Revenues Down for The Sports Club Co.
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LOS ANGELES -- The Sports Club Co. reported losses in revenue in its fourth quarter 2009 and year-end results, which were announced today.
The Los Angeles-based company, which operates and owns luxury sports and fitness complexes under the brand name The Sports Club/LA, had a 16.3 percent decrease in revenue ($2.55 million) in fourth quarter 2009 compared to the same period in 2008. The company generated $13.1 million in revenue last quarter compared to $15.6 million in the same period in 2008. During the fourth quarter of 2008, the company recorded a $2.6 million one-time charge related to the settlement of a wrongful termination lawsuit.
For the year, The Sports Club Co. had a 14.1 percent decrease in revenue ($8.9 million) in 2009 compared to 2008. The company generated $54.5 million for the year ended Dec. 31, 2009, compared to $63.4 million for the year ended Dec. 31, 2008.
The Sports Club Co. trades on the Pink Sheets.
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