EDEN PRAIRIE, MN -- Third quarter 2007 revenue for Life Time Fitness Inc. 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.
Net income during the quarter grew 34.5 percent to $18.4 million, or $0.48 per diluted share. This compares to net income of $13.6 million, or $0.37 per diluted share, for third quarter 2006. For the nine months ended Sept. 30, 2007, revenue grew 30.1 percent to $484.7 million from $372.6 million during the same period last year. Net income grew 34.3 percent for the same period to $49.0 million, or $1.30 per diluted share, from $36.5 million, or $0.99 per diluted share, for the first nine months of 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, Eden Prairie, MN, 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, TX. Both centers represent opportunistic geographic fill-in locations within existing Life Time Fitness markets. Additionally, Life Time Fitness opened its second center in the Austin, TX, market in October, and construction continues on the remaining two planned center openings in 2007.
Year-over-year memberships grew 15.1 percent, ending with 492,410.