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The golf course business has been under siege in recent years as rounds played have been on a continual decline. The exception was in 2012 (+5.7% according to Golf Datatech) when Mother Nature was in an accommodating mood! Nevertheless, its been tough sledding by most accounts in an effort to grow volume as well as members at the private course level. While it seems only bad news ever gets reported these days, never fear there are those that still find a way to persevere despite the never ending challenges.

ClubCorp Holdings, Inc. (NYSE: MYCC) announced financial results for its fiscal-year 2013 fourth quarter and full-year ended December 31, 2013. Revenue in the fourth quarter came in at $269.6 million, an increased of $30.4 million, up 12.7% compared to the fourth quarter of 2012. According to the company, the increase was due primarily to organic and acquisition growth in its golf and country club segment. Revenues for 2013 year were $815.1 million, an increased of $60.1 million or 8.0% over the fiscal year 2012.

The company reported same store golf and country club (GCC) memberships increased 0.8% over 2012, while business, sports and alumni club memberships decreased 1.0%. Among some if its segment highlights, golf and country clubs total revenue was $201.1 million for the fourth quarter of 2013, an increased of $21.7 million, up 12.1% compared to the fourth quarter of 2012. Same store revenue increased $16.2 million, up 9.1%, due to increases from all three major revenue streams: dues, food and beverage, and golf  operations revenue.

For full year fiscal 2013, GCC revenue was $627.3 million. Same store revenue increased $32.3 million, up 5.6% compared to the fiscal year ended 2012. For full year fiscal 2013, GCC total segment EBITDA (earnings before interest, taxes, depreciation and amortization charges) was $179.2 million, an increase of $10.9 compared to the fiscal year ended December 25, 2012

Eric Affeldt, Club Corp., president and chief executive officer remarked, "I'm very pleased with our fourth quarter and full year 2013 results. Our record performance this year demonstrates the strength of our dues-based business model. We remain focused on our three pronged growth strategy, which includes: organic growth from increased membership and programming, accelerated growth via capital investment and reinvention in our clubs, and increase in membership and adjusted EBITDA through disciplined acquisitions.

“Throughout 2013, we were able to reinvent 12 clubs and add three clubs to our portfolio. We also enjoyed the highest level of membership sales than any time in recent years. Members are responding favorably to our ongoing programming, new club amenities and the value of our O.N.E. program and network benefits. I'm extremely proud of our Employee Partners and their commitment to build relationships and enrich the lives of our Members. We look forward to continued progress in 2014 and feel confident in our long-term objective to grow adjusted EBITDA by 5-7% per year."

Curt McClellan, Club Corp’s chief financial officer, added, "2013 was a milestone year for us as we made the transition from a private to public equity company. Our strong fourth quarter performance benefited from continued execution of our growth strategy to reinvent and acquire new clubs. Since 2010, we have reinvented 35 clubs and acquired 11 new properties, including our recent Prestonwood acquisition. As a result, we continue to see an increase in new members, an increase in club usage and an increase in average revenue per member visit. Additionally, on the heels of an improving macroeconomic environment, we also saw an increase in a la carte and private event revenues. With the backdrop of an economy that improves in 2014, we believe our growth strategy focused on organic membership growth and retention, club reinvention and acquisitions will remain effective."