EDEN PRAIRIE, MN — First quarter 2007 brought with it 32.6 percent revenue growth for Life Time Fitness, the Eden Prairie, MN-based health club company. First quarter 2007 revenue was $153.1 million compared to $115.4 million in the first quarter last year.
Net income grew 35.5 percent to $14.1 million, or $0.38 per diluted share. This compares to net income of $10.4 million, or $0.28 per diluted share, for the same period last year.
As of the end of the quarter on March 31, the company operated 60 centers in 13 states. The company will open eight centers this year, four of them in the second quarter, says Bahram Akradi, CEO of Life Time.
Year over year, memberships grew 23.7 percent to 474,364. In-center revenue grew 35.8 percent to $43.9 million during the first quarter. These numbers were primarily driven by membership ramp, targeted marketing programs, and new products and services, Akradi says.