Drive Shack Q1 Top-Line Beats Street View

Drive Shack Inc DS reported first-quarter FY22 sales growth of 12.9% year-on-year to $68.98 million, beating the consensus of $65.40 million.
Revenue from golf operations rose 4% Y/Y, and sales of food and beverages jumped 72.7% Y/Y.
Operating expenses rose 12.8% Y/Y to $55.1 million. The operating loss for the quarter was $(18.4) million versus a loss of $(7.9) million last year.
The company held $48.1 million in cash and equivalents as of March 31, 2022.
It reported an Adjusted EBITDA of $1.02 million, versus $2.7 million last year.
EPS loss of $(0.22) missed the analyst consensus of $(0.14).
The company's board declared dividends on the company's preferred stock for the period beginning May 1, 2022, and ending July 31, 2022.
The dividends are payable on August 1, 2022, to holders of record of preferred stock on July 1, 2022.
"Our Drive Shack and American Golf businesses continue to generate solid earnings and we are gaining a clear proof of concept with our two Puttery venues, both delivering sales results and profitability margins ahead of our expectations this quarter," said CEO Hana Khouri.
Price Action: DS shares are trading higher by 6.19% at $1.20 in pre-market on the last check Tuesday.