*DJ Town Sports International 3Q Loss/Shr 44c >CLUB
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November 05, 2019 16:01 ET (21:01 GMT)
Press Release: Town Sports International Holdings, Inc. Reports Third Quarter 2019 Results
Town Sports International Holdings, Inc. Reports Third Quarter 2019 Results
NEW YORK--(BUSINESS WIRE)--November 05, 2019--
Town Sports International Holdings, Inc. ("TSI" or the "Company") (NASDAQ: CLUB) today reported results for the third quarter of 2019.
TSI's earnings for the third quarter of 2019 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, 2019 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
------------------------------
2019 2018
------------- ---------------
Revenues:
Club operations $ 113,864 $ 108,709
Fees and other 1,632 1,464
------------ ------------
115,496 110,173
------------ ------------
Operating Expenses:
Payroll and related 44,976 42,108
Club operating 55,789 50,107
General and administrative 6,915 6,700
Depreciation and amortization 9,456 9,188
Impairment of fixed assets 7,189 2,082
------------ ------------
124,325 110,185
------------ ------------
Operating loss (8,829 ) (12 )
Interest expense 3,221 3,493
Interest income (12 ) (46 )
Equity in the earnings of investees (58 ) (79 )
------------ ------------
Loss before provision for corporate income
taxes (11,980 ) (3,380 )
Provision for corporate income taxes 74 562
------------ ------------
Net loss including non-controlling
interests (12,054 ) (3,942 )
Less: net (loss) income attributable to
non-controlling interests (321 ) 4
------------ ------------
Net loss attributable to Town Sports
International Holdings, Inc. and
subsidiaries $ (11,733 ) $ (3,946 )
======== ========
Loss per share:
Basic $ (0.44 ) $ (0.15 )
Diluted $ (0.44 ) $ (0.15 )
Weighted average number of shares used in
calculating loss per share:
Basic 26,592,031 25,849,800
Diluted 26,592,031 25,849,800
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
Third Quarter
---------------------
2019 2018
--------- ----------
Net loss including non-controlling
interests $(12,054) $(3,942)
Less: net (loss) income attributable to
non-controlling interests (321 ) 4
-------- -------
Net loss attributable to TSI and
subsidiaries (11,733 ) (3,946 )
Interest expense, net of interest
income 3,209 3,447
Provision for corporate income taxes 74 562
Depreciation and amortization 9,456 9,188
-------- -------
EBITDA(1) 1,006 9,251
Impairment of fixed assets 7,189 2,082
Net costs related to closing clubs and
other cost-savings initiatives 39 403
Incremental expense related to the
adoption of ASC 606(2) 14 264
Separation expense related to headcount
reductions and former executive
officers 124 57
-------- -------
Adjusted EBITDA(1) $8,372 $12,057
======= ======
(1) EBITDA and Adjusted EBITDA for the third quarters of 2019 and 2018
include costs related to acquisitions of $5 and $722, respectively.
(2) On January 1, 2018, the Company adopted FASB Accounting Standards
Codification Topic 606 and all the related amendments ("ASC 606") which
requires the Company to defer costs related to obtaining members and
expense those costs over the estimated membership life. Under previous
guidance, these membership costs were expensed at the time of the
respective sale.
Non-GAAP Financial Measures - EBITDA and Adjusted EBITDA
EBITDA consists of net income (loss) attributable to TSI and subsidiaries plus interest expense (net of interest income), provision for corporate income taxes, and depreciation and amortization. Adjusted EBITDA is TSI's EBITDA excluding certain items, such as any fixed asset or goodwill impairments, incremental expense related to the adoption of ASC 606, separation expense related to headcount reductions and former executive officers, as well as net costs related to closing clubs and other cost-savings initiatives. EBITDA is not a measure of liquidity or financial performance presented in accordance with GAAP. EBITDA, as we define it, may not be identical to similarly titled measures used by some other companies.
EBITDA has material limitations as an analytical tool and should not be considered in isolation or as a substitute for net income (loss) attributable to TSI and subsidiaries, operating income (loss), cash flows from operating activities or other cash flow data prepared in accordance with GAAP. The items excluded from EBITDA, but included in the calculation of reported net income attributable to TSI and subsidiaries and operating income, are significant and must be considered in performing a comprehensive assessment of our performance.
Investors or prospective investors in TSI regularly request EBITDA as a supplemental analytical measure to, and in conjunction with, our GAAP financial data. We understand that these investors use EBITDA, among other things, to assess our ability to service our existing debt and to incur debt in the future, to evaluate our executive compensation programs, to assess our ability to fund our capital expenditure program, and to gain insight into the manner in which TSI's management and board of directors analyze our performance. We believe that investors find the inclusion of EBITDA in our press releases to be useful and helpful to them.
