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W. P. Carey Foundation Makes Historic $125 Million Gift to Name Penn’s Law School

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Leader in legal education is named University of Pennsylvania Carey Law School in recognition of transformative commitment – the largest ever to a law school

PHILADELPHIA–(BUSINESS WIRE)–The W. P. Carey Foundation, one of the leading philanthropic supporters of educational institutions, has made a $125 million gift to the law school at the University of Pennsylvania, the largest gift ever to a law school. In recognition of the Foundation’s generosity and in honor of the Carey family and its long-term involvement with Penn, the school will be named the University of Pennsylvania Carey Law School.

With this transformative gift, the Carey Law School will build upon its already strong and highly recognized academic programs, attracting the most talented students who graduate prepared to succeed as lawyers and leaders. The gift will allow the Carey Law School to increase student financial support, ensuring robust support for historically underrepresented students; expand upon one of the most longstanding, rigorous, and expansive pro bono programs of any peer law school; and support the recruitment of the finest scholars who will generate new research insights that will inform and impact the profession.

In addition, the gift will enrich students’ preparation for long-term career success by increasing investment in innovative interdisciplinary, and entrepreneurial programming, and enables Carey Law School to provide its alumni a rich program of lifetime learning and career support beyond their first job, drawing insights from the newly launched Future of the Profession Initiative. Carey Law will be at the forefront of training students in creative problem-solving and the increasing interconnectivity of commerce, law, and public policy.

The W. P. Carey Foundation has a long and deep history with the University of Pennsylvania with generations of Carey family members having attended the University over the past three centuries. This gift honors their legacy, and in particular the first President of the W. P. Carey Foundation, Francis J. Carey (1926-2014) C’45, L’49, for the 70th anniversary of his law school graduation, and his brother Wm. Polk Carey W’53, founder of the W. P. Carey Foundation and W. P. Carey Inc.

“The Carey Foundation’s historic gift will further elevate an outstanding multidisciplinary program of legal education at the University of Pennsylvania,” said Penn President Amy Gutmann. “The Carey family and the Foundation have deep roots at Penn as dedicated alumni and generous supporters of the University’s educational mission and its students. Through this partnership their philanthropy will benefit generations of law students, the profession, and the rule of law. We are grateful for and inspired by their leadership and their commitment to the University.”

William P. Carey II WG’ 19, Chairman of the W. P. Carey Foundation said, “The W. P. Carey Foundation shares Penn’s fundamental conviction that the study of law must be connected with the insights of other disciplines. This gift will bolster cross-disciplinary opportunities for law students at Penn’s 11 other top-ranked graduate and professional schools, preparing the next generation of leaders in the law, business, government, and in the public interest. This is a proud moment for both the Foundation and our family as we pay homage to the legacy of both Bill and Frank Carey.”

Focus on Forward-Looking Cross-Disciplinary Legal Education

The Carey Law School and the W. P. Carey Foundation share a core belief that the law is deeply connected to other spheres of knowledge and activity, such as business, medicine, technology, the humanities, and politics and public service. This transformative gift will ensure that legal education both at the University of Pennsylvania and ultimately nationally will increasingly focus on the connectivity between law and a range of other disciplines. This gift aims to expand and evolve the Carey Law School’s integrated and interdisciplinary education with other parts of the University to develop the most knowledgeable and broadly skilled graduates.

Supporting and Strengthening the Students and Faculty

The W. P. Carey Foundation’s generosity will support future generations of law students and law faculty. The Foundation and Carey Law are committed to recruiting an even more diverse student body, ensuring the most talented individuals from the widest range of backgrounds have access to an outstanding legal education, while fostering a community that values equity and inclusion. The W. P. Carey Foundation shares the University’s vision of supporting a community that is diverse, inclusive and focused on helping all who need legal aid and support, regardless of financial circumstances. There will be specific resources directed to expanding the outstanding pro bono work of Carey Law School students in the greater Philadelphia community, nationwide, and abroad, while increasing support for those students who seek to launch careers in public service.

The resources from the gift will also enable Carey Law to continue to build the expertise, teaching strength, and diversity of its outstanding faculty, through recruitment, retention, and support for groundbreaking research for generations of impactful scholars.

