Exhibit 99.1
For Release on February 25, 2015
TOWN SPORTS INTERNATIONAL HOLDINGS, INC. ANNOUNCES FOURTH QUARTER AND FULL-YEAR
2014 FINANCIAL RESULTS
New York, NY - February 25, 2015 - Town Sports International Holdings, Inc. (“TSI” or the “Company”) (NASDAQ: CLUB), one of the leading owners and operators 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”, “Philadelphia Sports Clubs” and "BFX Studio" announced its results for the fourth quarter and full-year ended December 31, 2014.
Fourth Quarter Overview:
Total member count increased 5,000 to 484,000 during Q4 2014 compared to a decrease of 10,000 in Q4 2013.
Membership monthly attrition averaged 3.9% per month in Q4 2014 compared to 3.4% per month in Q4 2013.
Revenue was $109.7 million in Q4 2014, a decrease of 3.7% compared to Q4 2013.
Comparable club revenue decreased 3.9% in Q4 2014 compared to 1.3% in Q4 2013.
Adjusted EBITDA was $10.4 million in Q4 2014 compared to $18.4 million in Q4 2013 (Refer to the reconciliation below). Q4 2014 Adjusted EBITDA exceeded our previous guidance of $8.8 million by 18%.
Net loss for Q4 2014 was $63.7 million, which included a non-cash charge related to a tax valuation allowance of $60.4 million recorded against deferred tax assets. This compares to net loss of $695,000 in Q4 2013, which included an aggregate pre-tax net charge of $1.2 million (approximately $738,000, net of taxes) for certain items as previously disclosed.
Loss per share was $2.62 in Q4 2014, which included loss per share of $2.48 for a non-cash tax charge related to a tax valuation allowance. Loss per share in Q4 2013 was $0.03, which included loss per share of $0.03 of certain items as previously disclosed.
We continue to modify pricing at our clubs to a High Value Low Price ("HVLP") strategy. As of December 31, 2014, 71 clubs were operating under this new pricing strategy. As of today, a total of 98 clubs have been converted to HVLP and another 19 clubs are operating as passport-only membership clubs. We expect most of our clubs to be converted to the HVLP pricing strategy by May 31, 2015, and approximately 25 clubs to be operating under our higher priced passport-only membership model.
Robert Giardina commented: “The fourth quarter capped a year of significant transformation and highlighted positive momentum for our business.  Compelled by industry change, we embarked on a new pricing strategy which we expect will first result in membership growth and increased market share followed by renewed positive EBITDA growth combined with improved cash flow. In addition, to improve the productivity of our asset base, we closed eight clubs, slowed development and are focusing most of our efforts on maximizing the potential of our existing clubs. Everything we are doing leverages the established team, infrastructure and brand that our company has developed over many years, and we are energized by the continued focus on health and fitness in America.”








The following information was filed by Town Sports International Holdings Inc (CLUB) on Wednesday, February 25, 2015 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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