Drive Shack Posts Mixed Q3 Results, Clocks 15% Revenue Growth

Drive Shack Inc DS reported third-quarter FY21 sales growth of 15% year-on-year, to $76.4 million, beating the analyst consensus of $74.09 million.
Revenue from golf operations rose 5.9% Y/Y, and sales of food and beverages jumped 83.3% Y/Y.
Total operating costs rose 13.6% Y/Y to $82.3 million. The company reported an operating loss narrowed slightly to $(5.92) million in the quarter.
It reported an Adjusted EBITDA of $3.3 million remained flat Y/Y. Loss per share of $(0.11) missed the analyst consensus of $(0.10).
The company held $63.9 million in cash and equivalents as of September 30, 2021.
"Our American Golf and Drive Shack businesses have largely returned to pre-COVID levels, and our events business continues to meaningfully increase as we near the important, key holiday months," said CEO Hana Khouri.
Price Action: DS shares traded lower by 4.66% at $2.68 on the last check Monday.