Market Overview

Town Sports International Holdings, Inc. Reports 2018 Fourth Quarter and Full-Year Results

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Town Sports International Holdings, Inc. ("TSI") (NASDAQ:CLUB) today
reported results for the fourth quarter and full-year of 2018.

TSI's earnings for the fourth quarter and full-year of 2018 are
summarized below. To become fully apprised of our results, shareholders
are urged to read our Form 10-K for the full-year ended December 31,
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

   
Fourth Quarter Full-Year
2018   2017 2018   2017
Revenues:
Club operations $ 111,926 $ 104,081 $ 437,357 $ 397,166
Fees and other 1,555   1,247   5,737   5,876  
113,481   105,328   443,094   403,042  
Operating Expenses:
Payroll and related 44,337 34,097 168,315 145,612
Club operating 49,087 45,174 197,689 180,467
General and administrative 6,055 5,601 25,047 22,680
Depreciation and amortization 9,486 10,650 37,442 40,849
Impairment of fixed assets     2,082   6,497  
108,965   95,522   430,575   396,105  
Operating income 4,516 9,806 12,519 6,937
Interest expense 3,479 3,210 13,478 12,665
Interest income (6 ) (42 ) (133 ) (78 )
Equity in the earnings of investees and rental income (82 ) (116 ) (344 ) (333 )
Income (loss) before benefit for corporate income taxes 1,125 6,754 (482 ) (5,317 )
Benefit for corporate income taxes (962 ) (14,236 ) (357 ) (9,686 )
Net income (loss) including non-controlling interests 2,087 20,990 (125 ) 4,369
Less: net loss attributable to non-controlling interests (206 )   (202 )  
Net income attributable to TSI and subsidiaries $ 2,293   $ 20,990   $ 77   $ 4,369  
Earnings per share:
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