Thursday, April 23, 2009

Life Time Fitness Announces First Quarter 2009 Financial Results

“Revenue for the first quarter of 2009 grew 11.9% to $206.4 million from $184.5 million during the same period last year. Net income during the quarter was $15.1 million, or $0.38 per diluted share. This compares to net income of $17.4 million, or $0.44 per diluted share, for 1Q 2008. ‘We remain focused on driving connectivity initiatives that make Life Time an ever-increasing part of members' lives,’ said Bahram Akradi, Life Time Fitness chairman and chief executive officer. ‘We're also concentrating on delivering additional membership value and creating strong social networks within our centers to enhance the impact we can have on members' health and wellness. As expected, our centers experienced ongoing, strong usage, and membership growth increased for the fourth consecutive quarter. At the same time, we saw reduced revenue per membership, driven by lower average dues and slower in-center revenue growth. We will continue to manage this aggressively and eliminate unnecessary expenses from our cost structure, while also upholding the experience our members expect. Finally, as it relates to our near-term center growth plan, we will open new locations at a rate that is within the boundaries of our cash flow generated by operations.’ During the first quarter, Life Time Fitness opened two centers, including Berkeley Heights, its second location in New Jersey, and Lake Houston, its fifth location in Houston, Texas. The Company is scheduled to open its third and final planned center for 2009 in June, located in Collierville, Tennessee (Memphis area). This location will mark the Company's first center in Tennessee.”

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