Giardina said on the call that the winter storms that have hit the Northeast so far this year have affected TSI's clubs (New York Sports Clubs, Boston Sports Clubs, Philadelphia Sports Clubs and Washington Sports Clubs).

"From January through mid-February last year, we had about 14 inches of snow," Giardina said. "This year, we had about 47 inches of snow. When you have the weather dynamic on top of the competitive landscape, it's a decline in guests. What we're doing to address it is we're doing more things to work with existing members."

Giardina said that TSI has leases in place for five new clubs in 2014. All clubs are expected to benefit from TSI's new software program that was rolled out and implemented last year.

The company's first BFX Studio is expected to open in the first half of 2014 on 6th Avenue and 16th Street in Manhattan. Future studios could be built across the country, Giardina said.

"At this point, we expect two to four BFX studio units this year, and most likely double that number in 2015," Giardina said. "What also makes this exciting is that we plan to have some of our future studios outside of our core markets. We fully expect BFX to be a national brand."

Giardina said Dan Gallagher, who was promoted from CFO to president and COO last year, will continue to handle CFO duties while the company searches for his replacement.

TSI's stock price was $8.75 during midday trading today on the NASDAQ Stock Market after opening this morning at $8.50.