Market Overview

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

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

TSI's earnings for the third 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 September 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

 

Third Quarter

 

2019

 

2018

Revenues:

 

 

 

Club operations

$

113,864

 

 

$

108,709

 

Fees and other

1,632

 

 

1,464

 

 

115,496

 

 

110,173

 

Operating Expenses:

 

 

 

Payroll and related

44,976

 

 

42,108

 

Club operating

55,789

 

 

50,107

 

General and administrative

6,915

 

 

6,700

 

Depreciation and amortization

9,456

 

 

9,188

 

Impairment of fixed assets

7,189

 

 

2,082

 

 

124,325

 

 

110,185

 

Operating loss

(8,829

)

 

(12

)

Interest expense

3,221

 

 

3,493

 

Interest income

(12

)

 

(46

)

Equity in the earnings of investees

(58

)

 

(79

)

Loss before provision for corporate income taxes

(11,980

)

 

(3,380

)

Provision for corporate income taxes

74

 

 

562

 

Net loss including non-controlling interests

(12,054

)

 

(3,942

)

Less: net (loss) income attributable to non-controlling interests

(321

)

 

4

 

Net loss attributable to Town Sports International Holdings, Inc. and subsidiaries

$

(11,733

)

 

$

(3,946

)

Loss per share:

 

 

 

Basic

$

(0.44

)

 

$

(0.15

)

Diluted

$

(0.44

)

 

$

(0.15

)

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

 

 

 

Basic

26,592,031

 

 

25,849,800

 

Diluted

26,592,031

 

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