The Sports Club Company Announces Second-Quarter 1998 Results.LOS ANGELES--(BUSINESS WIRE)--July 30, 1998--The Sports Club Company Inc. (AMEX AMEX See: American Stock Exchange :SCY SCY Security SCY Short Course Yards (swimming) ) Thursday announced financial results for the second quarter and six months ended June 30, 1998. Revenues for the quarter increased by 43 percent to $20,346,000, an increase of $6,154,000 from $14e in 1998, an increase of 222 percent over 1997t a premium of $3.5 million. This resulted in astanding for the quarter was 20,710,000 vs. 11,634,000 in last year's second quarter, reflecting shares issued in April 1998. For the six months ended June 30, 19986,000. Net income before the loss on early retirement of debt was $2,741,000 or 16 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , an incres $568,000 or 3 cents per share for the six months ended June 30, 1998, vs. a net loss of $217,000 or 2 cents per share in 1997. Weighted average diluted shares outstandid operations at Clubs which the company has openg certain Club renovations. We are continuing aised $49.4 million by completing the sale of 6in development and the equity offering has enhanced the company's ability to raise the capital needed to fund these construction projects," concluded Gibbons. The data) (Unaudited) 1998 1997 Revenues expenses 122 600 tax benefit of $1,331 2,173 -- 20.02) $(0.06) $ 0.03 $(0.02) (Unaudited) Other current assets Other Current Assets A balance sheet item that includes the value of non-cash assets due within one year. Notes: Examples are things like prepaid expenses and accounts receivable. net of accumulated depreciation accumulated depreciation The total amount of depreciation that has been recorded for an asset since its date of acquisition. For example, a computer with a 5-year estimated life that was purchased for $2,000 would have accumulated depreciation of $800 [( and amortizatiABILITIES AND SHAREHOLDERS' EQUITY Current liotes payable and capitalized lease obligations, less current installments 22,260 42,823 Other long-term liabilities Other Long-Term Liabilities A balance sheet item that includes obligations that do not currently require interest payments. Notes: This would include items such as remaining leases, future employee benefits and deferred taxes. 6,242 5,674 CONTACT: The Sports Club Company Inc., Los Angeles John M. Gibbons, 310/479-5200 |
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