ClubCorp Shares Drop

ClubCorp Holdings shares fell 11% on Wednesday after the company reported Wednesday fiscal Q1 earnings and revenues that missed estimates from analysts polled by Capital IQ and as it said it will not pursue strategic options. The company also said CEO Eric Affeldt will retire upon the naming of a successor.

The owner-operator of private golf and country clubs said its loss in the quarter ended March 21 was $0.12 a share, wider than the $0.08 loss expected by analysts, but narrower than the $0.13 loss reported a year earlier. Revenues were $221.3 million, shy of the Street view of $221.8 million though above the $214.9 million reported a year earlier. For fiscal 2017, ClubCorp reiterated its guidance of $1.1 billion to $1.14 billion in revenues, straddling the $1.12 billion Street view, and adjusted EBITDA of $255 million to $265 million.

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