Fitness financials: Sports Club posts Q4 loss, plus Finish Line
The Sports Club, operator of sports and fitness complexes under the brand name The Sports Club/LA, reported an increase in revenue for the fourth quarter, and Finish Line said it had a much smaller fiscal fourth-quarter loss as a result of backing out of its proposed Genesco acquisition.
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Sports Club posts Q4 loss
The Sports Club Company (Pink Sheets: SCYL), operator of sports and fitness complexes under the brand name The Sports Club/LA, reported a 1 percent up tick in revenue for the fourth quarter, but widened its loss.
For the quarter ended Dec. 31, revenue was $15.61 million versus $15.54 million in the same period last year.
Net loss attributable to common stockholders for the fourth quarter was $3.25 million, or $0.15 per diluted share, compared to a net loss in 2007 of $2.93 million, or $0.14 per diluted share.
The weighted average number of diluted shares outstanding for the fourth quarter was 21.47 million shares compared to last year’s 20.85 million shares.
For FY ’08, revenues were up 2.9 percent to $63.47 million compared to $61.67 million in 2007. Net loss was $6.16 million, or $0.29 per diluted share, versus $7.28 million, or $0.35 per diluted share, in FY ’07.
The weighted average number of diluted shares outstanding for 2008 was 21.38 million shares compared to 20.53 million shares the year before.
Finish Line narrows Q4 loss
Finish Line (Nasdaq: FINL) said it had a much smaller fiscal fourth-quarter loss as a result of backing out of its proposed Genesco acquisition.
A year ago, the company pulled out of its proposed $1.5 billion bid for Genesco. The decision weighed heavily on year-ago results in the form of $81.4 million in costs related to a settlement.
For the quarter ended Feb. 28, its loss was $1.4 million, or $0.03 per share, compared to a loss of $39.2 million, or $0.83 per share, a year earlier. Excluding impairment charges and other items, income from continuing operations was $19.6 million, or $0.36 per share.
Fourth-quarter sales declined to $364.1 million, off 5 percent from $382.8 million in the prior-year period. The company said same-store sales fell 3.9 percent, with Man Alive tumbling 25 percent and its namesake stores down 2.3 percent.
For FY ’08, Finish Line earned $3.8 million, or $0.07 per share, versus a loss of $60.8 million, or $1.29 per share. Adjusted income from continuing operations was $24.9 million, or $0.46 per share. Sales were down 2 percent to $1.26 billion from $1.28 billion. Same-store sales dropped 0.4 percent.
–Compiled by Wendy Geister
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