Feb 15, 2007 1:20 PM
Life Time Revenue Grows 31 Percent
EDEN PRAIRIE, MN--Life Time Fitness Inc. reported today that its fourth quarter 2006 revenue grew 34.5 percent and its 2006 revenue grew 31.2 percent.
Fourth quarter 2006 revenue was $139.3 million compared to $103.6 million during the same period the year before. Revenue for 2006 totaled $511.9 million compared to $390.1 million in 2005.
Bahram Akradi, Life Time Fitness chairman and CEO, announced the growth during a conference call with investors today.
Net income during the quarter grew 16.9 percent to $14.1 million, or $0.38 per diluted share, including the effect of share-based compensation expense. This compares to net income of $12.1 million, or $0.33 per diluted share, for the same period in 2005. For the full year, net income grew 22.7 percent to $50.6 million, or $1.37 per diluted share, from $41.2 million, or $1.13 per diluted share, for 2005.
“The company’s fourth quarter and full-year results reflect our continued focus upon and execution of our core growth strategies,” says Akradi, Life Time Fitness chairman and chief executive officer. During the fourth quarter, the company opened clubs in Overland Park, KS; Palm Valley, AZ; Alpharetta, GA; and Scottsdale, AZ. The company has also started construction on eight new current model centers that are scheduled to open this year.
Memberships grew 23.8 percent to 443,660 in 2006, Akradi says.
“We also are pleased with the in-center revenue growth of 41.7 percent to $35.9 million during fourth quarter 2006, and 41.6 percent to $138.3 million for the full year, which was driven primarily by membership ramp, targeted marketing programs, and new products and services,” he says.
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