM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 1/3/2020 4:15:36 PM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 1/3/2020 4:15:30 PM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 12/26/2019 5:20:35 PM
Drive Shack Orlando to Reopen its Doors Nov. 29 PR Newswire (US) - 11/25/2019 12:48:00 PM
Quarterly Report (10-q) Edgar (US Regulatory) - 11/12/2019 5:12:17 PM
Current Report Filing (8-k) Edgar (US Regulatory) - 11/12/2019 7:37:22 AM
Success of New Venues Showcased in Drive Shack Inc.’s Third Quarter 2019 Results Business Wire - 11/11/2019 10:45:00 PM
Drive Shack Inc. Schedules Third Quarter 2019 Earnings Release and Conference Call Business Wire - 11/8/2019 1:00:00 PM
Drive Shack Opens Its West Palm Beach Location Today PR Newswire (US) - 10/18/2019 8:00:00 AM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 10/3/2019 4:28:06 PM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 10/3/2019 4:27:26 PM
Bringing A New Level Of Entertainment To Richmond: Drive Shack Opens Sept. 20 PR Newswire (US) - 9/20/2019 8:00:00 AM
Bringing A New Level Of Entertainment To Raleigh: Drive Shack Now Open PR Newswire (US) - 9/17/2019 4:57:00 PM
Current Report Filing (8-k) Edgar (US Regulatory) - 8/23/2019 4:15:51 PM
Amended Statement of Beneficial Ownership (sc 13d/a) Edgar (US Regulatory) - 8/16/2019 4:26:08 PM
Initial Statement of Beneficial Ownership (3) Edgar (US Regulatory) - 8/15/2019 4:16:19 PM
Current Report Filing (8-k) Edgar (US Regulatory) - 8/8/2019 4:49:41 PM
Quarterly Report (10-q) Edgar (US Regulatory) - 8/6/2019 4:04:35 PM
Current Report Filing (8-k) Edgar (US Regulatory) - 8/6/2019 8:18:14 AM
Enterprising Investor Member Level  Wednesday, 05/09/18 11:56:20 PM
Re: None
Post # of 514 
Drive Shack Inc. Announces First Quarter 2018 Results and Declares Second Quarter 2018 Preferred Stock Dividends (5/03/18)

NEW YORK--(BUSINESS WIRE)--Drive Shack Inc. (NYSE:DS; the “Company”) today reported the following information for the first quarter ended March 31, 2018.

BUSINESS HIGHLIGHTS

Drive Shack – The Company opened its first venue in Orlando, Florida, in April 2018.

The Company has announced five additional venues to date, which are in various stages of development, and are expected to open throughout 2019.

Drive Shack continues to assess a national and global pipeline of locations and aims to open five to ten sites annually as the business ramps.

American Golf – As of March 31, 2018, the Company owned, leased or managed 74 golf properties across 12 states. These courses are located predominately in high-volume, top-tier cities across the U.S.
On a same-store basis, excluding managed courses, the traditional golf business ended the first quarter with approximately 39,000 Players Club members for public properties, an increase of approximately 4,000 members over the end of the first quarter of the prior year.
On the private side of the business, there were approximately 8,700 full golf members at the end of the first quarter representing an increase of 464 members from the end of the first quarter of the prior year. For the trailing twelve months, average annual dues per full golf private member increased by $302 since first quarter 2017, on a same-store basis, to $6,377.

FIRST QUARTER 2018 FINANCIAL RESULTS

GAAP Loss of $18 million, or $0.26 per share, compared to loss of $14 million, or $0.21 per share, in 1Q 2017.

Core Earnings of $(5) million, or $(0.08) per share, compared to $(0.4) million, or $(0.01) per share, in 1Q 2017.

Year-over-year decrease is primarily due to lower interest income because of the repayment of the resorts-related loan and sale of agency securities.

SECOND QUARTER 2018 PREFERRED STOCK DIVIDENDS

Drive Shack Inc.’s Board of Directors declared dividends on the Company's preferred stock for the period beginning May 1, 2018 and ending July 31, 2018. The dividends are payable on July 31, 2018 to holders of record of preferred stock on July 2, 2018. The Company will pay dividends of $0.609375, $0.503125 and $0.523438 per share on the 9.750% Series B, 8.050% Series C and 8.375% Series D preferred stock, respectively.

ADDITIONAL INFORMATION

For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of the Company’s website, http://ir.driveshack.com. For consolidated investment portfolio information, please refer to the Company’s most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K, which are available on the Company’s website, http://ir.driveshack.com.

EARNINGS CONFERENCE CALL

The Company’s management will host a conference call on Thursday, May 3, 2018 at 9:00 A.M. Eastern Time. A copy of the earnings release will be posted to the Investor Relations section of Drive Shack Inc.’s website, http://ir.driveshack.com.

All interested parties are welcome to participate on the live call. The conference call may be accessed by dialing 1-866-913-6930 (from within the U.S.) or 1-409-983-9881 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference conference ID “5197994.”

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at http://ir.driveshack.com. Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the internet broadcast.
A telephonic replay of the conference call will also be available two hours following the call’s completion through 11:30 P.M. Eastern Time on Thursday, May 17, 2018 by dialing 1-800-585-8367 (from within the U.S.) or 1-404-537-3406 (from outside of the U.S.); please reference conference ID “5197994.”

[Tables deleted]

ABOUT DRIVE SHACK INC.

Drive Shack Inc. is a leading owner and operator of golf-related leisure and entertainment businesses.

https://www.businesswire.com/news/home/20180503005448/en/Drive-Shack-Announces-Quarter-2018-Results-Declares

"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
Follow Board Follow Board Keyboard Shortcuts Report TOS Violation
X
Current Price
Change
Volume
Detailed Quote - Discussion Board
Intraday Chart
+/- to Watchlist