Exhibit 99.1
For Release on March 3, 2009
TOWN SPORTS INTERNATIONAL HOLDINGS, INC. ANNOUNCES FOURTH QUARTER AND
FULL-YEAR 2008 FINANCIAL RESULTS
New York, NY – March 3, 2009 – Town Sports International Holdings, Inc. (“TSI” or the “Company”) (NASDAQ: CLUB), a leading owner and operator of health clubs located primarily in major cities from Washington, DC north through New England, operating under the brand names “New York Sports Clubs”, “Boston Sports Clubs”, “Washington Sports Clubs” and “Philadelphia Sports Clubs”, announced its results for the fourth quarter and full-year ended December 31, 2008.
Fourth Quarter and Full-Year Results:
  Revenue during the quarter increased 3.4% to $122.9 million. For the full-year, revenues increased 7.1% to $506.7 million
 
  Comparable club revenue decreased 1.4% during the quarter but increased 2.2% for the full-year.
 
  Personal training revenues grew 4.3%, to $14.0 million during the quarter and 10.1%, to $61.8 million for the full-year.
 
  Membership attrition averaged 3.5% per month in Q4 2008 compared to 3.0% in Q4 2007 and totaled 40.2% for the full- year 2008 compared to 38.2% for the full-year 2007.
 
  Q4 2008 results include goodwill impairment charges of $17.6 million and fixed asset impairment charges of $1.9 million.
 
  Diluted loss per share for Q4 2008 was ($0.51), including ($0.66) related to goodwill and fixed asset impairment charges.
 
  A total of 1.8 million shares were repurchased during Q4 2008 under the repurchase program at a cost of $4.6 million. Since December 31, 2008, an additional 2.1 million shares were repurchased at a cost of $5.3 million.
Alex Alimanestianu, Chief Executive Officer of TSI, commented: “We are pleased with the overall resiliency of our business, as demonstrated by the continued growth in revenues in the fourth quarter of 2008 as compared to the fourth quarter of 2007. In an extremely challenging consumer spending environment, we generated operating cash flow of $18.7 million and $95.6 million in the fourth quarter and year ended December 31, 2008, respectively. Significant increases in total member usage from the fourth quarter of 2008 as compared to the fourth quarter of 2007 show the continued strong demand for the services offered at our clubs. However, we are facing ongoing challenges to our efforts to grow net memberships, which we expect to continue throughout 2009. As a result, we are reducing operating expenses and capital expenditures in an effort to protect our margins and preserve liquidity. On the operations front, we are seeing clear and positive signs that our ongoing initiatives to enhance the experience in our clubs are starting to produce favorable member feedback and overall satisfaction”.
On February 26, 2009, Mr. Jason Fish assumed the role of Chairman of the Board of Directors, replacing Mr. Paul Arnold, who will remain as a Director.

 


The following information was filed by Town Sports International Holdings Inc (CLUB) on Tuesday, March 3, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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