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Life Time Fitness, Inc. Message Board

  • bluecheese4u bluecheese4u Feb 22, 2008 8:47 AM Flag

    Life Time Fitness Announces Fourth Quarter and Full-Year 2007 Financial Results

    Life Time Fitness Announces Fourth Quarter and Full-Year 2007 Financial Results
    Friday February 22, 8:00 am ET
    Company Reports Revenue Growth of 22.8% and Earnings Per Share of $0.48 for the Quarter; Full-Year Revenue Grew 28.1% and Earnings Per Share was $1.78

    CHANHASSEN, Minn.--(BUSINESS WIRE)--Life Time Fitness, Inc. (NYSE: LTM - News) today reported its operating results for the fourth quarter and full year ended December 31, 2007.

    Fourth quarter 2007 revenue grew 22.8% to $171.1 million from $139.3 million during the same period last year. Revenue for the year totaled $655.8 million, up 28.1% from $511.9 million in 2006.

    Net income during the quarter grew 35.0% to $19.1 million, or $0.48 per diluted share. This compares to net income of $14.1 million, or $0.38 per diluted share, for 4Q 2006. For the full year, net income grew 34.5% to $68.0 million, or $1.78 per diluted share, from $50.6 million, or $1.37 per diluted share, for 2006.

    “Life Time Fitness continued to achieve its operational and financial objectives in 2007,” said Bahram Akradi, chairman and chief executive officer. “Our strong value proposition and unwavering commitment to deliver the highest possible quality services, programs and products, and unparalleled member experience, led to yet another outstanding year. Looking ahead in 2008, we remain confident in our differentiated and disciplined business model. In light of the current challenging economic environment, we continue to adapt, focusing on enhancing the member experience and optimizing membership levels at our centers, while implementing ongoing operational and product improvements. We have extended our planned openings in 2008 to 11, including expansion into higher income demographic areas and three new states. With our steadfast focus on member service and experience, we also will continue to invest in our existing centers, amenities and services, nutritional products and expanded corporate wellness programs, and our rigorous employee training and certification initiatives.”

    Life Time Fitness continued its expansion efforts during the fourth quarter with openings in Austin, Texas, Sugarloaf, Georgia (Atlanta-area), and San Antonio, Texas, representing the company’s second location in each of these markets. Additionally, in January 2008, Life Time Fitness opened its first Colorado center in Parker (Denver-area).

    Memberships grew 12.5% in 2007 to 499,092.

    Three and Twelve Months Ended December 31, 2007, Financial Highlights:

    Total revenue for the fourth quarter grew 22.8% to $171.1 million, driven primarily by growth in membership dues and in-center revenue. Total revenue for the full year grew to $655.8 million from $511.9 million in 2006.


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