Reshaping the Profession

With the Carey Law gift, the University will support the newly launched and innovative Future of the Profession Initiative, sponsoring research and a range of programming to ensure that law students, and the School’s curriculum and teaching, remain at the forefront of the economic and technological changes that will reshape the practice of law, and legal education, in the coming years. Thus, Carey Law School will build upon an exceptional record of preparing graduates to succeed in the legal profession, as the school leads the nation in new graduates’ employment outcomes.

Legal Education for Life

In addition, this gift will allow Carey Law to support all alumni throughout their careers by launching a new program of lifelong learning that will respond to rapid changes in the legal profession and society in the years ahead. All alumni will have access to continuing education programming and mid-career counseling resources tailored to all stages of their careers, with a specific emphasis on the many opportunities, challenges and transitions that will occur in their first decade as attorneys.

“This is a time of incredible opportunity to partner with the W. P. Carey Foundation so that together we may best support our students and graduates, generate new research insights that solve problems and lead us to a more just society, and adapt and expand an innovative and intensive program of legal education that most successfully trains tomorrow’s lawyers,” said Ted Ruger, Dean and Bernard G. Segal Professor of Law. “To amplify and extend our existing success, we must attract and support the best students, foster a diverse and inclusive learning environment in the broadest sense, recruit the finest scholars and teachers, and support our graduates as they enter and navigate a rapidly changing profession. This gift will make possible the achievement of those goals and more.”

“This is an auspicious day for Penn and for the future of the legal profession,” said David L. Cohen, Chair, Penn Board of Trustees, and a 1981 graduate of the Law School. “This tremendous gift strongly positions the institution for decades to come and will enhance the school’s identity and reputation in the U.S. and globally.”

The historic gift is the latest of the W. P. Carey Foundation’s longstanding support of Penn. The Foundation previously endowed the three-year Francis J. and Wm. Polk Carey JD/MBA program jointly offered by the Law School and Wharton, co-founded the Penn Institute for Economic Research (PIER), endowed the William Polk Carey Prize in Economics, and the Francis J. Carey Chair in Mathematics.

The University of Pennsylvania Carey Law School traces its history to 1790 when James Wilson, a signer of the Declaration of Independence, framer of the Constitution, and member of the first U.S. Supreme Court, delivered the University of Pennsylvania’s first lectures in law to President George Washington and members of his Cabinet. Today the hallmarks of the Carey Law School experience are a cross-disciplinary, globally-focused legal education, and vibrant, collegial community. Carey Law prepares graduates to navigate an increasingly complex world as leaders and influential decision-makers in the law and related fields.

The W. P. Carey Foundation is a private U.S. foundation founded in 1990 by Wm. Polk Carey, inspired by the Carey family’s legacy of educational leadership and philanthropy. The W. P. Carey Foundation’s primary mission is to support educational institutions with the larger goal of improving America’s competitiveness in the world. The main focus of the Foundation is in the following three areas: business and legal education, primary and secondary education, and community. Since its founding in 1990, the Foundation has granted over $200 million to hundreds of institutions.

The University of Pennsylvania, founded in 1740, is an Ivy League institution with a distinctive past. Its 12 undergraduate, graduate and professional schools are located in Philadelphia on an attractive urban campus that serves a diverse community of more than 20,000 students from throughout the nation and around the world. Ranked consistently among the top universities in the nation, Penn has a longstanding reputation for excellence in graduate and professional education.

Contacts

Media:
The W. P. Carey Foundation
Prosek Partners

Kearney Dewing / Kristen Duarte

857-302-3647 / 646-818-9074

kdewing@prosek.com / kduarte@prosek.com

The University of Pennsylvania Carey Law School
Steven Barnes

215-573-5181

sbarnes@law.upenn.edu

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Highly Anticipated “Bithumb Coin” Officially Announced by Bithumb Global

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SINGAPORE–(BUSINESS WIRE)–Bithumb Global, the leading digital asset exchange in the world, announces the highly anticipated crypto asset, Bithumb Coin (BT), which is the native token for the recently announced Bithumb Chain.

