Welcome to the From the Chairman: Tri-White was formed in 1997 with an initial capitalization of $70 million and today has Shareholders’ equity of $104 million. This growth is in keeping with the long-term goals of the Company; that is, to realize sustainable cash flow from operations and build on the underlying value of our assets. Consistent with these goals was our most significant transaction of 2007, the acquisition of approximately 6.6 million shares of ClubLink Corporation increasing the Company’s ownership to approximately 70%. As a result, the accounts of ClubLink Corporation are now consolidated with Tri-White, effective June 1, 2007, dramatically changing the financial statement presentation of the Company. Download full 2007 Annual Report Business Strategy Tri-White’s continued investment in programs to build the core operating business at White Pass has been the Company’s key to profitability. As a standalone entity, White Pass has an experienced on-site management team and has been able to generate growth in the passenger traffic and corresponding US dollar revenue. Significant initiatives in this sector have included capitalizing on historical relationships with the cruise lines, supporting investments to create one of the leading port facilities in southeast Alaska, and continuing to offer a unique, affordable experience for the traveling public. The effective leadership of this business combined with proper capitalization of the company has allowed Tri-White to generate sustainable cash flow. Tri-White’s recently acquired control position in ClubLink will provide a stable environment to allow for continued growth and enhanced profitability from this business segment. An experienced management team and a strategic focus which offers customers a wide variety of high quality facilities and flexible membership programs has resulted in ClubLink establishing itself as the golf industry leader in Canada. Operating synergies within the golf departments and continued cost reduction through economies of scale will improve operating performance and financial returns. Through Tri-White’s merchant banking operations, corporate management has a proven record of building and delivering value. The objective of the Company is to maximize value over a five to ten year horizon, though the Company will monetize an investment when business conditions present a suitable opportunity. Similarly, Tri-White capitalizes on short-term trading opportunities as they are identified in the market. The Company is confident that the commitment to this strategy will produce above average returns over the long term. In the near term, there is the expectation to continue to provide real cash returns while building the underlying value for the future. News: MARCH 13, 2008 MARCH 6, 2008 DECEMBER 28, 2007 |
