Town Sports International Holdings Inc. (TSI), New York, reported $98.6 million in third quarter 2017 revenue, a 0.1 percent increase year-over-year, according to financials released by the company Wednesday. This is the company's first quarterly revenue increase this year.
However, TSI reported a $13.2 million net loss in the quarter compared to a $5.5 million net loss during the same period last year. The company's operating loss also grew from $2.6 million during the third quarter of 2016 to a loss of $6.2 million this period.
Adjusted EBITDA stayed steady at $11.04 million compared to $11.03 million year-over-year.
This quarter is one of the company's most financially stable quarters since active investor Patrick Walsh took over as CEO in late 2016. TSI reported a 2.2 percent revenue decrease and a 1 percent revenue decrease in the year's first and second quarters, respectively. TSI reported its fifth-straight year of revenue decline in 2016.
In July, TSI announced the company will no longer host conference calls to discuss quarterly results.
Also in July, the company acquired 16 New York City-area Lucille Roberts Health Clubs. Walsh cited the acquisition as "a prime example of TSI's targeted growth strategy."
As of Sept. 30, TSI operated 164 clubs with 558,000 members. Of those clubs, 118 were in the New York metropolitan market (102 of which were under the New York Sports Clubs brand name and 16 of which were under the Lucille Roberts brand name), 28 clubs in the Boston metropolitan region under the Boston Sports Clubs brand name, 10 clubs (one of which is partly owned) in the Washington, D.C. metropolitan region under the Washington Sports Clubs brand name, five clubs in the Philadelphia metropolitan region under the Philadelphia Sports Clubs brand name, and three clubs in Switzerland.
TSI ranked No. 6 on Club Industry's Top 100 Health Clubs of 2017 with $396.92 million in 2016 revenue.