Bithumb Global announces the release of their native token titled “Bithumb Coin” which will hold the ticker name, $BT. The token allows transactions within Bithumb Chain which enables a plethora of different use-cases. Bithumb Chain is built by first rate esteemed professionals within the IT, security, cryptography and financial verticals.

What is Bithumb Coin

Bithumb Chain is the decentralized open-source protocol that powers the products, services, and infrastructure within the Bithumb Family ecosystem which helps capture value from both upstream and downstream of the trading business. To further bolster the infrastructure of the Bithumb Chain ecosystem, Bithumb Family has a variety of new technologies adding to the value network of the blockchain, including a creative EaaS (Exchange-as-a-Service), which is a unique protocol PSP (Profit Sharing Protocol). The EaaS allows users to access the service through one-click, and adding to this structure to incentivise users is Bithumb Coin (BT).

Bithumb Coin (BT) enables transactions within Bithumb Chain and provides the necessary mechanism for facilitating true incentives and value within the protocol. The first principle of the Bithumb Coin (BT) mechanism design is to facilitate the flow of value of the Bithumb Family ecosystem, thereby promoting sustainable development.

Token distribution has been described as follows: 30% of the token distribution is based on the user incentive pool, while another 30% is allocated for trading incentives with a point system which will be disclosed at a later time. The other functionality of the coin are as follows: Utility within Bithumb Chain for handling fees, usage rights of the Bithumb chain system and paying the transaction fees of the Bithumb Global platform as well as payment procedures for new products in the future. Through the system lease contract, users can also lease their BT to obtain leasing rewards. Moreover, BT holders can vote and participate in the governance of Bithumb Chain which includes project listing nomination. In effect, Bithumb Chain eco-participants not only participate in the formulation and direction of network development, but also the investment decisions of Bithumb Chain. Examples include BT allowing holders privileges in the platform’s marketing activities, including additional raffle tickets to BG Staging and additional rate of return when participating in token staking. Other perks of holding BT includes participating in Bithumb Chain events such as fair token distributions. Bithumb Coin has many perks designed for the holder.

Relationship between Bithumb Coin (BT) and Bithumb Chain

25% of the BT’s token distribution is based on the chain development and sustainability. The interrelationship of Bithumb Chain to BT can be analogous to how a smart blockchain city would function. Bithumb Chain would represent the city block while various members of the Bithumb Family would represent individual structures within the city and Bithumb Coin (BT) serves as the interconnecting roadway between the different structures within the city block. An example of this in action is as follows: BT holders can stake a choice number of tokens to become a community node of the Bithumb Global platform and regularly participate in Bithumb Family listing nominations. 50% of the platform revenue will also be used for BT buyback until 150 million tokens remain. Bithumb Coin (BT) would facilitate the exchange of value and information across the Bithumb Chain, thereby promoting the sustainable development of all on-chain products, platforms, and services.

Bithumb Korea is one of the largest bitcoin exchanges in the world. Its daily trading volume accounts for 75.7% of the bitcoin market in South Korea, accounting for 15% of the global bitcoin market. With Bithumb quickly being the most user-friendly digital asset ecosystem with a rock solid cyber security system and massive liquidity, BT has a bright future ahead for their 8 million Bithumb Family users already participating within the ecosystem.

Bithumb Coin’s token supply will be scarce with only 300 million tokens minted indefinitely.

For further details, please check the Bithumb Global website for the announcement.

About Bithumb Global

Bithumb Global is the global arm of Bithumb Korea, which is one of the top exchanges in the world, with a collective transaction volume exceeding 1 trillion US dollars. Bithumb Global is designed to facilitate every global user to trade, participate, or contribute to the digital assets ecosystem with ease.

Bithumb Global aims to become a user-friendly digital asset ecosystem with tighter security measures of international standards and increased liquidity. For more information on Bithumb Global, please visit www.bithumb.pro

Contacts

MEDIA CONTACT

Lin Xu, PR Manager

E-mail: pr@bithumb.pro

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FROSK, Inc.: G-STAR Exhibition Campaign! SmartBeat, the Smartphone App Crash Detection and Analytics Tool, Is Free for 30 Days!

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TOKYO–(BUSINESS WIRE)–Japan based FROSK, Inc. is offering the G-STAR exhibition campaign! Just for Korean app developers, its smartphone app crash detection and analytics tool, SmartBeat, free for 30 days!

