EDEN PRAIRIE, MN -- Life Time Fitness Inc. saw growth last year in the number of clubs opened and in revenue, according to its latest financial filings.
Life Time’s 2005 revenue grew 25 percent in 2005 to $390.1 million from $312.0 million in 2004. Net income grew 42.6 percent for the year to $41.2 million, or $1.13 per diluted share on 36.3 million shares. This compares to net income of $28.9 million, or $0.87 per diluted share on 33.1 million shares, for 2004. Memberships grew 19.6 percent year-over-year, ending with more than 358,000, driven primarily by the ramp at centers opened in 2004 and 2005, said Bahram Akradi, Life Time Fitness chairman and chief executive officer. The year-over-year in-center revenue grew 39.3 percent to $25.3 million during fourth quarter 2005 and 36.5 percent to $97.7 million for the full year, which was driven primarily by membership ramp, targeted marketing programs, and new products and services, he said.
In 2005, the company opened six new current model centers and acquired one smaller facility, closing the year with 46 open centers in eight states. So far this year, the company has opened one smaller center in Minnetonka, MN, and a new current model center in Columbia, MD, representing the ninth state in which Life Time now operates. The company has acquired the land and commenced construction on six additional new current model centers planned to open this year, Akradi said.