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Last10K.com | 10-Q Quarterly Report Thu Oct 25 2018
Exhibit 99.1
TOWN SPORTS INTERNATIONAL HOLDINGS, INC.
REPORTS THIRD QUARTER 2018 RESULTS
New York, NY - October 25, 2018 - Town Sports International Holdings, Inc. (“TSI”) (NASDAQ: CLUB) today reported results for the third quarter of 2018.
TSI’s earnings for the third quarter of 2018 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, 2018 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 | |||||||
2018 | 2017 | ||||||
Revenues: | |||||||
Club operations | $ | 108,709 | $ | 97,022 | |||
Fees and other | 1,464 | 1,619 | |||||
110,173 | 98,641 | ||||||
Operating Expenses: | |||||||
Payroll and related | 42,108 | 37,072 | |||||
Club operating | 50,107 | 46,087 | |||||
General and administrative | 6,700 | 5,380 | |||||
Depreciation and amortization | 9,188 | 9,874 | |||||
Impairment of fixed assets | 2,082 | 6,497 | |||||
110,185 | 104,910 | ||||||
Operating loss | (12 | ) | (6,269 | ) | |||
Interest expense | 3,493 | 3,192 | |||||
Interest income | (46 | ) | (36 | ) | |||
Equity in earnings of investee | (79 | ) | (77 | ) | |||
Loss before provision for corporate income taxes | (3,380 | ) | (9,348 | ) | |||
Provision for corporate income taxes | 562 | 3,928 | |||||
Net loss | (3,942 | ) | (13,276 | ) | |||
Net income attributable to non-controlling interests | 4 | — | |||||
Net loss attributable to Town Sports International Holdings, Inc. and subsidiaries | $ | (3,946 | ) | $ | (13,276 | ) | |
Loss per share: | |||||||
Basic | $ | (0.15 | ) | $ | (0.53 | ) | |
Diluted | $ | (0.15 | ) | $ | (0.53 | ) | |
Weighted average number of shares used in calculating loss per share: | |||||||
Basic | 25,849,800 | 25,245,262 | |||||
Diluted | 25,849,800 | 25,245,262 | |||||
The following information was filed by Town Sports International Holdings Inc (CLUB) on Thursday, October 25, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Town Sports International Holdings Inc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Town Sports International Holdings Inc.
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Town Sports International Holdings Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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Revenue - Product Highlight
Personal training revenue increased $2.4 million, or 15.6%, in the three months ended September 30, 2018 compared to the three months ended September 30, 2017, primarily due to the favorable impact from the newly acquired clubs, and increased member interest resulting from improved product management and marketing strategies, partially offset by the impact of club closures.
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Revenue - Product Highlight
Personal training revenue increased $6.2 million, or 12.6%, in the nine months ended September 30, 2018 compared to the nine months ended September 30, 2017, primarily due to the favorable impact from the newly acquired and opened clubs, and increased member interest resulting from improved product management and marketing strategies, partially offset by the impact of club closures.
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Revenue - Product Highlight
Other ancillary club revenue increased $1.6 million, or 34.3%, in the three months ended September 30, 2018 compared to the three months ended September 30, 2017, primarily due to the favorable impact from the newly acquired clubs, which included $1.1 million related to spa services.
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Revenue - Product Highlight
Other ancillary club revenue increased $3.5 million, or 25.7%, in the nine months ended September 30, 2018 compared to the nine months ended September 30, 2017, primarily due to the favorable impact from the newly acquired and opened clubs, which included $1.9 million related to spa services.
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Financial - Expense Highlight
In the nine months ended September 30, 2018 compared to the nine months ended September 30, 2017, depreciation and amortization expense decreased $2.2 million, or 7.4%, primarily due to a decrease at our mature clubs and the impact of closed locations.
