Market Overview

Town Sports International Holdings, Inc. Reports First Quarter 2019 Results

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Town Sports International Holdings, Inc. ("TSI" or the "Company")
(NASDAQ:CLUB) today reported results for the first quarter of 2019.

TSI's earnings for the first quarter of 2019 are summarized below. To
become fully apprised of our results, shareholders are urged to read our
Form 10-Q for the quarterly period ended March 31, 2019 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

First Quarter
2019         2018
Revenues:
Club operations $ 115,140 $ 105,675
Fees and other 1,458   1,436  
116,598   107,111  
Operating Expenses:
Payroll and related 45,323 39,474
Club operating 53,576 48,364
General and administrative 6,870 5,911
Depreciation and amortization 9,585   9,128  
115,354   102,877  
Operating income 1,244 4,234
Interest expense 3,452 3,168
Interest income (28 ) (36 )
Equity in the earnings of investees and rental income (55 ) (105 )
(Loss) income before provision for corporate income taxes (2,125 ) 1,207
Provision for corporate income taxes 74   78  
Net (loss) income including non-controlling interests (2,199 ) 1,129
Less: net loss attributable to non-controlling interests (150 )  
Net (loss) income attributable to TSI and subsidiaries $ (2,049 ) $ 1,129  
 
(Loss) earnings per share:
Basic $ (0.08 ) $ 0.04
Diluted $ (0.08 ) $ 0.04
Weighted average number of shares used in calculating (loss)
earnings per share:
Basic 26,443,946 25,709,031
Diluted 26,443,946
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