Market Overview

ClubCorp Reports Strong Second Quarter Results, Announces Promotion of Mark Burnett to President and Announces Deal to Manage a New Business Club Atop of One World Trade Center in New York City

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DALLAS, TX --(Marketwired - July 14, 2016) -



-- Second quarter revenue was $269.0 million, up 2.0% due to solid
increases in dues and F&B revenue
-- Second quarter net income was $5.8 million, up $6.0 million
-- Second quarter adjusted EBITDA was $63.3 million, up 5.3%
-- ClubCorp Promotes Mark Burnett to President and COO
-- ClubCorp signs management deal to operate a new Business Club in NYC



ClubCorp -- The World Leader in Private Clubs® (NYSE: MYCC) -- announces financial results for its fiscal-year 2016 second quarter ended June 14, 2016. The second quarter of fiscal 2016 and fiscal 2015 consisted of 12 weeks. Year-to-date results of fiscal 2016 and fiscal 2015 consisted of 24 weeks. All growth percentages refer to year-over-year progress.

Second Quarter Results:



-- Revenue increased $5.2 million, or 2.0%, to $269.0 million for the
second quarter of 2016.
-- Net Income increased $6.0 million to $5.8 million due primarily to fewer
disposals of assets and lower selling, general and administrative
expense.
-- Adjusted EBITDA(1) increased $3.2 million to $63.3 million, up 5.3%,
driven by higher revenue, lower cost of sales and lower variable payroll
and other operating expenses as a percentage of revenue.
-- Same Store Clubs(2) revenue was up $3.0 million, up 1.2% to $253.7
million, driven by increases in dues revenue up 3.8% and a la carte and
private events food & beverage revenue up 0.8%. This result was offset
by golf operations revenue down (1.7)% impacted by rain and flooding at
several clubs in the Houston market.
-- Same-store adjusted EBITDA grew $4.7 million, up 6.7% to $75.1 million,
due to increased revenue and favorable operating expenses as a
percentage of revenue. Same-store Adjusted EBITDA margin increased 150
bps to 29.6%.
-- New or Acquired Clubs.(2) New clubs opened or acquired in 2015 and 2016
contributed revenue of $12.7 million and adjusted EBITDA of $1.6
million.



FY16 Year-to-date Results:



-- Revenue increased $18.0 million, or 3.9%, to $483.8 million for the
first two quarters of the year.
-- Net Loss narrowed by $1.9 million, or 43.0%, to $(2.6) million.
-- Adjusted EBITDA(1) increased $6.4 million to $105.3 million, up 6.4%,
driven by higher revenue and improved margin performance across both
same-store and new and recently acquired clubs.
-- Same Store Clubs revenue was up $10.9 million, up 2.4% to $460.1
million, driven by increases across all three major revenue streams:
dues revenue up 3.8%, a la carte and private events food & beverage
revenue up 2.7%, and golf operations revenue 0.1%.
-- Same-store adjusted EBITDA grew $8.6 million, up 7.0% to $131.7 million,
due to increased revenue and favorable operating expenses as a
percentage of revenue. Same-store Adjusted EBITDA margin increased 120
bps to 28.6%.
-- New or Acquired Clubs.(2) New clubs opened or acquired in 2015 and 2016
contributed revenue of $20.4 million and adjusted EBITDA of $2.5
million.






2016 Second Quarter and Year to Date Summary:

(Unaudited financial information)

Second quarter ended Year to date ended
--------------------- ---------------------
(In thousands,
except for June 14, June 16, June 14, June 16,
membership 2016 2015 % 2016 2015 %
data) (12 weeks) (12 weeks) Change (24 weeks) (24 weeks) Change
--------------------------- ---------- ------- ---------- ---------- -------

Total Revenue $ 268,974 $ 263,747 2.0% $ 483,847 $ 465,819 3.9%
========== ========== ======= ========== ========== =======

Net income 2,678
(loss) $ 5,750 $ (223) .5% $ (2,563) $ (4,499) 43.0%
========== ========== ======= ========== ========== =======

Adjusted EBITDA
(1)
Golf and
Country Clubs $ 66,121 $ 61,618 7.3% $ 116,261 $ 106,527 9.1%
Business,
Sports and
Alumni Clubs $ 10,539 $ 9,215 14.4% $ 17,872 $ 16,703 7.0%
Other (3) $ (13,402) $ (10,732) (24.9)% $ (28,809) $ (24,262) (18.7)%
---------- ---------- ------- ---------- ---------- -------
Adjusted EBITDA
(1) $ 63,258 $ 60,101 5.3% $ 105,324 $ 98,968 6.4%
========== ========== ======= ========== ========== =======

Total
memberships,
excluding
managed club
memberships 175,430 173,771 1.0%




Quotes:



-- Eric Affeldt, chief executive officer: "We are very happy with our
continued progress and growth. Our results represent the ninth
consecutive quarter of record revenue and adjusted EBITDA resulting from
the continued execution on our organic growth, reinvention and
acquisition growth strategies. We are seeing increased activity levels
at several of our recently reinvented properties. Additionally, we are
seeing increased usage across all membership types, experiencing higher
acceptance of our O.N.E. product, higher dining utilization and more
guest visits and guest rounds. These results are strong indicators that
our reinvention strategy continues to work and resonate with our members
and guests. As chief operating officer, Mark Burnett has been
instrumental in executing this strategy, and I am thrilled to announce
his promotion to President. We look forward to Mark's continued efforts
in leading our growth initiatives. I am also very excited to announce
that we will manage a new business club atop One World Trade Center.
This project has been long in the making, we look forward to operating a
club in the heart of New York City and extending the value of our O.N.E.
offering to our many traveling members who will be able to take
advantage of this wonderful new venue."





