LOS ANGELES — When contacted in June about Club Industry's Top 100 Clubs list, Nanette Pattee Francini stated that she was pleased with the new membership numbers of her company, The Sports Club Co. Inc., Los Angeles, over the first six months of 2010. But second quarter 2010 financials released in July show that revenues were still down for the second quarter and the first six months of the year.
Second quarter 2010 revenue for the 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.
This year, the Sports Club Co. was No. 23 on the Top 100 Clubs list. 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.
Francini, who is CEO and co-founder of The Sports Club Co., said that membership numbers were up by 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.