LOS ANGELES -- The Sports Club Co., Los Angeles, announced its third quarter and nine-month financial results today and had its first reported quarterly net income, before preferred stock dividends, since the fourth quarter of 1999.
Revenues from operations for the third quarter ended Sept. 30, 2008 were $15.5 million compared to $15.4 million for the third quarter ended Sept. 30, 2007, an increase of $114,000, or 1 percent. Net income for the third quarter was $24,000 compared to a net loss of $865,000 for the third quarter of the previous year.
Revenues from operations for the nine months ended Sept. 30, 2008 were $47.9 million compared to $46.1 million for the nine months ended Sept. 30, 2007, an increase of $1.7 million, or 3.7 percent.
The Sports Club Co., which trades on the Pink Sheets, operates and owns luxury sports and fitness complexes nationwide under the brand name The Sports Club/LA.