The Sports Club Co. Reports Lower Revenue in 2Q
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LOS ANGELES -- The Sports Club Co. Inc. reported lower revenue in second quarter 2010 and the first six months of 2010 compared to the same periods last year, according to financials released by the company today.
Second quarter 2010 revenue for the Los Angeles-based company, which trades on the Pink Sheets, was $13.5 million, a decrease of 4 percent from the same period last year when revenue was $14 million.
Revenues from operations for the six months ended June 30, 2010, were $26.7 million compared to $28.1 million for the six months ended June 30, 2009, a decrease of $1.46 million, or 5 percent.
Membership revenue was $9.4 million in the second quarter 2010, compared to $9.7 million in the same period last year. For the first six months of the year, membership revenue was $18.6 million compared to $19.6 million during the first six months of 2009.
The Sports Club Co. was No. 23 on the Club Industry Top 100 Clubs list this year. The ranking was based on the company’s 2009 revenue of $54.5 million, which was a 14 percent decline from the company’s 2008 revenue of $63.5 million.
In discussing the company’s ranking on the Top 100 Clubs list, Nanette Pattee Francini, president and co-founder of the company, stated that the company had had a good first six months in 2010, particularly in new memberships, which were up 1,500 members compared to the first six months of 2009.
The Sports Club Co. operates and owns luxury sports and fitness complexes under the brand name The Sports Club/LA in Los Angeles, Orange County, and Beverly Hills, CA, and at Rockefeller Center in New York.
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