-- Curt McClellan, chief financial officer: "This was another solid quarter
driven by same-store revenue and adjusted EBITDA growth in both
segments. Member turnout across all geographies continues to be strong.
Our three pronged growth strategy is predicated on improving amenities
and delivering a private club experience that appeals to all members of
the family. Our recently reinvented clubs are experiencing higher a la
carte food and beverage covers, increased food and beverage revenue,
increased private event and banquet business, more golf tournaments, and
higher member rounds and guest rounds. This strategy for example has
been particularly positive at several of our Sequoia properties and the
portfolio overall is delivering on track with our underwriting
projections. Both the Sequoia portfolio and our other recently acquired
clubs continue to mature under this strategy where revenue and
profitability growth continue post reinvention. We believe our
acquisition and reinvention growth strategies continue to work and
remain a significant driver toward creating long-term shareholder value.
We also believe that we can primarily fund these growth strategies from
operating free cash flow, and as such do not see any significant changes
to capital structure or an additional levering event for the company."



Segment Highlights:

Golf and country clubs (GCC):



-- Second quarter, GCC revenue was up $6.7 million to $219.8 million, up
3.1%.
-- Second quarter, GCC adjusted EBITDA increased $4.5 million to $66.1
million, up 7.3%, and GCC adjusted EBITDA margin increased 120 basis
points to 30.1%.
-- Second quarter, GCC same-store revenue increased $2.1 million, up 1.0%.
Dues revenue was up 4.0%. Food & beverage and golf operations revenue
declined (0.1)% and (1.7)%, respectively, primarily resulting from fewer
rounds and golf outings related to the closure of several clubs due to
rain and flooding experienced in the Houston market in April and again
in late May/early June.
-- Second quarter, GCC same-store adjusted EBITDA increased $3.4 million,
up 5.6%, due largely to increased revenue, and favorable operating
expenses and improved variable payroll expenses as a percentage of
revenue.
-- Second quarter, GCC same-store adjusted EBITDA margin improved 140 basis
points to 31.2%.
-- Clubs acquired in 2015 and 2016 contributed second quarter, GCC revenue
of $12.7 million and GCC adjusted EBITDA of $1.6 million.



Business, sports and alumni clubs (BSA):



-- Second quarter, BSA revenue was up $1.0 million to $46.5 million, up
2.2% driven by increases in dues revenue and food & beverage revenue.
-- Second quarter, BSA adjusted EBITDA increased $1.3 million to $10.5
million, up 14.4% largely due to a decline in variable payroll expenses
as a percentage of revenue and a decrease in rent expense. BSA same-
store adjusted EBITDA margin improved 230 basis points to 22.6%.



Other Data:



-- O.N.E. and Other Upgrades. As of June 14, 2016, approximately 52% of our
memberships were enrolled in O.N.E. or similar upgrade programs, as
compared to approximately 50% of our memberships that were enrolled in
similar upgrade programs as of December 29, 2015. As of June 14, 2016,
the Company offered O.N.E. at 153 clubs.
-- Reinvention. In total, for 2016, the Company expects ROI expansion
capital to be approximately $43 million. In 2016, ClubCorp plans to
invest approximately $21 million on 9 same-store clubs and approximately
$22 million on recently acquired clubs.
-- Acquisitions. As of June 14, 2016, ClubCorp has acquired two clubs:
Marsh Creek Country Club in St. Augustine, Florida and Santa Rosa
Country Club in Santa Rosa, California and has entered a management
agreement to operate the Country Club of Columbus in Columbus, Georgia.
As of June 14, 2016, ClubCorp owns or operates 160 golf and country
clubs representing approximately 200 18-hole equivalents, of which ten
are managed clubs. Additionally, the Company owns or operates 48
business, sports and alumni clubs, of which three are managed clubs.
-- Membership. Membership totals exclude membership count from managed
clubs. As of June 14, 2016, total memberships increased 1,659 to
175,430, up 1.0%, over memberships at June 16, 2015. Total golf and
country club memberships increased 2.1%, while total business, sports
and alumni club memberships declined 1.4%.
-- Capital Structure. At the end of the second quarter, the Company had
$104.6 million in cash and cash equivalents and total liquidity of
approximately $250 million.
-- Texas. Additional data on clubs the Company owns and operates in Texas
is available in the Company's earnings presentation that can be found
online at ir.clubcorp.com.



