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Clublink Corporation Announces Second Quarter 2000 Results.
Business Editors
KING CITY, Ontario--(BUSINESS EDITORS)--Aug. 25, 2000
ClubLink (TSE:LNK.) Corporation announced today its results for the second quarter 2000.
Second quarter revenue of $32,618,000 increased 14% from $28,720,000 for the second quarter 1999. Income before amortization, interest and other declined to $8,954,000 from $10,423,000 or 14% on a quarter over quarter basis.
ClubLink's second quarter 2000 net income of $3,062,000 or 11 cents per share, compares to net income of $3,736,000 or 15 cents per share for the same quarter in 1999. Cash flow from operations for the second quarter 2000 was $5,945,000 or 27 cents per share, compared to $8,271,000 or 40 cents per share for the same quarter in 1999. ClubLink's net income was impacted by expenses incurred in 2000 at Golf Clubs acquired or opened at various times during the first half of 1999. Accordingly, the year earlier periods did not have comparable expenses. In addition, ClubLink amended its capitalization policy for corporate overhead, and interest, effective January 1, 2000. The amounts capitalized during the first half of 1999 under the previous accounting policy are: (i) corporate overhead of $622,000 for the second quarter 1999 and $1,032,000 for the six months ended July 4, 1999 and (ii) interest of $517,000 for the second quarter 1999 and $1,305,000 for the six months ended July 4, 1999. If the amended capitalization policy had been in place during the first half of 1999, ClubLink would have reported earnings of 12 cents per common share for the second quarter and 6 cents per common share for the period ended July 4, 1999.
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