Our management and board of directors also use EBITDA as a supplemental measure to our GAAP financial data for purposes broadly similar to those used by investors.
Adjusted EBITDA has similar uses and limitations as EBITDA. We have excluded additional items in the calculation of Adjusted EBITDA because management believes that this metric is useful in making period to period comparisons of our performance. We do not, and investors should not, place undue reliance on EBITDA or Adjusted EBITDA as a measure of our performance.
Forward-Looking Statements
This release may contain "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding future financial results and performance, potential club closures, results of cost-savings initiatives, and other statements that are predictive in nature or depend upon or refer to events or conditions, or that include words such as "may," "should," or the negative version of these words or other comparable words. Forward-looking statements speak only as of the date when made, and TSI undertakes no obligation to update these statements in light of subsequent events or developments. Actual results may differ materially from anticipated results or outcomes discussed in any forward-looking statement.
About Town Sports International Holdings, Inc.
Town Sports International Holdings, Inc. is a diversified holding company with subsidiaries engaged in a number of business and investment activities. The Company's largest operating subsidiary has been involved in the fitness industry since 1973 and has grown to become one of the largest owners and operators of fitness clubs in the Northeast region of the United States. TSI's corporate structure provides flexibility to make investments across a broad spectrum of industries in order to create long-term value for shareholders.
Until further notice, TSI will not be hosting conference calls to discuss quarterly results. TSI intends to continue to issue press releases reporting quarterly earnings.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191105006149/en/
CONTACT: Investor Contact:
(917) 765-9974
Investor.relations@town-sports.com
(END) Dow Jones Newswires
November 05, 2019 16:01 ET (21:01 GMT)
*DJ Town Sports International 3Q Rev $115.5M >CLUB
(MORE TO FOLLOW) Dow Jones Newswires (212-416-2800)
November 05, 2019 16:03 ET (21:03 GMT)
*DJ Town Sports International 3Q Loss $11.7M >CLUB
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November 05, 2019 16:03 ET (21:03 GMT)
*DJ Town Sports International 3Q EBITDA $8.4M >CLUB
(MORE TO FOLLOW) Dow Jones Newswires (212-416-2800)
November 05, 2019 16:07 ET (21:07 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
*DJ Town Sports International 3Q Lost/Shr 44c>Club
(后续更多)道琼斯通讯社(212-416-2800)
2019年11月05,东部时间16:01(格林威治时间21:01)
新闻稿:Town Sports International Holdings,Inc.报告2019年第三季度业绩
城市体育国际控股公司报告2019年第三季度业绩
纽约--(美国商业资讯)--2019年11月5日--
城市体育国际控股公司(“TSI”或“公司”)(纳斯达克股票代码:CLUB)今天公布了2019年第三季度的业绩。
TSI公司2019年第三季度的收益汇总如下。要全面了解我们的业绩,请股东阅读我们截至2019年9月30日的季度10-Q报表,网址为:https://www.townsportsinternational.com.
本新闻稿中的有限信息不足以做出明智的投资决定。未经审计的简明综合经营报表包括如下。
本新闻稿中的美元金额以千为单位,但股票和每股金额除外。金额未经审计。