Company Outlook:
The following guidance is based on current management expectations. All financial guidance amounts are estimates and subject to change, including as a result of matters discussed under the "Forward-Looking Statements" cautionary language which follows, and the Company undertakes no duty to update its guidance. For fiscal year 2016, the Company reiterates that it anticipates revenue in the range of $1,085 to $1,105 million and adjusted EBITDA in the range of $242 million to $252 million. The current outlook implies year-over-year revenue growth of 3-5% and year-over-year adjusted EBITDA growth of 4-8%.

About ClubCorp Holdings:
Since its founding in 1957, Dallas-based ClubCorp has operated with the central purpose of Building Relationships and Enriching Lives®. ClubCorp is a leading owner-operator of private golf and country clubs and private business clubs in North America. ClubCorp owns or operates a portfolio of over 200 golf and country clubs, business clubs, sports clubs, and alumni clubs in 26 states, the District of Columbia and two foreign countries that serve over 430,000 members, with approximately 20,000 peak-season employees. ClubCorp Holdings, Inc. is a publicly traded company on the New York Stock Exchange (NYSE: MYCC). ClubCorp properties include: Firestone Country Club (Akron, Ohio); Mission Hills Country Club (Rancho Mirage, California); The Woodlands Country Club (The Woodlands, Texas); Capital Club Beijing; and Metropolitan Club Chicago. You can find ClubCorp on Facebook at facebook.com/clubcorp and on Twitter at @ClubCorp.

Conference Call:
The Company's earnings presentation is available at ir.clubcorp.com. The Company will hold a conference call on Thursday, July 14, 2016 at 10:00 a.m. CDT (11:00 a.m. EDT) to discuss its second quarter 2016 financial results. The conference call will be broadcast live and can be accessed via the Company's website at ir.clubcorp.com. To participate in the teleconference, please call in a few minutes before the start time: (877) 201-0168 for U.S. callers and (647) 788-4901 for international callers and reference the ClubCorp second quarter conference call (confirmation code 22617514) when prompted. For those unable to participate in the live call, a replay of the call will be available at ir.clubcorp.com.

Statement Regarding Non-GAAP Financial Measures
EBITDA is defined as net income before interest expense, income taxes, interest and investment income, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA plus or minus impairments, gain or loss on disposition and acquisition of assets, losses from discontinued operations, loss on extinguishment of debt, non-cash and other adjustments, equity-based compensation expense and an acquisition adjustment. The acquisition adjustment to revenues and Adjusted EBITDA within each segment represents estimated deferred revenue using current membership life estimates related to initiation payments that would have been recognized in the applicable period but for the application of purchase accounting. Adjusted EBITDA is based on the definition of Consolidated EBITDA as defined in the credit agreement governing the Secured Credit Facilities and may not be comparable to similarly titled measures reported by other companies.

Adjusted EBITDA is not determined in accordance with GAAP and should not be considered in isolation, more meaningful than or as a substitute for a measure of performance prepared in accordance with GAAP and are not indicative of net income or loss as determined under GAAP. Non-GAAP financial measures have limitations that should be considered before used as measures to evaluate the Company's financial performance. Adjusted EBITDA, as presented, may not be comparable to similarly titled measures reported by other companies due to varying methods of calculation.

The financial statement tables that accompany this press release include a reconciliation of historical non-GAAP financial measures to the applicable and most comparable GAAP financial measure. The Company has not reconciled Adjusted EBITDA guidance included in this press release to the most directly comparable GAAP measure because this cannot be done without unreasonable effort due to the high variability, complexity and low visibility with respect to impairments and disposition of assets, income taxes and centralization and transformation costs which are excluded from Adjusted EBITDA. We expect that the variability of these charges to have a potentially unpredictable, and potentially significant, impact on our future GAAP financial results.

Special Note on Forward-Looking Statements
In addition to historical information, this press release contains statements relating to future results (including certain projections and business trends) that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" created by those sections. These forward-looking statements can be identified by the fact that they do not relate strictly to current or historical facts and often include words such as "may", "should", "expect", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential" or "continue", or the negatives of these terms or variations of them or similar terminology in this press release and any attachment to identify forward-looking statements. All statements, other than statements of historical facts included in this press release, including statements concerning plans, objectives, goals, beliefs, business strategies, future events, business conditions, results of operations, financial position and business outlook, earnings guidance, business trends and other information are forward-looking statements. The forward-looking statements are not historical facts, and are based upon current expectations, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond management's control. All expectations, beliefs and projections are expressed in good faith and the Company believes there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements contained in this press release, including among others: various factors beyond management's control adversely affecting discretionary spending, membership count and facility usage and other risks, uncertainties and factors set forth in the sections entitled "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements" in the Company's Annual Report on Form 10-K for the fiscal year ended December 29, 2015.

