After a successful second quarter earnings report Wednesday, Town Sports International (TSI) saw its stock price skyrocket today.

TSI’s stock, which is traded on NASDAQ, soared to a 52-week high of $9.88 during afternoon trading, a 29.5 percent increase from Wednesday’s closing price of $7.63. Zacks Investment Research recently gave TSI shares a No. 1 rank (strong buy).

On Wednesday, the New York-based company reported its best results since the fourth quarter of 2008. TSI’s revenue increased 0.7 percent in second quarter 2011 to $118.3 million compared to second quarter 2010 ($117.4 million). Comparable club revenue increased 1.5 percent and ancillary club revenue increased 11.4 percent in second quarter 2011 compared to the same period last year. Personal training revenue experienced 7.2 percent growth, TSI’s highest personal training growth in more than two years.

Also, adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $24.3 million in second quarter 2011, a 26.3 percent increase compared to adjusted EBITDA of $19.3 million in second quarter 2010.

“We’re very proud of our second quarter results, and the initiatives that are now driving our renewed growth,” TSI CEO Bob Giardina told analysts during the call. Those initiatives include a student- and teacher-restricted membership program, which has produced 12,000 members since the end of first quarter 2011, and 20,000 members since the end of second quarter 2010, Giardina added.

All told, TSI gained 7,000 net new members in second quarter 2011, bringing its total to 517,000 compared to 496,000 in second quarter 2010. Giardina said that TSI has added a total of 24,000 new members in the first half of 2011. Attrition decreased slightly, from 3.3 percent per month in second quarter 2010 to 3.2 percent per month in second quarter 2011.

“What I really liked about our growth in the second quarter is that it was multifaceted,” Giardina told analysts. “It came from new members, improvements in our attrition rate, nice growth in personal training, and an increase in our joining fee of more than 40 percent to $64.”

NEXT PAGE: TSI RAISES EXPECTATIONS FOR THIRD QUARTER

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