total revenue

club operating expense

gross profit
rent and other expenses
depreciation and amortization
operating income
net interest expense
non-recurring expenses
pre-tax income
income taxes
net income

1994
8,316
5,779
2,537
1,831
363
343
17
0
326
146
180

expense adjustments:
non-recurring items
directors' wages and fees
professional fees
terminated operations
contributions and other items
adjusted pre-tax income
adjusted EBITDA
terminated operations

0
42
24
0
0
391
771
9.3%

As of Sept 30, 1999

Assets
current assets:
cash and markble security
A/R
Inventory
prepaid and other current items
total current assets
property,plant and equipment
property and equipment
constrction in progress
total property, plant and equipment
less: Accumulated depreciation
net property and equipment
other assets
total assets

12,047
1,320
13,367
-3,349
10,018
716
12,105

liabilities and shareholders' equity

current liabilities:
A/P
accrued expenses
prepaid membership fees
current portion of long-term debt
other current liabilities

135
1,250
1,888
210
39

997
226
21
127
1371

Year Ended December 31

1995
1996
1997
9,957 12,584 13,636
6,990
8,837
9,337
2,967
3,747
4,299
2,226
2,869
2,842
426
517
619
315
361
838
3
-22
-28
36
52
186
276
331
680
126
158
333
150
173
347

36
40
44
0
2
400
830
8.3%

52
83
68
0
3
537
1,032
8.2%

-3
78
140
236
4
1,135
1,726
12.7%

1998
14,549
9,877
4,672
2,771
682
1,219
-36
40
1,215
499
716

1999
16,162
10,885
5,277
2,299
1,058
1,920
480
-6
1,446
660
786

40
64
143
41
41
1,544
2,190
15.1%

-6
74
123
0
28
1,665
3,202
19.8%

total current liabilities

long-term debt
other long-term liabilities
total liabilities
shareholders' equity
common and preferred stock
paid-in capital
retained earnings
total shareholders' equity
total liabilities and equity

3522
6,704
682
10,908
9
718
470
1197
12,105

2000
19,324
13,130
6,194
2,275
1,233
2,686
975
0
1,711
729
982

2001
21,311
14,313
6,998
2,375
1,466
3,157
1,094
0
2,063
798
1,265

2002
22,809
15,092
7,717
2,510
1,452
3,755
1,061
0
2,694
1,032
1,662

0
91
126
0
17
1,946
4,152
21.5%

0
96
130
0
19
2,307
4,867
22.8%

0
102
130
0
22
2,948
5,460
23.9%

lexington Real Estate

owning leasing
adjusted pre-tax income(excluding Lexington Real estate)
2,612
2,612
cost of lexingtog real estate
interest
504
0
depreciation
162
0
lease cost
0
925
adjusted pre-tax income
1,946
1,687
interest(excluding Lexington)
471
471
depreciation
1,071
1,071
lexington Real Estate interset
504
0
Lexington real estate depreciation
162
0
EBITDA
4,154
3,229
Multiple
5
5
value of opreation
20770
16145
plus:
excess cash
0
750
total enterprise value
20,770 16,895
less:
corporate debt(excluding Lexington)
1,917
1,917
Lexington real estate debt
5,750
0
equity value
13,103 14,978