Although the Company believes that these statements are based upon reasonable assumptions, it cannot guarantee future results and readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's opinions only as of the date of this press release. There can be no assurance that (i) the Company has correctly measured or identified all of the factors affecting its business or the extent of these factors' likely impact, (ii) the available information with respect to these factors on which such analysis is based is complete or accurate, (iii) such analysis is correct or (iv) the Company's strategy, which is based in part on this analysis, will be successful. Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to reflect new information or events or circumstances that occur after the date of this press release or to reflect the occurrence of unanticipated events or otherwise. Readers are advised to review the Company's filings with the SEC (which are available from the SEC's EDGAR database at www.sec.gov and via the Company's website at ir.clubcorp.com/SEC).

Statement Regarding Definitions and Financial Measures
The definitions and basis of presentation for financial measures used in this press release, including EBITDA, Adjusted EBITDA and same-store measures, are discussed more fully in the Company's Annual Report on Form 10-K for the fiscal year ended December 29, 2015, as amended by the Form 10-K/A filed on March 30, 2016, and the Company's Quarterly Report on Form 10-Q for the period ended June 14, 2016. This press release should be read in conjunction with such Annual Report and Quarterly Report.




Notes:

(1) Adjusted EBITDA is not calculated in accordance with accounting
principles generally accepted in the U.S. ("GAAP"). See the "Statement
Regarding Non-GAAP Financial Measures" section of this press release
for the definition of Adjusted EBITDA and the reconciliation later in
this press release to the most comparable financial measure calculated
in accordance with GAAP.
(2) Clubs are considered same store once they have been fully operational
for one fiscal year. Newly acquired or opened clubs, clubs added under
management agreements and divested clubs are not classified as same
store. Once a club has been divested, it is removed from the same store
classification for all periods presented. New or Acquired Clubs include
those clubs that the Company is currently operating as of June 14,
2016, that were opened, acquired or added under management agreements
in the twenty-four weeks ended June 14, 2016 and the fiscal year ended
December 29, 2015 consisting of: Ravinia Green Country Club, Rolling
Green Country Club, Bermuda Run Country Club, Brookfield Country Club,
Firethorne Country Club, Temple Hills Country Club, Ford's Colony
Country Club, Bernardo Heights Country Club, Santa Rosa Golf and Beach
Club, Marsh Creek Country Club and Santa Rosa Golf and Country Club,
Country Club of Columbus and West Lake Mansion at Meilu Legend Hotel.
(3) Other consists of other business activities including ancillary
revenues related to alliance arrangements, a portion of the revenue
associated with upgrade offerings, reimbursements for certain costs of
operations at managed clubs, corporate overhead expenses and shared
services.






(Financial Tables Follow)






CLUBCORP HOLDINGS, INC.
SELECTED FINANCIAL DATA -- GOLF AND COUNTRY CLUBS (GCC)
(In thousands, except for memberships and percentages)
(Unaudited financial information)

Second quarter
ended Year to date ended
------------------- -------------------
June 14, June 16, June 14, June 16,
2016 2015 2016 2015
(12 (12 % (24 (24 %
GCC weeks) weeks) Change(1) weeks) weeks) Change(1)
-------------------------- --------- --------- --------- --------- ---------

Same Store Clubs
(2)
Revenue
Dues $ 93,804 $ 90,221 4.0% $184,420 $177,406 4.0%
Food and
Beverage 50,737 50,793 (0.1)% 83,118 80,482 3.3%
Golf
Operations 49,271 50,128 (1.7)% 78,771 78,731 0.1%
Other 13,365 13,958 (4.2)% 25,967 26,452 (1.8)%
--------- --------- --------- --------- --------- ---------
Revenue $207,177 $205,100 1.0% $372,276 $363,071 2.5%
Club operating
costs and
expenses
exclusive of
depreciation $142,627 $143,949 (0.9)% $258,443 $256,740 0.7%
--------- --------- --------- --------- --------- ---------
Adjusted EBITDA $ 64,550 $ 61,151 5.6% $113,833 $106,331 7.1%
Adjusted EBITDA
Margin 31.2% 29.8% 140 bps 30.6% 29.3% 130 bps

New or Acquired
Clubs (2)
Revenue $ 12,660 $ 8,063 NM $ 20,378 $ 8,963 NM
Club operating
costs and
expenses
exclusive of
depreciation $ 11,089 $ 7,596 NM $ 17,950 $ 8,767 NM
--------- --------- --------- ---------
Adjusted EBITDA $ 1,571 $ 467 NM $ 2,428 $ 196 NM

Total Golf and
Country Clubs
Revenue $219,837 $213,163 3.1% $392,654 $372,034 5.5%
Club operating
costs and
expenses
exclusive of
depreciation $153,716 $151,545 1.4% $276,393 $265,507 4.1%
--------- --------- --------- --------- --------- ---------
Adjusted
EBITDA $ 66,121 $ 61,618 7.3% $116,261 $106,527 9.1%
Adjusted
EBITDA Margin 30.1% 28.9% 120 bps 29.6% 28.6% 100 bps

Total
memberships,
excluding
managed club
memberships 120,459 118,030 2.1%





(1) Percentage changes that are not meaningful are denoted by "NM."

