The Sports Club Co. Revenue Increases 4 Percent
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LOS ANGELES -- The Sports Club Co. Inc., Los Angeles, saw a 4.4 percent growth in fourth quarter 2006 revenue and a 4.6 percent revenue growth for the year ended Dec. 31, 2006.
Revenues from continuing operations for the fourth quarter ended Dec. 31, 2006 were $14.8 million compared to $14.2 million for the same period in 2005.
Revenues from continuing operations for 2006 were $58.7 million compared to $56.2 million for 2005.
During 2006, the company sold five of its nine sports and fitness clubs to Millennium Partners, a major stockholder of The Sports Club Co. The net sales proceeds in excess of the carrying value of the sold assets of $23.7 million was recorded as a capital contribution.
The Sports Club Co. operates and owns clubs under the brand name The Sports Club/LA.
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