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Town Sports International Q4 loss widens 17.3% YOY

Town Sports International said its normalized net income for the fourth quarter amounted to a loss of 17 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 27 cents per share.

The per-share loss widened 13.8% year over year from 15 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $4.3 million, compared with a loss of $3.6 million in the prior-year period.

The normalized profit margin dropped to negative 3.9% from negative 3.3% in the year-earlier period.

Total revenue fell 8.1% on an annual basis to $100.8 million from $109.7 million, and total operating expenses fell 7.0% year over year to $103.3 million from $111.0 million.

Reported net income totaled $86.9 million, or $3.47 per share, compared to a loss of $63.6 million, or a loss of $2.62 per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of $1.01 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of $1.38.

EPS was a loss of 29 cents in the prior year.

Normalized net income was a loss of $25.4 million, compared with a loss of $7.0 million in the prior year.

Full-year total revenue decreased 6.5% from the prior-year period to $424.3 million from $453.8 million, and total operating expenses totaled $446.7 million, compared with $448.4 million in the year-earlier period.

The company said reported net income came to $21.1 million, or 84 cents per share, in the full year, compared with a loss of $68.9 million, or a loss of $2.84 per share, the prior year.