(2) Clubs are considered same store once they have been fully operational
for one fiscal year. Newly acquired or opened clubs, clubs added under
management agreements and divested clubs are not classified as same
store. Once a club has been divested, it is removed from the same store
classification for all periods presented. New or Acquired Clubs include
those clubs that the Company is currently operating as of June 14,
2016, that were acquired, opened or added under management agreements
during the twenty-four weeks ended June 14, 2016 and the fiscal year
ended December 29, 2015 consisting of: Ravinia Green Country Club,
Rolling Green Country Club, Bermuda Run Country Club, Brookfield
Country Club, Firethorne Country Club, Temple Hills Country Club,
Ford's Colony Country Club, Bernardo Heights Country Club, Santa Rosa
Golf and Beach Club, Marsh Creek Country Club, Santa Rosa Golf and
Country Club and Country Club of Columbus.








CLUBCORP HOLDINGS, INC.
SELECTED FINANCIAL DATA -- BUSINESS, SPORTS AND ALUMNI CLUBS (BSA)
(In thousands, except for memberships and percentages)
(Unaudited financial information)

Second quarter
ended Year to date ended
------------------- -------------------
June 14, June 16, June 14, June 16,
2016 2015 2016 2015
(12 (12 % (24 (24 %
BSA weeks) weeks) Change(1) weeks) weeks) Change(1)
-------------------------- --------- --------- --------- --------- ---------

Same Store
Clubs(2)
Revenue
Dues $ 19,030 $ 18,528 2.7% $ 38,341 $ 37,230 3.0%
Food and
Beverage 24,911 24,227 2.8% 43,916 43,246 1.5%
Other 2,534 2,772 (8.6)% 5,534 5,582 (0.9)%
--------- --------- --------- --------- --------- ---------
Revenue $ 46,475 $ 45,527 2.1% $ 87,791 $ 86,058 2.0%
Club operating
costs and
expenses
exclusive of
depreciation $ 35,963 $ 36,306 (0.9)% $ 69,968 $ 69,337 0.9%
--------- --------- --------- --------- --------- ---------
Adjusted EBITDA $ 10,512 $ 9,221 14.0% $ 17,823 $ 16,721 6.6%
Adjusted EBITDA
Margin 22.6% 20.3% 230 bps 20.3% 19.4% 90 bps

New or Acquired
Clubs(2)
Revenue $ 38 $ - NM $ 63 $ - NM
Club operating
costs and
expenses
exclusive of
depreciation $ 11 $ 6 NM $ 14 $ 18 NM
--------- --------- --------- ---------
Adjusted EBITDA $ 27 $ (6) NM $ 49 $ (18) NM

Total Business,
Sports and
Alumni Clubs
Revenue $ 46,513 $ 45,527 2.2% $ 87,854 $ 86,058 2.1%
Club operating
costs and
expenses
exclusive of
depreciation $ 35,974 $ 36,312 (0.9)% $ 69,982 $ 69,355 0.9%
--------- --------- --------- --------- --------- ---------
Adjusted
EBITDA $ 10,539 $ 9,215 14.4% $ 17,872 $ 16,703 7.0%
Adjusted
EBITDA Margin 22.7% 20.2% 250 bps 20.3% 19.4% 90 bps

Total
memberships,
excluding
managed club
memberships 54,971 55,741 (1.4)%





(1) Percentage changes that are not meaningful are denoted by "NM."

(2) Clubs are considered same store once they have been fully operational
for one fiscal year. Newly acquired or opened clubs, clubs added under
management agreements and divested clubs are not classified as same
store. Once a club has been divested, it is removed from the same store
classification for all periods presented. New or Acquired Clubs include
those clubs that the Company is currently operating as of June 14,
2016, that were opened or added under management agreements during the
twenty-four weeks ended June 14, 2016 and the fiscal year ended
December 29, 2015 consisting of West Lake Mansion at Meilu Legend
Hotel.







CLUBCORP HOLDINGS, INC.
RECONCILIATION OF NON-GAAP MEASURES TO CLOSEST GAAP MEASURE
(In thousands)
(Unaudited financial information)

Four
Second quarter Quarters
ended Year to date ended Ended
------------------ ------------------ ---------
June 14, June 16, June 14, June 16, June 14,
2016 2015 2016 2015 2016
(12 (12 (24 (24 (52
weeks) weeks) weeks) weeks) weeks)
-------- -------- -------- -------- ---------
Net income (loss) $ 5,750 $ (223) $ (2,563) $ (4,499) $ (7,637)
Interest expense 19,938 16,286 40,358 32,417 78,613
Income tax expense
(benefit) 4,078 2,711 (1,459) (2,205) 2,375
Interest and investment
income (127) (1,594) (253) (1,677) (4,093)
Depreciation and
amortization 24,355 24,241 48,569 47,054 105,459
-------- -------- -------- -------- ---------
EBITDA $ 53,994 $ 41,421 $ 84,652 $ 71,090 $ 174,717
Impairments and
disposition of
assets(1) 3,238 7,516 6,155 10,792 19,909
Loss from divested
clubs(2) 21 115 555 120 633
Loss on extinguishment
of debt(3) - - - - 2,599
Non-cash adjustments(4) (842) 463 (379) 926 703
Acquisition transaction
costs(5) 257 1,869 943 2,859 3,049
Capital structure
costs(6) 208 1,219 950 1,351 9,646
Centralization and
transformation
costs(7) 2,061 2,028 4,479 3,303 9,671
Other adjustments(8) 1,185 2,639 2,271 2,752 6,918
Equity-based
compensation
expense(9) 1,830 1,113 3,000 2,215 5,755
Acquisition
adjustment(10) 1,306 1,718 2,698 3,560 6,249
-------- -------- -------- -------- ---------
Adjusted EBITDA $ 63,258 $ 60,101 $105,324 $ 98,968 $ 239,849
======== ======== ======== ======== =========





