The Sports Club Company Inc. disclosed a stockholders' deficit of $24,190,000 at Dec. 31, 2006. The company also posted at Dec. 31, 2006, total assets of $89,487,000, total liabilities of $104,098,000, and redeemable convertible preferred stock, series B valued at $9,579,000. At Dec. 31, 2006, the company had cash and cash equivalents of $2,975,000, marketable securities of $4,970,000, and restricted cash of $1,659,000. A year-ago, the company had $10,287,000 in cash and cash equivalents. Accumulated deficit at Dec. 31, 2006, stood at $133,864,000. Fourth Quarter 2006 Results Revenues from continuing operations for the fourth quarter ended
Dec. 31, 2006 were $14,859,000, compared to $14,226,000 for the fourth quarter ended Dec. 31, 2005, an increase of $633,000 or
4.4%. Full Year 2006 Results Revenues from continuing operations for the year ended Dec. 31,2006 were $58,774,000, compared to $56,205,000 for the year ended Dec. 31, 2005, an increase of $2,569,000 or 4.6%. After Preferred Stock dividends of $1,770,000 and $2,212,000 for the year ended Dec. 31, 2006 and 2005, respectively, the net loss attributable to common stockholders for the year ended Dec. 31, 2006 was $6,411,000, as compared with a net loss attributable to common stockholders for the year ended Dec. 31, 2005 of $24,461,000. During the year ended Dec. 31, 2006, the company sold five of its
nine sports and fitness Clubs to Millennium Partners, a major stockholder of the company. The net sales proceeds in excess
of the carrying value of the sold assets of $23.7 million, was recorded as a capital
contribution. About The Sports Club The Sports Club Company -- http://www.thesportsclubla.com/ --
is based in Los Angeles, California. It operates and owns luxury
sports and fitness complexes nationwide under the brand name The Sports Club/LA. |
||
Back to Most-Read List |
TCR Top Stories is a daily newsletter that contains ten news item extracts from the news reports in the Troubled Company Reporter. It's free and delivered to you every business day via email. To view and join this free service, click here.