Conference call is on now. CEO keeps saying the same thing ("things are just not working" and in reference to spending money to increase membership ("it is almost like a waste of dollars"). Even with the stock down 13+%, the PE is still about 15 for a company with FCF less than 50% of NI and a CEO who says no new centers planned and "things are just not working." At this point is is all about lowering costs and doing sale-leas backs to pay down debt and avoid bankruptcy.