(1) Includes non-cash impairment charges related to property and equipment
and intangible assets and loss on disposals of assets (including
property and equipment disposed of in connection with renovations).

(2) Net loss or income from divested clubs that do not qualify as
discontinued operations in accordance with GAAP.

(3) Includes loss on extinguishment of debt calculated in accordance with
GAAP.

(4) Includes non-cash items related to purchase accounting associated with
the acquisition of ClubCorp, Inc. ("CCI") in 2006 by affiliates of KSL
Capital Partners, LLC ("KSL").

(5) Represents legal and professional fees related to the acquisition of
clubs.

(6) Represents legal and professional fees related to our capital
structure, including debt issuance and amendment costs and equity
offering costs.

(7) Includes fees and expenses associated with initial compliance with
Section 404(b) of the Sarbanes-Oxley Act, which were primarily incurred
in fiscal year 2015 and the twelve weeks ended March 22, 2016, and
related centralization and transformation of administrative processes,
finance processes and related IT systems.

(8) Represents adjustments permitted by the credit agreement governing the
Secured Credit Facilities including cash distributions from equity
method investments less equity in earnings recognized for said
investments, income or loss attributable to non-controlling equity
interests of continuing operations and management fees, termination fee
and expenses paid to an affiliate of KSL.

(9) Includes equity-based compensation expense, calculated in accordance
with GAAP, related to awards held by certain employees, executives and
directors.

(10) Represents estimated deferred revenue, calculated using current
membership life estimates, related to initiation payments that would
have been recognized in the applicable period but for the application
of purchase accounting in connection with the acquisition of CCI in
2006 and the acquisition of Sequoia Golf on September 30, 2014.







CLUBCORP HOLDINGS, INC.
SUMMARIZED FINANCIAL INFORMATION BY SEGMENT
(In thousands)
(Unaudited financial information)

Second quarter ended Year to date ended
--------------------- ---------------------
June 14, June 16, June 14, June 16,
2016 2015 2016 2015
(12 weeks) (12 weeks) (24 weeks) (24 weeks)
---------- ---------- ---------- ----------
Golf and Country Clubs
Revenues (1) $ 219,837 $ 213,163 $ 392,654 $ 372,034
Adjusted EBITDA 66,121 61,618 116,261 106,527

Business, Sports and Alumni
Clubs
Revenues (1) $ 46,513 $ 45,527 $ 87,854 $ 86,058
Adjusted EBITDA 10,539 9,215 17,872 16,703

Other
Revenues $ 5,694 $ 5,332 $ 9,507 $ 8,703
Adjusted EBITDA (13,402) (10,732) (28,809) (24,262)

Elimination of intersegment
revenues and segment reporting
adjustments $ (3,070) $ (3,384) $ (6,168) $ (6,801)
Revenues relating to divested
clubs (2) - 3,109 - 5,825

Total
Revenues $ 268,974 $ 263,747 $ 483,847 $ 465,819
Adjusted EBITDA 63,258 60,101 105,324 98,968





(1) Includes segment reporting adjustments representing estimated deferred
revenue, calculated using current membership life estimates, related to
initiation payments that would have been recognized in the applicable
period but for the application of purchase accounting in connection
with the acquisition of CCI in 2006 and the acquisition of Sequoia Golf
on September 30, 2014.

(2) When clubs are divested, the associated revenues are excluded from
segment results for all periods presented.