简明综合经营报表
第三季度
------------------------------
2019 2018
------------- ---------------
收入:
扶轮社业务$113,864$108,709
费用及其他1,632,464
------------ ------------
115,496 110,173
------------ ------------
运营费用:
薪金及有关的44,976 42,108
俱乐部运营55,789 50,107
一般和行政6,915 6,700
折旧和摊销9,456 9,188
固定资产减值7,189,082
------------ ------------
124,325 110,185
------------ ------------
营业亏损(8,829)(12)
利息支出3,221,493
利息收入(12)(46)
被投资人收入中的权益(58)(79)
------------ ------------
公司收入拨备前亏损
税(11980)(3380)
公司所得税准备74 562
------------ ------------
包括非控制性净损失
利息(12,054)(3,942)
减去:归因于的净(亏损)收入
非控股权益(321)4
------------ ------------
城镇体育净损失
国际控股公司和
子公司$(11,733)$(3,946)
======== ========
每股亏损:
基本$(0.44)$(0.15)
稀释$(0.44)$(0.15)
所用股份的加权平均数
计算每股亏损:
基本26,592,031 25,849,800
稀释后26,592,031 25,849,800
净亏损与EBITDA和调整后EBITDA的对账
第三季度
---------------------
2019 2018
--------- ----------
包括非控制性净损失
利息$(12,054)$(3,942)
减去:归因于的净(亏损)收入
非控股权益(321)4
-------- -------
TSI和应归因于TSI的净损失
子公司(11,733)(3,946)
利息支出,扣除利息
收入3,209,447
公司所得税准备74 562
折旧和摊销9,456 9,188
-------- -------
EBITDA(1)1,006 9,251
固定资产减值7,189,082
与关闭俱乐部有关的净成本和
其他节省成本措施39 403
与
采用ASC 606(2)14 264
与编制相关的离职费用
裁员及前任行政人员
警务人员124 57
-------- -------
调整后EBITDA(1)$8,372$12,057
======= ======
(1)2019年第三季度和2018年第三季度的EBITDA和调整后EBITDA
包括与收购相关的成本分别为5美元和722美元。
(2)2018年1月1日,公司采用FASB会计准则
编码主题606和所有相关的修改(“ASC 606”)
要求公司推迟与获取成员和
在估计的会员寿命内花费这些费用。在上一个下
在指导下,这些会员费是在
各自销售。
非GAAP财务计量-EBITDA和调整后EBITDA
EBITDA由TSI及其子公司的净收入(亏损)加上利息支出(扣除利息收入)、公司所得税准备以及折旧和摊销组成。调整后的EBITDA是TSI的EBITDA,不包括某些项目,如任何固定资产或商誉减值、与采用ASC 606有关的增量费用、与裁员和前行政人员有关的离职费用,以及与关闭俱乐部和其他成本节约计划有关的净成本。EBITDA不是根据GAAP提供的流动性或财务表现的衡量标准。正如我们所定义的,EBITDA可能与其他一些公司使用的类似标题的衡量标准不同。
EBITDA作为一种分析工具存在重大限制,不应单独考虑或替代TSI及其子公司的净收入(亏损)、营业收入(亏损)、经营活动的现金流量或根据GAAP编制的其他现金流量数据。EBITDA中不包括的项目,但包括在TSI及其子公司的报告净收入和营业收入的计算中,具有重要意义,在对我们的业绩进行全面评估时必须予以考虑。
TSI的投资者或潜在投资者定期要求EBITDA作为对我们GAAP财务数据的补充分析衡量标准,并与我们的GAAP财务数据相结合。我们了解,这些投资者使用EBITDA来评估我们偿还现有债务和未来发生债务的能力,评估我们的高管薪酬计划,评估我们为资本支出计划提供资金的能力,以及深入了解TSI管理层和董事会分析我们业绩的方式。我们相信,投资者发现在我们的新闻稿中纳入EBITDA对他们是有用和有帮助的。
我们的管理层和董事会还使用EBITDA作为我们GAAP财务数据的补充措施,其目的与投资者使用的目的大体相似。
调整后的EBITDA具有与EBITDA类似的用途和限制。我们在计算调整后EBITDA时排除了其他项目,因为管理层认为此指标在对我们的业绩进行逐期比较时是有用的。我们不会,投资者也不应该过分依赖EBITDA或调整后的EBITDA作为我们业绩的衡量标准。
前瞻性陈述
本新闻稿可能包含符合1995年“私人证券诉讼改革法”含义的“前瞻性”陈述,包括但不限于有关未来财务结果和业绩、潜在的俱乐部关闭、成本节约计划的结果的陈述,以及其他具有预测性的陈述,或取决于或涉及事件或条件的陈述,或包括“可能”、“应该”或这些词或其他类似词的负面版本的陈述。前瞻性陈述只说到作出时的日期,TSI不承担根据随后的事件或发展更新这些陈述的义务。实际结果可能与任何前瞻性陈述中讨论的预期结果或结果大不相同。
关于城市体育国际控股公司
城市体育国际控股公司是一家多元化的控股公司,子公司从事多项业务和投资活动。该公司最大的运营子公司自1973年以来一直参与健身行业,并已成长为美国东北部地区最大的健身俱乐部所有者和运营商之一。TSI的公司结构提供了灵活性,可以在广泛的行业进行投资,以便为股东创造长期价值。
在另行通知之前,TSI将不会主持讨论季度业绩的电话会议。TSI打算继续发布新闻稿,报告季度收益。
在businesswire.com上查看源代码版本:https://www.businesswire.com/news/home/20191105006149/en/
联系方式:投资者联系方式:
(917) 765-9974
邮箱:investor.Relations@town-sports.com
(完)道琼斯通讯社
2019年11月05,东部时间16:01(格林威治时间21:01)
*DJ Town Sports International 3Q Rev$1.155亿>Club
(后续更多)道琼斯通讯社(212-416-2800)
2019年11月05,东部时间16:03(格林威治时间21:03)
*DJ Town Sports International 3Q亏损1170万美元>俱乐部
(后续更多)道琼斯通讯社(212-416-2800)
2019年11月05,东部时间16:03(格林威治时间21:03)
*DJ Town Sports International 3Q EBITDA$840万>Club
(后续更多)道琼斯通讯社(212-416-2800)
2019年11月05,东部时间16:07(格林威治时间21:07)
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