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.
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.
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.”
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