CLUBCORP HOLDINGS, INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
For the Twelve and Twenty-Four Weeks Ended June 14, 2016 and June 16, 2015
(In thousands, except per share amounts)
(Unaudited financial information)

Second quarter
ended Year to date ended
------------------- -------------------
June 14, June 16, June 14, June 16,
2016 2015 2016 2015
(12 (12 % (24 (24 %
weeks) weeks) Change weeks) weeks) Change
--------- --------- --------- --------- --------- ---------
REVENUES:
Club operations $189,203 $184,812 2.4% $349,892 $337,261 3.7%
Food and
beverage 78,941 77,934 1.3% 131,797 126,683 4.0%
Other revenues 830 1,001 (17.1)% 2,158 1,875 15.1%
--------- --------- --------- --------- --------- ---------
Total revenues 268,974 263,747 2.0% 483,847 465,819 3.9%

DIRECT AND
SELLING,
GENERAL AND
ADMINISTRATIVE
EXPENSES:
Club operating
costs exclusive
of depreciation 170,157 169,587 0.3% 312,511 306,232 2.1%
Cost of food and
beverage sales
exclusive of
depreciation 25,498 25,124 1.5% 44,338 42,126 5.3%
Depreciation and
amortization 24,355 24,241 0.5% 48,569 47,054 3.2%
Provision for
doubtful
accounts 704 444 58.6% 1,084 503 115.5%
Loss on
disposals of
assets 2,738 6,502 (57.9)% 5,655 9,722 (41.8)%
Impairment of
assets 500 1,014 (50.7)% 500 1,070 (53.3)%
Equity in
(earnings) loss
from
unconsolidated
ventures (2,118) 423 (600.7)% (2,103) 455 (562.2)%
Selling, general
and
administrative 17,501 19,232 (9.0)% 37,210 34,621 7.5%
--------- --------- --------- --------- --------- ---------
OPERATING INCOME 29,639 17,180 72.5% 36,083 24,036 50.1%

Interest and
investment
income 127 1,594 (92.0)% 253 1,677 (84.9)%
Interest expense (19,938) (16,286) (22.4)% (40,358) (32,417) (24.5)%
--------- --------- --------- --------- --------- ---------
INCOME (LOSS)
BEFORE INCOME
TAXES 9,828 2,488 295.0% (4,022) (6,704) 40.0%
INCOME TAX
(EXPENSE)
BENEFIT (4,078) (2,711) (50.4)% 1,459 2,205 (33.8)%
--------- --------- --------- --------- --------- ---------
NET INCOME
(LOSS) 5,750 (223) 2,678.5% (2,563) (4,499) 43.0%
NET (INCOME)
LOSS
ATTRIBUTABLE TO
NONCONTROLLING
INTERESTS (171) 27 (733.3)% (272) 81 (435.8)%
--------- --------- --------- --------- --------- ---------
NET INCOME
(LOSS)
ATTRIBUTABLE TO
CLUBCORP $ 5,579 $ (196) 2,946.4% $ (2,835) $ (4,418) 35.8%
========= ========= ========= ========= ========= =========

WEIGHTED AVERAGE
SHARES
OUTSTANDING,
BASIC 64,518 64,392 0.2% 64,496 64,324 0.3%
WEIGHTED AVERAGE
SHARES
OUTSTANDING,
DILUTED 64,556 64,392 0.3% 64,496 64,324 0.3%

INCOME (LOSS)
PER COMMON
SHARE:
Net income
(loss)
attributable to
ClubCorp, Basic $ 0.08 $ - (100.0)% $ (0.05) $ (0.07) 28.6%
========= ========= ========= ========= ========= =========
Net income
(loss)
attributable to
ClubCorp,
Diluted $ 0.08 $ - (100.0)% $ (0.05) $ (0.07) 28.6%
========= ========= ========= ========= ========= =========

Cash dividends
declared per
common share $ 0.13 $ - (100.0)% $ 0.26 $ 0.13 100.0%
========= ========= ========= ========= ========= =========







CLUBCORP HOLDINGS, INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE LOSS
For the Twelve and Twenty-Four Weeks Ended June 14, 2016 and June 16, 2015
(In thousands)
(Unaudited financial information)

Second quarter
ended Year to date ended
------------------- -------------------
June 14, June 16, June 14, June 16,
2016 2015 2016 2015
(12 (12 % (24 (24 %
weeks) weeks) Change weeks) weeks) Change
--------- --------- --------- --------- --------- --------
NET INCOME (LOSS) $ 5,750 $ (223) 2,678.5% $ (2,563) $ (4,499) 43.0%
Foreign currency
translation (779) (664) (17.3)% (860) (1,267) 32.1%
--------- --------- --------- --------- --------- --------
OTHER
COMPREHENSIVE
LOSS (779) (664) (17.3)% (860) (1,267) 32.1%
--------- --------- --------- --------- --------- --------
COMPREHENSIVE
INCOME (LOSS) 4,971 (887) 660.4% (3,423) (5,766) 40.6%
COMPREHENSIVE
(INCOME) LOSS
ATTRIBUTABLE TO
NONCONTROLLING
INTERESTS (171) 27 (733.3)% (272) 81 (435.8)%
--------- --------- --------- --------- --------- --------
COMPREHENSIVE
INCOME (LOSS)
ATTRIBUTABLE TO
CLUBCORP $ 4,800 $ (860) 658.1% $ (3,695) $ (5,685) 35.0%
========= ========= ========= ========= ========= ========







CLUBCORP HOLDINGS, INC.
UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS
As of June 14, 2016 and December 29, 2015
(In thousands of dollars, except share and per share amounts)
(Unaudited financial information)