[SmartBeat] https://smrtbeat.com/?lang=ko

-As a G-STAR negotiation perk, an additional 10 days (total 40 days) are free!

-SmartBeat’s three advantages

SmartBeat makes it easy to address ongoing quality assurance problems, using data from more than 100 countries and regions to support the quality improvement of apps from around the world.

[1] When a crash occurs, screen captures and a wealth of other data are collected in real time!

Crash detection occurs simultaneous to the error, so even data from users who leave for good is collected and analyzed. Beyond just basic error information, screen captures ensure a better understanding of what caused the error.

Also, it shows the number of normally difficult to detect Out of Memory errors.

[2] Must fix errors are automatically prioritized!

Errors with the same content are automatically grouped, and since it’s possible to sort based on the number of occurrences, affected users, etc, or filter by app version, etc, errors may be flexibly prioritized.

[3] Multi-platform support! Unreal Engine 4 is supported!

In addition to iOS and Android, Unity, Unreal Engine 4, Cocos2d-x and other Game Engines are supported, so it can be used with many types of apps.

Additionally, there are many other useful features for improving the quality of your apps.

[Feature details] https://smrtbeat.com/features/?lang=ko

Campaign Overview

Korean app developers will receive a 30 day extended free trial, normally only 14 days.

As a G-STAR negotiation perk, an additional 10 days (total 40 days) are free!

* Eligible free trial applications must be made by December 20, 2019 as a first-time business customer.

[Free Trial Application] https://smrtbeat.com/signup/?lang=ko
[Other inquiries] https://smrtbeat.com/contact/?lang=ko

About FROSK, Inc.

FROSK, Inc. designs, develops and operates support tools for smart device app developers. In the shape people “wish for”. Delivering a convenient service to speed app development.

https://frosk.co.jp/index.html?en

Contacts

FROSK, Inc.

Kenta Tanaka

+81-3-6898-7195

cs@frosk.co.jp

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Success of New Venues Showcased in Drive Shack Inc.’s Third Quarter 2019 Results

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The Company announces successful opening of 3 new Drive Shack venues, results significantly outperform expectations

Achieves goal of selling 24 owned golf courses for total proceeds of ~$170 million

NEW YORK–(BUSINESS WIRE)–Drive Shack Inc. (NYSE: DS), a leading owner and operator of golf entertainment and leisure venues, today announced financial results for its third quarter ended September 30, 2019.

The Company announced the successful openings of three Generation 2.0 Drive Shack venues: Raleigh, NC opened August 23rd; Richmond, VA opened September 20th; West Palm Beach, FL opened October 18th. As of November 8th, the three new venues generated combined revenue of $6.5 million, exceeding the Company’s plan by 21%. The new venues are expected to continue to ramp up faster than anticipated and achieve average EBITDA of $4 million to $6 million and development yields of 10 to 15% in 2020. Additionally, the Company announced the retirement of Ken May, who served as Chief Executive Officer. Hana Khouri, the Company’s current President, will be assuming the role of CEO and President.

“It has been a tremendous quarter, and we are thrilled to announce the success of our Generation 2.0 venues,” says Hana Khouri. “To open not one, but three new venues in a span of three months, and to see results of this caliber out of the gate, illustrates the strong trajectory of the company, as well as the talented and experienced leadership we have in place.”

“These results provide a real platform for valuation, stability, and growth of Drive Shack moving forward,” says Chairman of the Board of Directors, Wes Edens. “Hana and her team have done a phenomenal job and set a precedent for the level of success we expect moving forward as we grow the company on a national scale.”

Additionally, the Company announced substantial progress in the development of its newest innovation, the “Urban Box.” The indoor format will provide a social, technology-enhanced mini golf experience designed for dense, urban locations. The focus on putting reduces venue dimension requirements compared to the core Drive Shack stores, and therefore provides more real estate opportunities, shorter development timelines and less capital risk. Three Urban Box stores are set to debut alongside Drive Shack’s New Orleans venue in 2020.

The Company also announced the completion of its goal to sell 24 of its 26 owned golf courses for total proceeds of approximately $170 million by year end 2019. The proceeds will be used to fund the development of the Company’s entertainment golf venues.

