TSI Revenues Climb with Addition of 21 Clubs
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NEW YORK — Town Sports International, operator of 129 health clubs in major cities from Washington, DC north through New England, announced its results for the quarter ended June 30, 2003.
Revenues for the three months ended June 30, 2003 were $86.1 million, an increase of $6.1 million, or 7.6 percent over the same quarter of 2002. During the quarter, revenue at TSI's mature clubs — described by the company as those in operation for 24 months or longer — was flat, decreasing by $146,000 or 0.2 percent. The 21 clubs opened or acquired within the last 24 months contributed $6.1 million of the increase in revenue in the quarter ended June 30, 2003. During the quarter, revenue at clubs opened more than 12 months increased 3.6 percent.
Operating income for the quarter was $12.5 million compared to $10.5 million in the second quarter of 2002, while net interest expense increased to $5.9 million from $4.1 million.
The company's EBITDA increased by 14.2 percent to $20.9 million this quarter from $18.3 million in last year's quarter. EBITDA margin improved to 24.3 percent in the quarter ended June 30, 2003 from 22.9 percent in 2002. Additionally, private training revenue for the quarter was $8.5 million or 9.2 percent ahead of the prior year quarter.
“The growth in our private training revenue has continued to meet expectations,” said Bob Giardina, CEO of TSI in a release.
For the last 12 months ended June 30, 2003, consolidated revenues were $335.5 million compared to $300.7 million during the same period in 2002.
The company recorded a net loss for the quarter of $1.1 million compared to net income of $3.5 million for the comparable period in the prior year. In connection with our April 2003 refinancing transactions the company incurred $7.8 million of debt extinguishment costs.
“I am pleased to report that net cash flows provided by operating activities have improved $11.3 million or 40. percent to $39.8 million for the six months ended June 30, 2003 compared to $28.4 million over the same period in 2002,” said Richard Pyle, CFO of TSI.
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