Eden Prairie, Mn — Third quarter 2007 revenue for Life Time Fitness Inc., Eden Prairie, MN, grew 25.8 percent to $169.5 million from $134.7 million during the same period last year, according to the company's third quarter filing. The number was in line with what Wall Street analysts were expecting from the company for the quarter.
Net income during the quarter grew 34.5 percent to $18.4 million compared to net income of $13.6 million for third quarter 2006.
“Our new center openings, membership expansion and in-center revenue growth, coupled with our commitment to deliver an unparalleled experience and value to our customers, represent powerful differentiators for our company and brand,” says Bahram Akradi, Life Time Fitness chairman and chief executive officer.
Life Time Fitness continued its expansion efforts during the quarter with the opening of its first Cincinnati-area location in Deerfield Township, OH. The company also completed acquisitions of two smaller centers, including one in White Bear Lake, MN, and another in the Highland Park area of Dallas. Both centers represent opportunistic geographic fill-in locations within existing Life Time Fitness markets.
Last month, Life Time Fitness opened its second center in the Austin, TX, market, and construction continues on the remaining two planned center openings in 2007.
Year-over-year memberships grew 15.1 percent, ending with 492,410, despite an increase in membership dues at some facilities.
Life Time expects its 2007 revenue to be between $652 million and $657 million, Akradi says.
The company's shares closed at $64.82 on Oct. 25, the day the financials were announced. The 52-week high for the company was $65.09, which is considerably higher than the $50 per share at which the company began the year trading.