Responding to my recent letter in the Independent regarding the financial situation of our golf business, the writer states he “….wasn’t able to see or hear anything about a $2.76 million operating loss.” Yes, he did miss it, clear as day in the discussion of the financial results. This begins 58:10 minutes into the meeting, and specifically at the 1:05:39 point in the presentation. There are two PowerPoint slides at the end of the presentation. each with the same figure shown.
I’m well aware that this result includes only one month (November) into our highest rates season and revenues will increase dramatically as we get through the next few busy months. But that’s not the point.
As I noted in my previous letter, not one committee member questioned the loss at all. Not one. Even if each of them possesses the knowledge that revenues are seasonal and will increase over the next few months, an operating loss of this magnitude bears further discussion and explanation such that anyone who views the meeting has a complete picture.
It should also be noted that our CFO’s comment of “Income from operations pretty good at $316 thousand favorable,” completely ignores the loss and disingenuously attempts to put a positive spin on a very negative result by comparing it to the budget.
Not losing as much money as what was planned for does not make a multimillion-dollar loss a good result.
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