Mar 30 2010
The Sports Club Company, Inc. (Pink Sheets: SCYL) today announced financial results for the fourth quarter and year ended December 31, 2009.
Revenues from operations for the fourth quarter ended December 31, 2009 were $13,067,000 compared to $15,619,000 for the fourth quarter ended December 31, 2008, a decrease of $2,552,000 or 16.3%. After Preferred Stock dividends of $299,000 for the fourth quarter ended December 31, 2009 and the fourth quarter ended December 31, 2008, the net loss attributable to common stockholders for the fourth quarter ended December 31, 2009 was $320,000 or $0.01 per basic and diluted share, compared to a net loss attributable to common stockholders for the fourth quarter ended December 31, 2008 of $3,258,000 or $0.15 per basic and diluted share. During the fourth quarter of 2008 the Company recorded a $2,600,000 one time charge related to the settlement of a wrongful termination lawsuit. The weighted average number of basic and diluted shares outstanding for the fourth quarter ended December 31, 2009 was 21,907,000 shares compared to 21,474,000 shares for the fourth quarter ended December 31, 2008.
Revenues from operations for the year ended December 31, 2009 were $54,516,000 compared to $63,474,000 for the year ended December 31, 2008, a decrease of $8,958,000 or 14.1%. After Preferred Stock dividends of $1,193,000 for the year ended December 31, 2009 and $1,194,000 the year ended December 31, 2008, the net loss attributable to common stockholders for the year ended December 31, 2009 was $2,315,000 or $0.11 per basic and diluted share, compared to a net loss attributable to common stockholders for the year ended December 31, 2008 of $6,167,000 or $0.29 per basic and diluted share. During the fourth quarter of 2008 the Company recorded a $2,600,000 one time charge related to the settlement of a wrongful termination lawsuit. The weighted average number of basic and diluted shares outstanding for the year ended December 31, 2009 was 21,841,000 shares compared to 21,386,000 shares for the year ended December 31, 2008.
All statements in this press release other than statements of historical fact are forward looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in this press release. The forward looking statements speak only as of the date of this press release, and the Company expressly disclaims any obligations to release publicly, update or revise any forward looking statement contained herein if there are changes in the Company's expectations or if any events, conditions or circumstances on which any such forward looking statement is based.