Market Overview

Town Sports International Holdings, Inc. Reports Third Quarter 2018 Results

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Town Sports International Holdings, Inc. ("TSI") (NASDAQ:CLUB) today
reported results for the third quarter of 2018.

TSI's earnings for the third quarter of 2018 are summarized below. To
become fully apprised of our results, shareholders are urged to read our
Form 10-Q for the quarterly period ended September 30, 2018 posted at https://www.townsportsinternational.com.
The limited information that follows in this press release is not
adequate for making informed investment decisions. The unaudited
condensed consolidated Statements of Operations are included below.

Dollar amounts in this release are in thousands, except for share and
per share amounts. Amounts are unaudited.

   

Condensed Consolidated Statements of Operations

 
Third Quarter
2018     2017
Revenues:
Club operations $ 108,709 $ 97,022
Fees and other 1,464   1,619  
110,173   98,641  
Operating Expenses:
Payroll and related 42,108 37,072
Club operating 50,107 46,087
General and administrative 6,700 5,380
Depreciation and amortization 9,188 9,874
Impairment of fixed assets 2,082   6,497  
110,185   104,910  
Operating loss (12 ) (6,269 )
Interest expense 3,493 3,192
Interest income (46 ) (36 )
Equity in earnings of investee (79 ) (77 )
Loss before provision for corporate income taxes (3,380 ) (9,348 )
Provision for corporate income taxes 562   3,928  
Net loss (3,942 ) (13,276 )
Net income attributable to non-controlling interests 4    
Net loss attributable to Town Sports International Holdings, Inc.
and subsidiaries
$ (3,946 ) $ (13,276 )
 
Loss per share:
Basic $ (0.15 ) $ (0.53 )
Diluted $ (0.15 ) $ (0.53 )
Weighted average number of shares used in calculating loss per share:
Basic 25,849,800 25,245,262
Diluted 25,849,800 25,245,262
 
   

Reconciliation of Net Loss to EBITDA and Adjusted EBITDA

 
Third Quarter
2018     2017
Net loss
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