Invited Delivers Record Third Quarter Results and Increases Portfolio by 30%

• Revenue up 4.9% largely due to increases in membership dues and food and beverage revenue
• Adjusted EBITDA up 9.4% from increased revenue, improved margins and timing of cash distribution
• Company raises full year fiscal FY14 guidance to reflect the acquisition of Sequoia Golf

DALLAS, Texas (October 16, 2014) - Invited, The World Leader in Private Clubs® (NYSE: MYCC). Invited announces financial results for its fiscal-year 2014 third quarter ended September 9, 2014. The third quarter of fiscal 2014 and fiscal 2013 consisted of 12 weeks.  All growth percentages refer to year-over-year progress.

As a reminder, Invited closed its acquisition of Sequoia Golf on September 30, 2014.  Sequoia Golf results will not be consolidated until the fourth quarter, and as such have no bearing on Invited's third quarter operating results.

Third Quarter Results:

• Revenue increased $9.6 million to $204.5 million for the third quarter of 2014. Revenue was up 4.9% compared to the third quarter of 2013 due to revenue growth from both same store and newly acquired clubs.
• Adjusted EBITDA⁽¹⁾ increased $3.9 million to $45.4 million.  Adjusted EBITDA was up 9.4% from increased revenue, improved variable labor expenses as a percent of revenue and the timing of a cash distribution from an equity investment.
• Same Store sales grew $4.7 million, up 2.5% versus the prior year; while same store adjusted EBITDA grew $4.1 million, up 8.6% driven largely by stronger operating results at reinvented clubs and increased dues, a la carte and private event revenue.
• Newly Acquired Clubs, clubs acquired in 2013 or 2014, contributed incremental revenue of $6.4 million and adjusted EBITDA of $0.7 million.
• Reinvention. Since 2007, Invited has reinvented 24 golf and country clubs and 18 business, sports and alumni clubs.  Reinvention is still underway at one same store golf and country club and two business, sports and alumni clubs.  Also, reinvention elements at two newly acquired clubs, Oak Tree and Cherry Valley, are now complete, while reinvention projects at Chantilly, the two Prestonwood properties and both TPC properties are underway and should be delivered next year.
• Acquisitions. This year, Invited has added more than 50 golf and country clubs, including the acquisition of Prestonwood Country Club in Dallas and Plano, Texas, TPC Piper Glen in Charlotte, North Carolina, TPC Michigan in Dearborn, Michigan and Sequoia Golf, a multi course owner-operator based in Atlanta, Georgia.  Additionally, this quarter Invited opened an alumni club at the new Baylor University football stadium in Waco, Texas.  In total, Invited’s expanded portfolio now exceeds 200 owned or operated clubs.
• Membership. Total memberships as of September 9, 2014 were 153,249, an increase of 5,734, up 3.9% over memberships at September 3, 2013.  Same store golf and country club memberships increased 1.0%, while total golf and country club memberships including newly acquired clubs increased 5.3%.  Same store business, sports and alumni memberships grew 0.1%, while total business, sports and alumni club memberships increased 1.9%.
• O.N.E. and Other Upgrade Products. Participation has steadily increased with approximately 46% of our memberships now enrolled in one or more of our upgrade programs, compared to 42% a year ago and up from 35% in 2010 when O.N.E. program was first introduced.
• Capital Structure.  The Company has amended its secured credit facilities creating one fungible term loan tranche of $901.1 million priced at L+350 bps, with a 1% LIBOR floor.
• Free Cash Flow⁽¹⁾. Free cash flow over the last four quarters was $99.6 million, an increase from $70.7 million a year ago.