Drive Shack Q2 Result Tops Estimates

Drive Shack Inc DS reported second-quarter FY21 sales growth of 130.22% year-on-year, to $73.90 million, beating the analyst consensus of $67.93 million.
Revenue from golf operations rose 108% Y/Y, and sales of food and beverages jumped 400% Y/Y.
Operating expenses rose 67.5% Y/Y to $55.6 million.
The operating margin was 1.4%, and operating income for the quarter was $1.1 million.
The company held $84.4 million in cash and equivalents as of June 30, 2021.
It reported an Adjusted EBITDA of $7.7 million, versus ($7.0) million last year.
Loss per share of $(0.04) beat the analyst consensus of $(0.13).
"Both our American Golf and Drive Shack businesses delivered strong financial performances as the momentum in the golf and entertainment sectors continued throughout the second quarter," said CEO Hana Khouri.
Price action: DS shares closed higher by 5.58% at $2.65 on Friday.