Town Sports International Holdings Inc. (TSI), Jupiter, Florida, reported third quarter 2018 revenue of $110.17 million, according to financials released by the company on Oct. 25. This represents a 11.7 percent increase year over year, in addition to being TSI's fifth consecutive quarter of growth.
TSI reported a diminished net loss of $3.9 million as compared to $13.2 million during the same period last year. Adjusted EBITDA was $12.06 million versus $11.04 million. The company also reported increased operating expenses of $110.19 million against 2017's $104.91 million.
Under the leadership of CEO Patrick Walsh, TSI has broadened its club portfolio through acquisitions such as David Barton club concept TMPL, New York; Total Woman Gym + Spa, San Diego; and Lucille Roberts, New York. Only Lucille Roberts was part of the company in third quarter 2017. TMPL and Total Woman Gym + Spa were purchased in early 2018.
"If [other club brands are] under the Town Sports umbrella, we can utilize our leverage, provide capital for growth, operational expertise, marketing expertise ... all these things we think are very attractive to a small business owner like David Barton or Lucille Roberts or Total Woman," Walsh told Club Industry in March 2018. "Once they're under our umbrella, they have a much better chance of growing the business in the years ahead given the environment. And that's the real value we've created with Town Sports."
In May 2018, Walsh received the Entrepreneur Of The Year 2018 Award in the Transformational category in New York. He is eligible for consideration in the Entrepreneur Of The Year 2018 national program, whose winners will be announced Nov. 10, 2018, in Palm Springs, California.
In July 2017, TSI, which is a publicly traded company, announced it would no longer host conference calls to discuss quarterly results, despite the calls being a practice that many public company do.
TSI ranked No. 7 on Club Industry’s Top 100 Health Clubs of 2018 list, reporting $403 million in 2017 revenue.