While the golf market in general seems to be barely a step above struggling, Canadian golf specialty retailer, Golf Town, reported double-digit revenue and EBITDA increases for the second quarter. EBITDA increased 39% to $12.1 million (US$9.7 million) over last year’s second quarter, which was before the retailer went public. Revenues increased by 25% to $71.6 million (US$57.6 million) in the same period. Gross profit as a percentage of sales also increased, up 35.4% in the second quarter compared to 34.6% last year’s quarter.

Fueling the improvements, the company noted, were a same stores sales increase of 13.6% and successful new store openings. During the quarter, Golf Town opened at total of three new stores, bringing their total retail footprint to 24 shops across Canada.

Distributable cash was $11.5 million in the second quarter, or about 92 cents per unit, while $3.3 million, or about 26 cents per unit, was paid in distributions. Historically, about two-thirds of Golf Town's revenues and all of its EBITDA are generated in the second and third quarters, when Canadians play the most golf.

The company went public as an income fund in Nov. 2004, resulting in significant changes in its capital structure. Golf Town has also changed its fiscal year end and quarter ends. As a result, the company's 2005 second quarter covered the standard period from April 1 to June 30, but its 2004 second quarter covered the period from March 28 to June 26. The four day shift had no material affect on the comparability of the quarterly results, however.