Loading...
•
Jun 30, 2020
Drive Shack Q2 2020 Earnings Report
Drive Shack reported a loss in Q2 2020 due to suspended operations at the beginning of the quarter, but experienced positive momentum as venues reopened with new safety measures and a repositioned labor model.
Key Takeaways
Drive Shack Inc. reported a loss of $40.921 million, or ($0.61) per share, for the second quarter ended June 30, 2020, compared to a loss of $14.354 million, or ($0.21) per share, in the corresponding period of the prior year. The company's total revenue was $32.1 million, compared to $71.615 million in the same quarter of the previous year. Despite the challenging environment, the company experienced positive momentum as it reopened its golf courses and Gen 2.0 Drive Shack venues.
All traditional golf courses and most entertainment golf venues resumed operations by the end of June.
Traditional golf business generated $30 million in revenue, or $22 million after adjusting for managed course expense reimbursements.
Entertainment golf venues generated approximately $2 million in revenue across 85 collective days of operations.
The company had approximately $12 million of unrestricted cash on hand as of July 31, 2020.
Drive Shack
Drive Shack
Drive Shack Revenue by Segment
Revenue by Segment
Golf Operations Revenue
CapyFin.com Forward Guidance
The Company cautions that this release contains forward-looking statements, including, without limitation, statements relating to our expected results of operations and the impact on our business and operations of the COVID-19 pandemic.