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Financial - Expense
In the three months ended...Read more
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Financial - Earnings
Conversely, when our membership base...Read more
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Revenue - Product
Revenue increased $11.5 million, or...Read more
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Revenue - Product
Revenue increased $31.9 million, or...Read more
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Financial - Expense
As clubs mature and increase...Read more
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Revenue - Product
Membership dues revenue increased $23.6...Read more
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M & A - Other
Cash paid in connection with...Read more
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Financial - Expense
Initiation and processing fees, as...Read more
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Revenue - Product
Membership dues revenue increased $7.7...Read more
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M & A - Other
Net cash used in investing...Read more
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Financial - Expense
General and administrative expenses increased...Read more
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Other - Other
Increases in operating cash included...Read more
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Financial - Income
The income approach was based...Read more
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Financial - Expense
Payroll costs directly related to...Read more
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Other - Other
Leasehold improvements are amortized over...Read more
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Financial - Cash Flow
Our ability to continue to...Read more
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Other - Other
Net cash provided by operating...Read more
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Other - Other
Cash collected for member enrollment,...Read more
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Other - Other
As of September 30, 2018,...Read more
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Other - Other
Cash collected for membership dues...Read more
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Other - Other
Cash collected for personal training...Read more
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Other - Other
Cash collected for recurring annual...Read more
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Financial - Expense
General and administrative expenses increased...Read more
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Revenue - Product
Pursuant to the terms of...Read more
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Other - Other
Cash paid for payroll increased...Read more
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Other - Other
Cash paid for utilities and...Read more
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Other - Other
We may from time to...Read more
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Revenue - Product
Comparable club revenue increased 1.5%...Read more
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Revenue - Product
Comparable club revenue increased 1.7%...Read more
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Revenue - Product
We continue to grow ancillary...Read more
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Financial - Earnings
Due to triggering events, in...Read more
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Revenue - Product
The comparable club revenue increase...Read more
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Financial - Expense
Operating expenses increased due to...Read more
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Financial - Expense
Operating expenses increased due to...Read more
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Revenue - Product
In periods when we increase...Read more
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Revenue - Product
Amounts collected per sale has...Read more
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Revenue - Product
Amounts collected per sale has...Read more
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Financial - Debt
making it more difficult to...Read more
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Revenue - Product
We define comparable club revenue...Read more
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Revenue - Product
Failure to continue to successfully...Read more
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Revenue - Product
We continue to strategize on...Read more
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Financial - Expense
The cost and related accumulated...Read more
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Revenue - Product
In the nine months ended...Read more
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Revenue - Product
Key determinants of comparable club...Read more
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Other - Other
Effective as of November 15,...Read more
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Revenue - Product
Ancillary club revenue: For the...Read more
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Financial - Expense
Rent and occupancy expenses also...Read more
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Financial - Expense
Rent and occupancy expenses also...Read more
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Financial - Expense
Fixed assets are recorded at...Read more
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M & A - Other
These decreases were partially offset...Read more
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Other - Other
Cash paid for interest increased...Read more
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Financial - Expense
The costs related to developing...Read more
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Financial - Debt
limiting our ability to refinance...Read more
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Other - Other
In addition, at any time...Read more
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Other - Other
The Company can provide no...Read more
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Financial - Debt
Given that the 2013 Senior...Read more
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M & A - Other
Any material acceleration or expansion...Read more
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Financial - Cash Flow
In order to minimize the...Read more
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Revenue - Geography
We used derivatives solely relating...Read more
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M & A - Other
In connection with an acquisition...Read more
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Financial - Debt
As of September 30, 2018,...Read more
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Financial - Expense
Fixed costs include club and...Read more
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Financial - Debt
The swap effectively converted $160.0...Read more
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Other - Other
Fixed and intangible assets....Read more
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Other - Other
Offsetting decreases in operating cash...Read more
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Financial - Expense
Club operating expenses increased $4.0...Read more
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Financial - Expense
Club operating expenses increased $13.3...Read more
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Financial - Expense
Approximately $5.7 million and $5.4...Read more
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Financial - Expense
The fixed asset impairment charges...Read more
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Financial - Income
We recorded an income tax...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
Condensed Consolidated Statements Of Operations
Acquisitions
Acquisitions (Tables)
Acquisitions - Additional Information (Details)
Acquisitions - Asset Acquisitions (Details)
Acquisitions - Schedule Of Net Assets Acquired (Details)
Acquisitions - Unaudited Pro Forma Results (Details)
Basis Of Presentation
Basis Of Presentation (Tables)
Basis Of Presentation - Narrative (Details)
Basis Of Presentation - Number Of Clubs (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Concentration Of Credit Risk
Concentration Of Credit Risk (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Details)
Derivative Financial Instruments (Tables)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Details)
Earnings (Loss) Per Share (Tables)
Fixed Asset Impairment
Fixed Asset Impairment (Details)
Goodwill And Other Intangibles
Goodwill And Other Intangibles (Tables)
Goodwill And Other Intangibles - Additional Information (Details)
Goodwill And Other Intangibles - Change In Carrying Amount Of Goodwill (Details)
Goodwill And Other Intangibles - Schedule Of Intangible Assets (Details)
Income Taxes
Income Taxes (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Additional Information (Details)
Long-Term Debt - Schedule Of Long-Term Debt (Details)
Mortgage And Term Loan
Mortgage And Term Loan (Details)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Policies)
Related Party
Related Party (Details)
Revenue
Revenue (Tables)
Revenue - Disaggregation Of Revenue (Details)
Revenue - Impact Of Asc 606 (Details)
Revenue - Narrative (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Employee Stock Purchase Plan (Details)
Stock-Based Compensation - Management Stock Purchase Plan (Details)
Stock-Based Compensation - Restricted Stock Awards (Details)
Stock-Based Compensation - Stock Grants (Details)
Stock-Based Compensation - Stock Option Awards (Details)
Subsequent Event
Subsequent Event (Details)
Material Contracts, Statements, Certifications & more
Town Sports International Holdings Inc provided additional information to their SEC Filing as exhibits
Ticker: CLUB
CIK: 1281774
Form Type: 10-Q Quarterly Report
Accession Number: 0001281774-18-000042
Submitted to the SEC: Thu Oct 25 2018 12:31:51 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Membership Sports And Recreation Clubs
External Resources:
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