Financial Results

Three Months Ended September 30, 2019 compared to the Three Months Ended September 30, 2018 and Nine Months Ended September 30, 2019 compared to Nine Months Ended September 30, 2018 ($ in thousands, except for per share data):

 

 

 

 

 

 

 

 

 

 

Three Months Ended

September 30, 2019

Three Months Ended

September 30, 2018

 

Nine Months Ended

September 30, 2019

 

Nine Months Ended

September 30, 2018

Total revenues

$

74,682

 

$

87,419

 

 

$

200,249

 

 

$

245,083

 

Loss applicable to common stockholders

$

(13,414

)

$

(15,470

)

 

$

(43,763

)

 

$

(39,360

)

 

 

 

 

Basic

$

(0.20

)

$

(0.23

)

 

$

(0.65

)

 

$

(0.59

)

Diluted

$

(0.20

)

$

(0.23

)

 

$

(0.65

)

 

$

(0.59

)

 

For the three months ended September 30, 2019, the Company reported a loss of $13 million, or ($0.20) per share, compared to a loss of $15 million, or ($0.23) share, in the corresponding period of the prior year. For the nine months ended September 30, 2019, the Company reported a loss of $44 million, or ($0.65) per share, compared to a loss of $39 million, or ($0.59) per share, in the corresponding period of the prior year.

The Company paid dividends on October 31, 2019 to holders of record of preferred stock on October 1, 2019, for the period beginning August 1, 2019 and ending October 31, 2019, in an amount equal to $0.609375, $0.503125 and $0.523438 per share on the 9.750% Series B, 8.050% Series C and 8.375% Series D preferred stock, respectively.

The Board of Directors of the Company declared dividends on the Company’s preferred stock for the period beginning November 1, 2019 and ending January 31, 2020. The dividends are payable on January 31, 2020, to holders of record of preferred stock on January 2, 2020, in an amount equal to $0.609375, $0.503125 and $0.523438 per share on the 9.750% Series B, 8.050% Series C and 8.375% Series D preferred stock, respectively.

Conference Call Tuesday, November 12, 2019

Management will hold a conference call to discuss these results Tuesday, November 12th at 9:15 a.m. Eastern Time. The conference call can be accessed over the phone by dialing 1-866-913-6930 (from within the U.S.) or 1-409-983-9881 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference conference ID “9757719.”

A copy of the earnings release will be posted to the Investor Relations section of Drive Shack Inc.’s website, http://ir.driveshack.com.

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at http://ir.driveshack.com. Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the internet broadcast. A telephonic replay of the conference call will also be available two hours following the call’s completion through 11:30 P.M. Eastern Time on Tuesday, November 26, 2019 by dialing 1-800-585-8367 (from within the U.S.) or 1-404-537-3406 (from outside of the U.S.); please reference conference ID “9757719.”

Additional Information

For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of the Company’s website, http://ir.driveshack.com. For consolidated information, please refer to the Company’s most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K, which are available on the Company’s website, http://ir.driveshack.com.

About Drive Shack

Drive Shack Inc. is a leading owner and operator of golf-related leisure and entertainment businesses.

Forward-Looking Statements: Certain items in this Press Release may constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Drive Shack Inc.’s (NYSE: DS; “DS Inc.” or the “Company” and “we,” “us” and “our,” as applicable) (a) statements relating to returns on our investments, (b) anticipated future sales of selected owned golf properties, including without limitation statements relating to the timing and amount of anticipated proceeds, (c) our plans and expectations to optimize the operation of, and grow, our existing leased and managed golf properties, (d) redeployment of cash from our generated liquidity, (e) targeted multiples, yields and returns, (f) our ability to terminate or restructure leases and (g) the Company’s current business plan and expectations relating to our Drive Shack venues, including (i) the number of venues that we may be able to develop, (ii) timing and frequency for opening venues, (iii) financial performance of these venues and capital expenditure costs, (iv) the growth of the golf, golf entertainment, and eatertainment industry and business, and (v) our ability to enhance technology. These statements are based on management’s current expectations and beliefs and are subject to a number of risks, trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond our control. We cannot give any assurances that management’s current expectations will be attained. For a discussion of some of the risks and important factors that could cause actual results to differ materially from such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s periodic reports filed with the Securities and Exchange Commission (“SEC”), which are available on the Company’s website (www.http://ir.driveshack.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible to predict or assess the impact of every factor that may cause actual results to differ from those contained in any forward-looking statements. Accordingly, you should not place undue reliance on any forward-looking statements contained in this Press Release. Forward-looking statements speak only as of the date of this Press Release. We expressly disclaim any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

