What is in this article?:
- Life Time Fitness Surpasses $1 Billion Mark for Third Consecutive Year
- Attrition and Expectations
Life Time Fitness, Chanhassen, MN, surpassed the $1 billion mark in revenue for the third consecutive year, according to financials released by the company.
Life Time Fitness, Chanhassen, MN, surpassed the $1 billion mark in revenue for the third consecutive year, according to financials released by the company today.
Life Time generated $1.206 billion in revenue for 2013, a 7 percent increase from the $1.127 billion it had in 2012. Net income for the full year was $121.7 million compared to net income of $111.5 million in 2012.
The company released fourth quarter 2013 results as well. Fourth quarter 2013 revenue grew 5.7 percent to $291 million from $275.3 million during fourth quarter 2012. Net income for the quarter was $26 million compared to net income of $23.4 million in fourth quarter 2012.
"Last year, we began setting the table for accelerated growth in 2014 and beyond," Bahram Akradi, founder, chairman, president and CEO of Life Time Fitness, said today in a call with analysts. "While 2013 was the last year of three centers per year expansion, we commenced construction on six new centers opening in 2014. We are very excited about the growth that we expect to come from these new destinations."
Those six new clubs are Harrison, NY (Westchester County); Laguna Niguel, CA (Orange County); Tampa, FL; Urbandale, IA (Des Moines); Bloomfield Hills, MI (Detroit); and Henderson, NV (Las Vegas). The Westchester County club opened on Feb. 6. The Tampa and Orange County clubs are expected to open in April, followed by the Iowa club's opening in May, the Michigan club's opening in June and the Nevada club's opening in the second half of this year.
In fourth quarter 2013, Life Time opened a new club in Montvale, NJ, in the New York City area, the third Life Time club in the state of New Jersey.
Total memberships for Life Time were 789,490 on Dec. 31, 2013, a 0.3 percent increase from 787,003 on Dec. 31, 2012.