LOS ANGELES, CA – Revenues for Sports Club Co.’s first quarter 2006 increased 6.8 percent to $14.5 million from $13.6 million during the same period last year, the company announced. During the first quarter, the company sold five of its nine sports and fitness clubs to Millennium Partners, a major stockholder of the company. The net sales proceeds in excess of the carrying value of the sold assets of $24.8 million was recorded as a capital contribution.
The net loss attributable to common stockholders for the first quarter ended March 31, 2006 was $3.22 million or $0.17 per basic and diluted share compared to a net loss attributable to common stockholders for the same period last year of $1.73 million or $0.09 per basic and diluted share. The weighted average number of basic and diluted shares outstanding for the first quarter 2006 was 19.4 million shares compared to 19.13 million shares for the same period last year.