- Drive Shack Inc (NYSE:DS) reported first-quarter FY22 sales growth of 12.9% year-on-year to $68.98 million, beating the consensus of $65.40 million.
- Revenue from golf operations rose 4% Y/Y, and sales of food and beverages jumped 72.7% Y/Y.
- Operating expenses rose 12.8% Y/Y to $55.1 million. The operating loss for the quarter was $(18.4) million versus a loss of $(7.9) million last year.
- The company held $48.1 million in cash and equivalents as of March 31, 2022.
- It reported an Adjusted EBITDA of $1.02 million, versus $2.7 million last year.
- EPS loss of $(0.22) missed the analyst consensus of $(0.14).
- The company's board declared dividends on the company's preferred stock for the period beginning May 1, 2022, and ending July 31, 2022.
- The dividends are payable on August 1, 2022, to holders of record of preferred stock on July 1, 2022.
- "Our Drive Shack and American Golf businesses continue to generate solid earnings and we are gaining a clear proof of concept with our two Puttery venues, both delivering sales results and profitability margins ahead of our expectations this quarter," said CEO Hana Khouri.
- Price Action: DS shares are trading higher by 6.19% at $1.20 in pre-market on the last check Tuesday.
