Benzinga | Aug 9, 2021 07:53AM EDT

Drive Shack Q2 Result Tops Estimates

* Drive Shack Inc (NYSE: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.