Market Overview

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

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

TSI's earnings for the second 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 June 30, 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

 

 

Second Quarter

 

2019

 

2018

Revenues:

 

 

 

Club operations

$

117,027

 

 

$

111,047

 

Fees and other

1,677

 

 

1,282

 

 

118,704

 

 

112,329

 

Operating Expenses:

 

 

 

Payroll and related

45,547

 

 

42,396

 

Club operating

55,017

 

 

50,131

 

General and administrative

6,493

 

 

6,381

 

Depreciation and amortization

10,075

 

 

9,640

 

 

117,132

 

 

108,548

 

Operating income

1,572

 

 

3,781

 

Interest expense

3,240

 

 

3,338

 

Interest income

(16

)

 

(45

)

Equity in the earnings of investees

(93

)

 

(78

)

(Loss) income before benefit for corporate income taxes

(1,559

)

 

566

 

Benefit for corporate income taxes

(2

)

 

(35

)

Net (loss) income including non-controlling interests

(1,557

)

 

601

 

Less: net loss attributable to non-controlling interests

(110

)

 

 

Net (loss) income attributable to Town Sports International Holdings, Inc. and Subsidiaries

$

(1,447

)

 

$

601

 

(Loss) earnings per share:

 

 

 

Basic

$

(0.05

)

 

$

0.02

 

Diluted

$

(0.05

)

 

$

0.02

 

Weighted average number of shares used in calculating (loss) earnings per share:

 

 

 

Basic

26,580,772

 

 

25,844,061

 

Diluted

26,580,772

 

 

26,584,112

 

 

Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA

 

 

Second Quarter

 

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