December 29,
June 14, 2016 2015
--------------- ----------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 104,607 $ 116,347
Receivables, net of allowances 100,425 68,671
Inventories 25,354 20,929
Prepaids and other assets 22,690 19,907
--------------- ----------------
Total current assets 253,076 225,854
Investments 3,084 3,005
Property and equipment, net 1,544,570 1,534,520
Notes receivable, net of allowances 7,722 7,448
Goodwill 312,811 312,811
Intangibles, net 30,257 31,252
Other assets 16,544 16,634
Long-term deferred tax asset 3,727 3,727
--------------- ----------------
TOTAL ASSETS $ 2,171,791 $ 2,135,251
=============== ================

LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt $ 20,667 $ 20,414
Membership initiation deposits - current
portion 160,516 152,996
Accounts payable 38,401 39,487
Accrued expenses 52,719 37,441
Accrued taxes 10,449 15,473
Other liabilities 100,876 69,192
--------------- ----------------
Total current liabilities 383,628 335,003
Long-term debt 1,081,001 1,079,320
Membership initiation deposits 205,007 204,305
Deferred tax liability, net 210,325 214,184
Other liabilities 129,643 123,657
--------------- ----------------
Total liabilities 2,009,604 1,956,469

EQUITY
Common stock, $0.01 par value, 200,000,000
shares authorized; 65,567,295 and
64,740,736 issued and outstanding at June
14, 2016 and December 29, 2015,
respectively 655 647
Additional paid-in capital 248,858 263,921
Accumulated other comprehensive loss (8,109) (7,249)
Accumulated deficit (88,672) (88,955)
Treasury stock, at cost (104,325 shares at
June 14, 2016) (1,235) -
--------------- ----------------
Total stockholders' equity 151,497 168,364
--------------- ----------------
Noncontrolling interests in consolidated
subsidiaries and variable interest
entities 10,690 10,418
--------------- ----------------
Total equity 162,187 178,782
--------------- ----------------
TOTAL LIABILITIES AND EQUITY $ 2,171,791 $ 2,135,251
=============== ================







CLUBCORP HOLDINGS, INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
For the Twenty-Four Weeks Ended June 14, 2016 and June 16, 2015
(In thousands of dollars)
(Unaudited financial information)

Year to date ended
-------------------------------
June 14 June 16,
2016 2015
(24 weeks) (24 weeks)
--------------- ---------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (2,563) $ (4,499)
Adjustments to reconcile net loss to cash
flows from operating activities:
Depreciation 47,490 45,673
Amortization 1,079 1,381
Asset impairments 500 1,070
Bad debt expense 1,084 515
Equity in (earnings) loss from
unconsolidated ventures (2,103) 455
Gain on investment in unconsolidated
ventures - (1,475)
Distribution from investment in
unconsolidated ventures 1,524 1,980
Loss on disposals of assets 5,655 9,722
Debt issuance costs and term loan
discount 2,620 2,657
Accretion of discount on member deposits 9,127 9,261
Equity-based compensation 3,000 2,215
Net change in deferred tax assets and
liabilities (1,544) (4,032)
Net change in prepaid expenses and other
assets (6,975) (8,474)
Net change in receivables and membership
notes (26,010) (15,779)
Net change in accounts payable and
accrued liabilities 13,824 3,140
Net change in other current liabilities 25,198 23,038
Net change in other long-term
liabilities (1,670) (4,851)
--------------- ---------------
Net cash provided by operating
activities 70,236 61,997
--------------- ---------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (47,031) (50,949)
Acquisition of clubs (6,600) (55,877)
Proceeds from dispositions 24 576
Proceeds from insurance 471 -
Net change in restricted cash and
capital reserve funds (180) (14)
--------------- ---------------
Net cash used in investing activities (53,316) (106,264)
--------------- ---------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long-term debt (8,755) (7,626)
Proceeds from revolving credit facility
borrowings - 47,000
Debt issuance and modification costs (1,093) (1,506)
Dividends to owners (16,979) (16,784)
Repurchases of common stock (1,235) -
Share repurchases for tax withholdings
related to certain equity-based awards (226) -
Distributions to noncontrolling interest - (1,071)
Proceeds from new membership initiation
deposits 72 330
Repayments of membership initiation
deposits (1,013) (638)
--------------- ---------------
Net cash (used in) provided by
financing activities (29,229) 19,705
--------------- ---------------
EFFECT OF EXCHANGE RATE CHANGES ON CASH 569 (97)
--------------- ---------------
NET DECREASE IN CASH AND CASH EQUIVALENTS (11,740) (24,659)
CASH AND CASH EQUIVALENTS - BEGINNING OF
PERIOD 116,347 75,047
--------------- ---------------
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 104,607 $ 50,388
=============== ===============
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION:
Cash paid for interest $ 10,700 $ 26,285
=============== ===============
Cash paid for income taxes $ 3,046 $ 4,365
=============== ===============





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FOR FURTHER INFORMATION PLEASE CONTACT:

Patty Jerde
Communications Manager
972-888-7790

Frank Molina
Vice President, Investor Relations and Treasury
972-888-6206

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