Town Sports International (TSI), now operating 129 USA clubs, has delivered robust quarterly results to end December 2002.

Revenues were $81.5m, an increase of $9.1m, or 12.6 per cent over the same quarter of 2001.

Bob Giardina, CEO, said: 'We are pleased with our results in this tough economic environment. We are endeavouring to strengthen our existing clusters of clubs, by focusing on new customer focused management programmes and maximising operating efficiencies.'

Earnings before tax increased by 17.5 per cent to $17.9m this quarter from $15.2m compared to the same period last year.

Operating income for the quarter was $9.1m compared to $4.2m in the fourth quarter of 2001, while net interest expense increased to $4.1m from 3.6m.

The company recorded net income for the quarter of $3.3m compared to $0.5m for the comparable period in the prior year.

The 26 clubs opened or acquired within the last year contributed to $7.7m of the increase in quarterly revenue. 'The performance of our immature clubs demonstrates that the fundamentals of our business remain solid', said Richard Pyle, CFO of TSI. Details: www.nysc.com