67 WALL STREET, New York - February 20, 2014 - The Wall Street Transcript has just published its 2013 IPOs Report offering a timely review of companies new to the stock market. This special feature contains expert industry commentary through in-depth, detailed interviews with CEOs and senior executives of new public companies. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
Topics covered: Initial Public Offerings - IPOs
Companies include: ClubCorp Holdings, Inc. (MYCC) and many others.
In the following excerpt from the 2013 IPOs Report, the Chief Executive Officer of ClubCorp Holdings, Inc. (MYCC) gives a detailed strategic plan for his company for investors:
TWST: Can we begin with a brief overview of ClubCorp's business?
Mr. Affeldt: In simplest terms, we are the largest owner, emphasis added, operator of golf and country clubs, certainly in North America. We've been in business 57 years, headquartered in Dallas, Texas. We own and/or operate 154 clubs in 25 states; Washington, D.C.; China; and Mexico, and our primary business is in membership. So although a large number of our clubs are golf and country clubs, we really consider ourselves to be in the membership business, as almost 50% of our total revenues come from dues.
TWST: Is the worldwide interest in golf as strong as in the U.S.?
Mr. Affeldt: Yes, and again, I would answer the question differently than you asked it. We are in the membership business, first and foremost. Yes, we own and operate golf clubs and I, relative to your specific question, think the demand for golf-specific varies from country to country. It's quite strong in the U.K., as you can imagine, and in Spain. I was shocked a few years ago on a visit to Israel, when I was told that there was one golf course in all of Israel. So it varies from country to country, and we are really U.S.-focused, so our investments outside the U.S. are very limited.
TWST: You talk about this as a membership business, and I know you have the golf and country clubs as well as the business and sports and alumni clubs, but are there any other areas that you are considering that you think would fit this kind of membership model?
Mr. Affeldt: Yes, we love the membership model. You know what that is, fundamentally you pay once to join a club, you pay repeatedly to access the club through dues, and then you pay again through utilization of the club and buying what I would call our ancillary services, be that food and beverage or running a golf car or hosting a wedding or bar mitzvah or whatever the case may be.
I love the business, because there are so many different revenue streams, so if we had the opportunity to look at other member-related businesses, we would certainly do so, although the company's history has been focused on, again, more recreation, social and business use.
TWST: Over the next 12 to 24 months, what is the agenda for your company?
For more of this interview and many others visit the Wall Street Transcript - a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs, portfolio managers and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
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