SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): July 30, 1997
Commission file number: 0-27478
BALLY TOTAL FITNESS HOLDING CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 36-3228107
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
8700 West Bryn Mawr Avenue, Chicago, Illinois 60631
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (773) 380-3000
Page 1 of 2
Exhibit Index on Page 2
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BALLY TOTAL FITNESS HOLDING CORPORATION
FORM 8-K
Current Report
Item 5. Other Events
On July 30, 1997, Bally Total Fitness Holding Corporation announced
results for the quarter ended June 30, 1997. A copy of the press
release relating to the results for the quarter is attached as
Exhibit 99 hereto and is incorporated herein by reference. All
adjustments have been recorded which are, in the opinion of
management, necessary for a fair presentation of the information
included in the press release. All such adjustments were of a normal
recurring nature.
Item 7. Financial Statements and Exhibits
c. Exhibits
99 Press Release dated July 30, 1997
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned, hereunto duly authorized.
BALLY TOTAL FITNESS HOLDING CORPORATION
---------------------------------------
Registrant
Dated: August 4, 1997 /s/ Cary A. Gaan
----------------------------------------
Cary A. Gaan
Senior Vice President
Page 2 of 2
EXHIBIT 99
FROM: BALLY TOTAL FITNESS HOLDING CORPORATION
8700 West Bryn Mawr Avenue
Chicago, IL 60631
MWW/Strategic Communications, Inc.
Public Relations - Tel. (201) 507-9500
Contact: Carreen Winters - Email: [email protected]
Michael W. Kempner - Email: [email protected]
- --------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
---------------------
BALLY TOTAL FITNESS ANNOUNCES SECOND QUARTER 1997 RESULTS
Chicago, July 30, 1997 - Bally Total Fitness Holding Corporation (Nasdaq
National Market: BFIT) today announced results for the quarter ended June 30,
1997. Revenues for the quarter improved by 2% over the 1996 quarter growing to
$162.0 million. Operating income before depreciation and amortization ("EBITDA")
increased 1% to $18.4 million for the second quarter of 1997. EBITDA, excluding
changes in deferred revenues and related costs, was $15.4 million compared to
$8.7 million for the 1996 quarter, a 77% increase. Operating income for the 1997
period, excluding a $3.4 million charge (principally non-recurring amortization)
related to restricted stock awards issued upon the 1996 spin-off of the Company,
was $6.7 million, an increase of 60%. Net loss for the 1997 quarter, including
the aforementioned charge for stock awards, improved to $7.3 million ($.59 per
share) from $7.9 million ($.65 per share) in 1996.
For the six months ended June 30, 1997, revenues increased 2% to $330.5
million. EBITDA improved 18% to $37.7 million for the first six months of 1997.
EBITDA, excluding changes in deferred revenues and related costs, was $40.1
million for the 1997 period compared to $23.6 million in 1996, a 70% increase.
Operating income for the 1997 period, excluding the charge for restricted stock
awards, increased to $13.0 million from $4.3 million last year. Net loss for
first half of 1997 improved to $13.0 million ($1.06 per share) from $19.9
million ($1.63 per share) in 1996 despite the $3.4 million stock awards charge.
Bally Total Fitness is the largest, and only nationwide, commercial
operator of fitness centers in the United States with approximately four million
members and 320 facilities in 27 states and Canada.
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-table follows-
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<TABLE>
BALLY TOTAL FITNESS HOLDING CORPORATION
CONSOLIDATED OPERATING SUMMARY
(UNAUDITED)
<CAPTION>
Three months ended June 30
--------------------------
1997 1996
------------ ------------
(as restated)
<S> <C> <C>
Revenues:
Initial membership fees originated................ $ 94,541,000 $ 92,856,000
Dues collected.................................... 49,069,000 42,226,000
Change in deferred revenues....................... 4,720,000 10,907,000
Finance charges and other......................... 13,624,000 12,963,000
------------ ------------
$161,954,000 $158,952,000
Operating income before depreciation and
amortization ("EBITDA")........................... $ 18,351,000 $ 18,208,000
Operating income.................................... $ 3,344,000 $ 4,212,000
Net loss............................................ $ (7,300,000) $ (7,938,000)
Net loss per common share........................... $ (.59) $ (.65)
Average common shares outstanding .................. 12,314,465 12,170,161
<CAPTION>
Six months ended June 30
--------------------------
1997 1996
------------ ------------
(as restated)
<S> <C> <C>
Revenues:
Initial membership fees originated................ $207,584,000 $201,191,000
Dues collected.................................... 96,857,000 85,642,000
Change in deferred revenues....................... (945,000) 10,159,000
Finance charges and other......................... 26,991,000 25,852,000
------------ ------------
$330,487,000 $322,844,000
Operating income before depreciation and
amortization ("EBITDA")........................... $ 37,715,000 $ 31,927,000
Operating income.................................... $ 9,643,000 $ 4,255,000
Net loss............................................ $(12,980,000) $(19,894,000)
Net loss per common share........................... $ (1.06) $ (1.63)
Average common shares outstanding................... 12,296,896 12,170,161
<FN>
NOTES:
A. The financial data presented above for the 1996 periods have been restated
to reflect a change in the Company's method of recognizing membership
revenue. The Company was an indirect wholly owned subsidiary of Bally
Entertainment Corporation ("Entertainment") until Entertainment spun-off
the Company to its stockholders on January 9, 1996.
B. Excluding the non-cash effects of changes in deferred revenues and related
deferred membership origination costs, EBITDA for the three and six months
ended June 30, 1997 was $15.4 million and $40.1 million compared to $8.7
million and $23.6 million for the 1996 periods, increases of $6.7 million
(77%) and $16.5 million (70%), respectively.
</FN>
</TABLE>
