Exhibit 99.1
TOWN SPORTS INTERNATIONAL HOLDINGS, INC.
REPORTS 2017 FOURTH QUARTER AND FULL-YEAR RESULTS

New York, NY - February 28, 2018 - Town Sports International Holdings, Inc. (“TSI”) (NASDAQ: CLUB) today reported results for the fourth quarter and full-year of 2017.
TSI’s earnings for the fourth quarter and full-year of 2017 are summarized below. To become fully apprised of our results, shareholders are urged to read our Form 10-K for the full-year ended December 31, 2017 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
 
Fourth Quarter
 
Full-Year
 
2017
 
2016
 
2017
 
2016
Revenues:
 
 
 
 
 
 
 
Club operations
$
104,081

 
$
94,502

 
$
397,166

 
$
390,560

Fees and other
1,247

 
1,605

 
5,876

 
6,361

 
105,328

 
96,107

 
403,042

 
396,921

Operating Expenses:
 
 
 
 
 
 
 
Payroll and related
34,097

 
33,827

 
145,612

 
149,029

Club operating
45,174

 
44,739

 
180,467

 
185,104

General and administrative
5,601

 
5,486

 
22,680

 
24,702

Depreciation and amortization
10,650

 
10,630

 
40,849

 
43,727

Impairment of fixed assets

 

 
6,497

 
742

 
95,522

 
94,682

 
396,105

 
403,304

Operating income (loss)
9,806

 
1,425

 
6,937

 
(6,383
)
Gain on extinguishment of debt

 

 

 
(37,893
)
Interest expense
3,210

 
3,194

 
12,665

 
13,940

Interest income
(42
)
 

 
(78
)
 
(2
)
Equity in the earnings of investees and rental income
(116
)
 
(41
)
 
(333
)
 
(242
)
Income (loss) before (benefit) provision for corporate income taxes
6,754

 
(1,728
)
 
(5,317
)
 
17,814

(Benefit) provision for corporate income taxes
(14,236
)
 
(1,469
)
 
(9,686
)
 
9,771

Net income (loss)
$
20,990

 
$
(259
)
 
$
4,369

 
$
8,043

Earnings (loss) per share:
 
 
 
 
 
 
 
Basic
$
0.78

 
$
(0.01
)
 
$
0.16

 
$
0.31

Diluted
$
0.76

 
$
(0.01
)
 
$
0.16

 
$
0.31

Weighted average number of shares used in calculating earnings (loss) per share:
 
 
 
 
 
 
 
Basic
26,825,605

 
25,809,667

 
26,703,577

 
25,568,371

Diluted
27,462,712

 
25,809,667

 
27,422,833

 
26,074,735




The following information was filed by Town Sports International Holdings Inc (CLUB) on Wednesday, February 28, 2018 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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