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
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
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.
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