Town Sports International (TSI), New York, had slight increases in fourth quarter 2011 and year-end revenue, and the company eyes growth over the next three years.

TSI, which operates New York Sports Clubs, Philadelphia Sports Clubs, Boston Sports Clubs and Washington Sports Clubs, reported $115.8 million in fourth quarter 2011 revenue, a 1.5 percent increase from $114.1 million in fourth quarter 2010, according to financials released Wednesday. For the year, TSI generated $466.9 million in revenue, a 1 percent increase from $462.4 million in 2010.

Net income increases were considerably higher for TSI. The company had $3.3 million in net income in fourth quarter 2011 compared to $1.3 million in the same period a year ago. Net income for 2011 was $6.3 million compared to a net loss of $290,000 in 2010.

Cash flow from operating activities for full-year 2011 totaled $74.9 million, an increase of $23.6 million from full-year 2010. Net debt for the company is down $33.8 million from a year ago.

“Some of the success in 2011 might have come from a stable or slightly improved economy,” TSI CEO Bob Giardina told analysts in an earnings call Wednesday. “But I believe what is really driving our business is the successful programs and strategies to drive membership and improve revenue that the team implemented.”

TSI enjoyed a 6.1 percent jump in membership in 2011, an increase of 30,000 to approximately 523,000 members. The 30,000 member increase was double the company’s plan for 2011.

For 2012, the company plans to invest $25 million to $28 million in capital expenditures compared to $30.9 million in 2011. About $2.5 million to $3 million will be earmarked for 2012 and 2013 club openings. Giardina added that TSI expects to open one new club this year, three to six clubs in 2013 and six to 12 clubs in 2014.

“Our business is now firmly back on track,” Giardina said. “We are increasing our member base, driving ancillary revenue, posting same-club revenue increases and improving EBITDA and making rapid progress towards a 20 percent annual EBITDA margin.”

TSI operated 160 clubs as of Dec. 31, 2011, the majority of which were New York Sports Clubs (106). The company opened two new clubs last year, one in Garnerville, NY, and one in Bayonne, NJ. Each of those clubs is 26,000 square feet.

“Our first two new club openings in almost three years have been met with great success,” Giardina said. “We built each club for less than $4 million each versus previously established plans of almost $6 million per club, and each club opened its doors with almost twice as many members as planned.”

Giardina added that the company believes there are more than 50 opportunities in Boston and New York City for its 20,000-square-foot fitness-only club model and that the company is focusing its club growth on smaller fitness-only clubs within its urban markets.

“The industry is growing, we’re growing and the number one resolution this year was to lose weight and join a gym,” Giardina said. “You add all of that up, and we’re excited about our prospects.”

On Thursday, TSI, which is traded on the NASDAQ Stock Exchange, surged 12.9 percent to $10.13 for a market cap of $231.5 million. John Udovich of SmallCapNetwork.com reported that the stock is up 37 percent since the start of the year and 136.7 percent over the past year. However, he noted, TSI is down 49 percent over the past five years. TSI stock reached $24 in April 2007.