Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener. On April 29, 2009, Town Sports International Holdings ( CLUB) reported that its Q1 FY09 earnings plunged 86.7%, hurt by asset impairment and severance charges. Net income declined to $639,000 or $0.03 per share from $4.81 million or $0.18 per share in Q1 FY08. The latest quarter earnings include $1.10 million towards fixed asset impairment charges, $496,000 for severance charges, and $400,000 for early lease termination costs. Excluding these items, the company earned $0.09 per share, which beat the consensus estimate of $0.05 per share. Total revenue increased slightly to $126.71 million from $126.32 million, driven by new clubs opened or acquired subsequent to March 31, 2007. At the same time, revenue at clubs operated for more than 12 months shrunk 2.1% on a comparable club basis compared Q1 FY08. Segment-wise, club operations inched up to $125.47 million from $124.91 million a year ago. Within the segment, membership revenue climbed 1.3% to $103.87 million, helped by an increase in membership dues. Membership dues increased 1.5% to $100.71 million, while initiation fees dropped 7.0% to $3.16 million. However, ancillary club revenue slipped 3.3% to $21.60 million, due to a 7.1% slump in personal training revenue, partially offset by 6.7% increase in other ancillary club revenue. Finally, fees and other revenue was $1.24 million, down 12.2% from $1.41 million in Q1 FY08. During Q1 FY09, Town Sports repurchased 2.10 million shares for $5.40 million. In addition, CLUB opened four clubs and closed three others during the quarter. Looking forward to Q2 FY09, the company expects revenue to be in the range of $123.00 million to $125.00 million. Furthermore, CLUB anticipates earnings to range between $1.25 million and $1.75 million, while on a per share basis, it expects earnings in the range of $0.06 to $0.08. For FY09, the company forecast $50.00 million to $53.00 million in capital expenditures, while it plans to close two additional clubs in 2009.