Non-GAAP Financial Information. This Press Release includes information based on financial measures that are not recognized under generally accepted accounting principles (“GAAP”), including EBITDA. You should use non-GAAP information in addition to, and not as an alternative to, financial information prepared in accordance with GAAP, which is included in the Company’s filings with the SEC. The Company has not reconciled its EBITDA expectations set forth in this press release to net income (loss), as items that impact such measures are out of the Company’s control and/or cannot be reasonably predicted. Accordingly, a reconciliation is not available without unreasonable effort. The company has not reconciled EBITDA to net income (loss) in this press release because doing so would require unreasonable effort.

Past Performance; No Offer; No Reliance: Past performance is not a reliable indicator of future results and should not be relied upon as the basis for making an investment decision. This Press Release does not constitute an offer to sell, or a solicitation of an offer to buy, any security. Any such offer would only be made by means of formal offering documents, the terms of which would govern in all respects. You should not rely on this Press Release as the basis upon which to make any investment decision.

Cautionary Note regarding Estimated / Targeted Returns and Growth: Targeted returns and growth represent management’s view and are estimated based on current and projected future operating performance of our current locations and other targeted locations, comparable companies in our industry and a variety of other assumptions, many of which are beyond our control, that could prove incorrect. As a result, actual results may vary materially with changes in our liquidity or ability to obtain financing, changes in market conditions and additional factors described in our reports filed with the SEC, which we encourage you to review. We undertake no obligation to update these estimates. See above for more information on forward-looking statements.

Consolidated Balance Sheets

(dollars in thousands, except share data)

(Unaudited)

September 30, 2019

December 31, 2018

Assets

Current assets

Cash and cash equivalents

$

24,816

 

$

79,235

 

Restricted cash

 

3,163

 

 

3,326

 

Accounts receivable, net

 

5,243

 

 

7,518

 

Real estate assets, held-for-sale, net

 

27,833

 

 

75,862

 

Real estate securities, available-for-sale

 

2,914

 

 

2,953

 

Other current assets

 

18,615

 

 

20,505

 

Total current assets

 

82,584

 

 

189,399

 

Restricted cash, noncurrent

 

931

 

 

258

 

Property and equipment, net of accumulated depreciation

 

185,737

 

 

132,605

 

Operating lease right-of-use assets

 

220,197

 

Intangibles, net of accumulated amortization

 

18,208

 

 

48,388

 

Other investments

 

23,648

 

 

22,613

 

Other assets

 

4,601

 

 

8,684

 

Total assets

$

535,906

 

$

401,947

 

 

Liabilities and Equity

Current liabilities

Obligations under finance leases

$

6,222

 

$

5,489

 

Membership deposit liabilities

 

10,766

 

 

8,861

 

Accounts payable and accrued expenses

 

38,032

 

 

45,284

 

Deferred revenue

 

7,627

 

 

18,793

 

Real estate liabilities, held-for-sale

 

21

 

 

2,947

 

Other current liabilities

 

28,697

 

 

22,285

 

Total current liabilities

 

91,365

 

 

103,659

 

Credit facilities and obligations under finance leases – noncurrent

 

14,397

 

 

10,489

 

Operating lease liabilities – noncurrent

 

191,442

 

Junior subordinated notes payable

 

51,194

 

 

51,200

 

Membership deposit liabilities, noncurrent

 

93,988

 

 

90,684

 

Deferred revenue, noncurrent

 

6,170

 

 

6,016

 

Other liabilities

 

3,694

 

 

5,232

 

Total liabilities

$

452,250

 

$

267,280

 

 

Commitments and contingencies

 

Equity

 

