Fitness financials: Sports Club's Q2 revenue down 14 percent, plus GSI Commerce, Wal-Mart - SNEWS

Fitness financials: Sports Club's Q2 revenue down 14 percent, plus GSI Commerce, Wal-Mart

Sports Club's Q2 revenue dropped 14 percent, GSI priced its previously announced common share offering at $17 per share, and Wal-Mart's Q2 same-store sales dipped.
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Sports Club's Q2 revenue down 14 percent

The Sports Club Co. (Pink Sheets: SCYL) reported a 14-percent drop in second-quarter revenues, but narrowed its loss.

For the quarter ended June 30, revenues were $14.07 million compared to $16.36 million in 2008.

Net loss for the company was $315,000, or $0.01 per basic and diluted share, compared to $1.26 million, or $0.06 per basic and diluted share.

The weighted average number of basic and diluted shares outstanding for the second quarter was 21.9 million shares compared to 21.4 million shares last year.

The Sports Club Company operates and owns sports and fitness complexes nationwide under the brand name The Sports Club/LA.



GSI prices offering at $17 a share


GSI Commerce (Nasdaq: GSIC), a provider of services that enable e-commerce, multichannel retailing and interactive marketing for business-to-consumer enterprises, said it has priced its previously announced common share offering at $17 per share. The offering is expected to close on or around Aug. 18.

It also increased the offering to 3.7 million shares, an increase of 1.85 million shares from its first announcement. GSI's shareholders, including Softbank Capital Partners and its affiliates, are selling 8.2 million shares.

It has also granted the underwriters a 30-day option to buy 1.8 million more shares to cover any overallotments. That's an increase of 277,500 shares over the number previously announced.

Net proceeds after the underwriting discount and other estimated expenses are expected to be about $59.2 million.

GSI said it plans to use proceeds from the offering for working capital and general corporate purposes, including possible acquisitions. It will not receive any proceeds from the shareholders' sale.

Bank of American Merrill Lynch and UBS Investment Bank are joint bookrunning managers for the offering. Co-managers are Morgan Stanley, Janney Montgomery Scott and Thomas Weisel Partners LLC.



Q2 same-store sales dip for Wal-Mart


Wal-Mart's (NYSE: WMT) U.S. same-store sales for the second quarter slipped 1.2 percent during the period, compared with a 4.3 percent gain a year earlier, when consumers spending their government stimulus checks boosted sales.

For the quarter ended July 31, Wal-Mart earned $3.44 billion, or $0.88 per share, compared to $3.45 billion, or $0.87 per share, in the year-ago period. Revenue fell 1.4 percent to $100.08 billion.

--Compiled by Wendy Geister

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