- The Company paid a special cash dividend of $3.00 per share on December 11, 2012. The aggregate amount of the dividends paid totaled $70.3 million with another $1.1 million payable as restricted shares vest.
- Total member count decreased 12,000 to 510,000 in Q4 2012 and decreased by 13,000 for the full-year 2012.
- Membership monthly attrition averaged 3.5% per month in Q4 2012 compared to 3.4% per month in Q4 2011.
- Revenue of $114.2 million in Q4 2012 decreased 1.4% compared to Q4 2011.
- Comparable club revenue decreased 1.1% in Q4 2012.
- Diluted loss per share was $0.02 in Q4 2012 compared to diluted earnings per share of $0.14 in Q4 2011.
- Q4 2012 results reflected the following items amounting to an aggregate net charge of approximately $7.8 million before taxes (approximately $4.3 million net of taxes) or approximately $0.18 per diluted share:
- $3.2 million ($1.9 million net of taxes) of fixed asset write-offs related to four clubs that sustained damage as a result of Hurricane Sandy.
- $1.6 million ($924,000 net of taxes) of incremental interest charges related to expenses incurred in connection with the Q4 2012 additional borrowing under the Company’s credit facility.
- $2.5 million ($1.5 million net of taxes) of an equivalent cash bonus paid to certain option holders in connection with the Company’s special dividend payment.
- $577,000 ($340,000 net of taxes) of consulting and administration expenses and incremental compensation expense incurred in connection with the Company’s special dividend payment and related stock option modifications.
- $340,000 of discrete tax benefits.
- Adjusted EBITDA was $23.2 million in Q4 2012, an increase of $333,000, or 1.5%, when compared to Adjusted EBITDA of $22.9 million in Q4 2011 (Refer to the reconciliation below).
Town Sports International Holdings, Inc. Announces Fourth Quarter And Full-Year 2012 Financial Results
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