Preferred stock, $0.01 par value, 100,000,000 shares authorized, 1,347,321 shares of 9.75% Series B Cumulative Redeemable Preferred Stock, 496,000 shares of 8.05% Series C Cumulative Redeemable Preferred Stock, and 620,000 shares of 8.375% Series D Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, issued and outstanding as of September 30, 2019 and December 31, 2018

 

61,583

 

61,583

 

 

Common stock, $0.01 par value, 1,000,000,000 shares authorized, 67,050,556 and 67,027,104 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively

 

670

 

 

670

 

Additional paid-in capital

 

3,178,655

 

 

3,175,843

 

Accumulated deficit

 

(3,158,901

)

 

(3,105,307

)

Accumulated other comprehensive income

 

1,649

 

 

1,878

 

Total equity

$

83,656

 

$

134,667

 

 

Total liabilities and equity

$

535,906

 

$

401,947

 

Consolidated Statements of Operations (unaudited)

(dollars in thousands, except share data)

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

2019

 

2018

 

2019

 

2018

Revenues

 

 

 

 

Golf operations

$

60,797

 

$

68,928

 

 

$

162,889

 

 

$

191,632

 

Sales of food and beverages

 

13,885

 

 

18,491

 

 

 

37,360

 

 

 

53,451

 

Total revenues

 

74,682

 

 

87,419

 

 

 

200,249

 

 

 

245,083

 

Operating costs

 

 

 

 

Operating expenses

 

63,454

 

 

70,330

 

 

 

169,897

 

 

 

194,751

 

Cost of sales – food and beverages

 

3,856

 

 

5,180

 

 

 

10,458

 

 

 

15,413

 

General and administrative expense

 

12,755

 

 

10,149

 

 

 

37,981

 

 

 

29,611

 

Depreciation and amortization

 

5,723

 

 

4,495

 

 

 

15,769

 

 

 

14,358

 

Pre-opening costs

 

4,350

 

 

245

 

 

 

7,229

 

 

 

2,048

 

Impairment and other losses

 

1,872

 

 

4,172

 

 

 

6,077

 

 

 

5,645

 

Realized and unrealized (gain) loss on investments

 

48

 

 

 

 

(283

)

Total operating costs

 

92,010

 

 

94,619

 

 

 

247,411

 

 

 

261,543

 

Operating loss

 

(17,328

)

 

(7,200

)

 

 

(47,162

)

 

 

(16,460

)

 

 

 

 

Other income (expenses)

 

 

 

 

Interest and investment income

 

191

 

 

467

 

 

 

799

 

 

 

1,382

 

Interest expense, net

 

(2,061

)

 

(4,290

)

 

 

(6,008

)

 

 

(12,940

)

Other income (loss), net

 

7,341

 

 

(3,052

)

 

 

12,955

 

 

 

(7,157

)

Total other income (expenses)

 

5,471

 

 

(6,875

)

 

 

7,746

 

 

 

(18,715

)

Loss before income tax

 

(11,857

)

 

(14,075

)

 

 

(39,416

)

 

 

(35,175

)

Income tax expense

 

162

 

 

 

162

 

 

Net Loss

 

(12,019

)

 

(14,075

)

 

 

(39,578

)

 

 

(35,175

)

Preferred dividends

 

(1,395

)

 

(1,395

)

 

 

(4,185

)

 

 

(4,185

)

Loss Applicable to Common Stockholders

$

(13,414

)

$

(15,470

)

 

$

(43,763

)

 

$

(39,360

)

 

 

 

 

Loss Applicable to Common Stock, per share

 

 

 

 

Basic

$

(0.20

)

$

(0.23

)

 

$

(0.65

)

 

$

(0.59

)

Diluted

$

(0.20

)

$

(0.23

)

 

$

(0.65

)

 

$

(0.59

)

Weighted Average Number of Shares of Common Stock Outstanding

 

 

 

 

Basic

 

67,040,692

 

 

66,992,322

 

 

 

67,032,519

 

 

 

66,982,233

 

Diluted

 

67,040,692

 

 

66,992,322

 

 

 

67,032,519

 

 

 

66,982,233

 

 

 

Contacts

For Investor Relations Inquiries:

Austin Pruitt
Head of Investor Relations

646-585-5591

IR@driveshack.com

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