In a release on
-Total member count decreased 10,000 to 497,000 in Q4 2013 and decreased by 13,000 for the full-year 2013.
-Membership monthly attrition averaged 3.4 percent per month in Q4 2013 compared to 3.5 percent per month in Q4 2012.
-Comparable club revenue decreased 1.3 percent in Q4 2013.
-Diluted loss per share was
-Q4 2013 results included a favorable out of period rental income adjustment, a loss related to debt extinguishment, severance related to the departure of an executive officer, legal and consulting expenses related to the pending sale of our
-Q4 2012 results included fixed asset write-offs related to four clubs that sustained damage as a result of Hurricane Sandy, administration and incremental compensation expenses related to the special dividend payment and related stock option modifications and discrete tax benefits. These items amounted to an aggregate net charge of approximately
-Following the end of the quarter, the Company announced a quarterly cash dividend of
-In Q4 2013, the Company refinanced its credit facility with a new
-The Company entered into an agreement to sell its property located at
Total revenue for Q4 2013 decreased
Q4 2012 revenues were negatively impacted as a result of lost operating days from Hurricane Sandy. At the height of the storm, 131 of our 160 clubs were closed with 16 clubs that remained closed for over a week and two clubs that remained closed through the end of 2012. In Q1 2013, one of these clubs was permanently closed.
Total operating expenses decreased 1.2 percent for Q4 2013 compared to Q4 2012. Operating margin was 4.7 percent for Q4 2013 compared to 3.8 percent for Q4 2012.
Payroll and related. The decrease in payroll and related expenses in Q4 2013 was primarily related to a
Club Operating. The increase in club operating expenses in Q4 2013 included a 1.5 percent increase in number of club months of operation. Also, increases in occupancy expenses, utilities and repairs and maintenance contributed to the increase.
General and administrative. The increase in general and administrative expenses in Q4 2013 compared to Q4 2012 was primarily due to the increases in consulting and computer maintenance expenses related to the implementation of our new club operating system as well as costs related to the upgrade and enhancement of our phone and data network. The increases were partially offset by the reduction in dividend administration fees incurred in connection with the payment and administration of the special cash dividend payment paid during Q4 2012.
Depreciation and amortization. Depreciation and amortization expense for Q4 2013 remained flat to Q4 2012.
Impairment of fixed assets. In Q4 2013, we recorded
Net loss for Q4 2013 was
The Company also noted, full-year ended
For the full-year ended
Cash flow from operating activities for full-year 2013 totaled
First Quarter 2014 Financial Outlook:
Based on the current business environment, recent performance and current trends in the marketplace and subject to the risks and uncertainties inherent in forward-looking statements, excluding any impact of the possible completion of the sale of our
-Revenue for Q1 2014 is expected to be between
-We expect net income for Q1 2014 to be between
Investing Activities Outlook:
For the year ending
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In a release on