Life Time Fitness enjoyed increases in revenue and net income during the second quarter and is on target to produce another billion-dollar year, according to financials released today.

The Chanhassen, MN-based company grew 12.3 percent to $288.3 million in second quarter 2012 from $256.7 million in second quarter 2011. Total revenue for the first six months of 2012 grew 11.9 percent to $556.8 million from $497.3 million in the first six months of 2011.

Net income in second quarter 2012 was $30.3 million, or $0.73 per diluted share, compared to net income of $24.9 million, or $0.61 per diluted share, in the same period last year. Net income for the first six months of 2012 was $56 million, or $1.34 per diluted share, compared to net income of $45.8 million, or $1.12 per diluted share, for the same period in 2011. Both increases were by 22 percent.

“We had a great second quarter,” Life Time President and CEO Bahram Akradi told analysts during today’s earnings call. “Revenue growth remains strong across the board. I am very pleased with these results.”

Despite the growth, Akradi still wants more. Although Life Time technically increased its revenue guidance to the 11 percent to 12 percent range, Akradi says his goal for the company is to increase revenue by 15 percent or more.

“We’re going to figure out how to get there,” Akradi said.

Revenue for 2012 is expected to be $1.122 billion to $1.137 billion, up from a previous estimate of $1.110 billion to $1.135 billion. The revenue will be driven primarily by price and mix optimization, square-foot expansion, and growth in in-center and ancillary business revenue, the company stated.

Net income is expected to be up 22 percent to 25 percent, or $113 million to $116 million, compared to the previous guidance of 21 percent to 25 percent, or $112 million to $115.5 million.

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Memberships grew 6.7 percent to 708,585 on June 30, 2012, from 664,307 on June 30, 2011. Attrition was 8.2 percent for the quarter (not counting attrition from the nine Lifestyle Family Fitness clubs acquired last year) compared to 8.1 percent in the previous period. Trailing 12-month attrition was 35.5 percent, also not including the Lifestyle clubs.

CFO Michael Robinson said the company is experiencing a better membership base that is paying a higher dues rate. Akradi indicated that the company is willing to withstand the loss of a few members in favor of members that pay a higher dues rate. Akradi also said the company plans to raise dues in Life Time clubs that have a higher attrition level than the average club so that the company can “get exactly the kind of member we want at Life Time.”

In the second quarter, Life Time opened new clubs in Tulsa, OK, and Atlanta. The company plans to complete the remodeling of its ninth former Lifestyle Family Fitness club during the third quarter. (A grand reopening for its Columbus, OH, club is scheduled for Aug. 18.) Life Time now operates a total of 105 clubs in the United States and Canada.

Akradi hinted at announcing greenfield development of clubs in what he called “prominent areas with highly coveted demographics” over the next few quarters. Although not officially announced by the company, some of those clubs are already in development, including one in the New York suburb of West Harrison, NY, and one in Orange County, CA, which will become the company’s first California club.

Earlier this month, Life Time received approval to build a new 102,000-square-foot club in Mount Laurel, NJ, according to a local media report. It will be the company’s first club in the Philadelphia area.

“We believe executing on our brand strategy is a key driver to achieve our financial goals, and it is working,” Akradi said.

Life Time’s stock closed today at $44.64 on the New York Stock Exchange, down 4 percent from the previous close of $46.52.