Company Overview

TWC is engaged in golf club operations under the trademark, "ClubLink One Membership More Golf."  TWC is Canada's largest owner and operator of golf clubs with 53.5 18-hole equivalent championship and 3.5 18-hole equivalent academy courses at 41 locations in Ontario, Quebec and Florida.

Golf Club Operations Segment

The Golf Club clusters are located in densely populated metropolitan areas and the resort destinations frequented by those who live and work in these areas. By operating in Regions, ClubLink is able to offer golfers a wide variety of unique membership, corporate event and resort opportunities. ClubLink is also able to obtain the benefit of operating synergies to maximize revenue and achieve economies of scale to reduce costs.

Revenue at all golf club properties is enhanced by cross-marketing, as the demographics of target markets for each are substantially similar. Revenue is further improved by corporate golf events, business meetings and social events that utilize golf capacity and related facilities at times that are not in high demand by ClubLink's Members.

Member and Hybrid Golf Club revenue is maximized by the sale of flexible personal and corporate memberships that offer reciprocal playing privileges at ClubLink Golf Clubs and, on payment of an additional fee, inter-regional play within ClubLink and ClubCorp of America Golf Clubs. Daily Fee Golf Club revenue is maximized through unique and innovative marketing programs. Resort revenue is maximized by the integration of high quality golf facilities, which are recognized throughout the leisure industry as the key amenity for successfully attracting corporate groups and leisure guests.

Corporate Operations Segment

TWC's objective at the corporate level is to identify opportunities to generate incremental returns and cash flow. Historically, the nature of these investments included debt and equity instruments in both public and private organizations. Currently, management is focused on improving the returns of operating business segments.