Exhibit 99.1

For Release on February 15, 2012

TOWN SPORTS INTERNATIONAL HOLDINGS, INC. ANNOUNCES FOURTH QUARTER AND FULL-YEAR

2011 FINANCIAL RESULTS

New York, NY – February 15, 2012 – 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, 2011.

Fourth Quarter Overview:

 

 

Total member count increased 1,000 to 523,000 in Q4 2011 and increased by 30,000, or 6.1%, in full-year 2011.

 

 

Membership monthly attrition averaged 3.4% per month in both Q4 2011 and Q4 2010.

 

 

Revenue of $115.8 million in Q4 2011 increased 1.5% as compared to Q4 2010 and 3.9% as compared to adjusted Q4 2010. Adjusted Q4 2010 revenue of $111.5 million excludes $2.6 million of personal training revenue recognized for expired and unused sessions.

 

 

Comparable club revenue increased 3.4% in Q4 2011 compared to adjusted Q4 2010.

 

 

Personal training revenue increased 7.7% in Q4 2011 compared to adjusted Q4 2010. Adjusted Q4 2010 revenue excludes $2.6 million of personal training revenue recognized for expired and unused sessions.

 

 

Diluted earnings per share were $0.14 in Q4 2011 compared to $0.06 in Q4 2010. Q4 2011 results include a favorable tax credit of approximately $343,000, or $0.01 per share related to state deferred tax adjustments. Q4 2010 results included $1.4 million, net of taxes, or approximately $0.06 per share, of personal training revenue recognized for expired and unused sessions.

 

 

Adjusted EBITDA increased 19.7% to $22.9 million in Q4 2011 as compared to Q4 2010 and increased 21.2% to $89.5 million in full-year 2011 compared to full-year 2010.

Robert Giardina, Chief Executive Officer of TSI, commented: “Our 19.7% EBITDA margin in Q4 2011 driven by comparable club revenue growth of 3.4% demonstrated the company’s ability to execute at every level of the organization. We are excited about our prospects for additional productivity and profitability gains in 2012, and are on the cusp of reaching our 20% EBITDA margin goal ahead of schedule. We are also once again setting our sights on club growth, and see significant opportunity over the next five years as health and wellness continues to gain momentum as a major trend in the U.S.”

Fourth Quarter Ended December 31, 2011 Financial Results:

Revenue (in thousands):

 

     Quarter Ended December 31,        
     2011     2010        
     Revenue      % Revenue     Revenue      % Revenue     % Variance  

Membership dues

   $ 91,231        78.8    $ 89,950        78.9      1.4 

Joining fees

     2,241        1.9      1,272        1.1      76.2 
  

 

 

    

 

 

   

 

 

    

 

 

   

Membership revenue

     93,472        80.7      91,222        80.0      2.5 
  

 

 

    

 

 

   

 

 

    

 

 

   

Personal training revenue

     15,142        13.1      16,657        14.6      (9.1 ) % 

Other ancillary club revenue

     5,778        5.0      5,010        4.4      15.3 
  

 

 

    

 

 

   

 

 

    

 

 

   

Ancillary club revenue

     20,920        18.1      21,667        19.0      (3.4 ) % 

Fees and other revenue

     1,421        1.2      1,176        1.0      20.8 
  

 

 

    

 

 

   

 

 

    

 

 

   

Total revenue

   $ 115,813        100.0    $ 114,065        100.0      1.5 
  

 

 

    

 

 

   

 

 

    

 

 

   


The following information was filed by Town Sports International Holdings Inc (CLUB) on Wednesday, February 15, 2012 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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