EDEN PRAIRIE, MN — With club openings in Columbia, MD, and Minnetonka, MN, Life Time Fitness Inc. reported that its revenue grew 29.2 percent in the first quarter 2006 to $115.4 million from $89.3 million during the same period last year. Net income during the quarter grew 28.5 percent to $10.4 million, or $0.28 earnings per diluted share. This compares to net income of $8.1 million, or $0.23 per diluted share, for the first quarter last year.
For the three months ended March 31, 2006, revenue grew 29.2 percent to $115.4 million. Net income grew 28.4 percent for the same period to $10.4 million from $8.1 million for the first three months of 2005.
The company expects that full-year revenue for 2006 will grow 23 percent to 25 percent (or $480 million to $488 million) driven by new center growth, membership ramp at new and existing centers, and in-center revenue growth.
Also, Life Time Fitness expects full-year net income to grow 24 percent to 26 percent (or $51.2 million to $51.8 million), up from 23 percent to 25 percent (or $50.7 million to $51.3 million), driven by growth strategies. Diluted earnings per share are expected to grow 22 percent to 24 percent (or $1.38 to $1.40), up from 21 percent to 23 percent (or $1.37-$1.39), driven by net income growth.