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EDEN PRAIRIE, MN –- The second quarter brought with it revenue growth of 24.8 percent for Life Time Fitness, the Eden Prairie, MN-based fitness club that went public last year. Revenue grew to $95.6 million from $76.6 million during the same period last year. Net income during the quarter grew 42.7 percent to $10.3 million, or $0.28 per diluted share on 36.2 million shares.
“Our second quarter financial results demonstrate our continued focus and execution on our fundamental growth strategies, including new center growth, membership ramps and increasing in-center revenue,” said Bahram Akradi, Life Time Fitness chairman and chief executive officer. During the quarter, the company opened two new facilities. Three additional center openeing are planned for the second half of the year.
Total memberships grew 20.8 percent to more than 335,000, driven primarily by the ramp at centers opened in 2004 and new center and presale activities at six locations since the beginning of 2005, said Akradi.
Total revenue per membership average $294 in the second quarter, up 4.3 percent from the prior-year period. Total in-center revenue per membership averaged $75 in the second quarter, up 10.6 percent from the prior-year period.
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