Archive | July, 2013

<div class="yom-mod yom-art-content bd" id="mediaarticlebody" webReader="233.386760312"><p>CHANHASSEN, Minn.--(BUSINESS WIRE)--</p><p>Life Time Fitness, Inc. (<a href="/q?s=ltm">LTM</a>), The Healthy Way of Life Company, today reported its financial results for the second quarter ended June 30, 2013.</p><p>Second quarter 2013 revenue grew 6.9% to $308.1 million from $288.3 million during the same period last year. Total revenue for the first six months of 2013 grew 7.6% to $598.9 million from $556.8 million during the same period last year.</p><p>Net income for the quarter was $33.2 million, or $0.80 per diluted share, compared to net income of $30.3 million, or $0.73 per diluted share, for 2Q 2012. Net income for the first six months of 2013 was $61.3 million, or $1.47 per diluted share, compared to net income of $56.0 million, or $1.34 per diluted share for the prior-year period.</p><p>“Our unrelenting focus on the member experience continues to differentiate the high quality of our centers and programs, and emphasizes our strong business model,” said Bahram Akradi, chairman, president and chief executive officer. “As our company has evolved so has the precision with which we operate our centers and serve our members. This has allowed us to deliver strong business results and created a solid platform for future growth through new center expansion and our portfolio of healthy way of life programs and services delivered both inside and outside of our destinations.”</p><p>During the quarter, the Company opened its first center in Alabama, located in Vestavia Hills (Birmingham market). Two additional centers are planned for opening in 2013, including Reston, Virginia (Washington D.C. market), in September, and Montvale, New Jersey (Greater New York area market), in November. These represent the Company’s fourth and third centers in Virginia and New Jersey, respectively. In 2014, plans call for six new center openings, led by locations in Harrison, New York (Greater New York area market) and Laguna Niguel, California (Orange County market) during the first quarter.</p><p><strong>Three and Six Months Ended June 30, 2013, Financial Highlights:</strong></p><p><strong>Total revenue</strong> for the second quarter grew 6.9% to $308.1 million from $288.3 million in 2Q 2012. Total revenue for the first six months of 2013 grew 7.6% to $598.9 million from $556.8 million during the prior-year period.</p><table cellspacing="0" class="bwtablemarginb" webReader="-21"><tr webReader="5"><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"><strong>(Period-over-period growth)</strong></td>
<td> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" webReader="-25">
<p class="bwcellpmargin"><strong>2Q 2013 vs. 2Q 2012</strong></p>
<p class="bwcellpmargin"><span><strong>(in millions except revenue per membership data)</strong></span></p>
</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignb bwalignl">
<ul><li>Membership dues</li>
</ul></td>
<td></td>
<td class="bwpadl0 bwvertalignt bwalignc">$194.8 vs. $184.9 (up 5.4%)</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignb bwalignl">
<ul><li>In-center revenue</li>
</ul></td>
<td></td>
<td class="bwpadl0 bwvertalignt bwalignc">$97.3 vs. $90.1 (up 7.9%)</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignb bwalignl">
<ul><li>Other revenue</li>
</ul></td>
<td></td>
<td class="bwpadl0 bwvertalignt bwalignc">$12.4 vs. $9.4 (up 32.9%)</td>
</tr><tr><td></td>
<td></td>
<td> </td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignb bwalignl">
<ul><li>Average center revenue per Access membership</li>
</ul></td>
<td></td>
<td class="bwpadl0 bwvertalignt bwalignc">$416 vs. $396 (up 5.2%)</td>
</tr><tr webReader="2"><td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">
<ul><li>Average in-center revenue per Access membership</li>
</ul></td>
<td></td>
<td class="bwpadl0 bwvertalignt bwalignc">$139 vs. $129 (up 7.2%)</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignb bwalignl">
<ul><li>Same-center revenue (open 13 months or longer)</li>
</ul></td>
<td></td>
<td class="bwpadl0 bwvertalignt bwalignc">Up 4.8%</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignb bwalignl">
<ul><li>Same-center revenue (open 37 months or longer)</li>
</ul></td>
<td></td>
<td class="bwpadl0 bwvertalignt bwalignc">Up 3.8%</td>
</tr></table><table cellspacing="0" class="bwtablemarginb" webReader="-21"><tr webReader="5"><td class="bwpadl0 bwpadb1 bwvertalignb bwalignl"><strong>(Period-over-period growth)</strong></td>
<td> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" webReader="-25"><strong>YTD 2013 vs. YTD 2012</strong>
<p class="bwcellpmargin"><span><strong>(in millions except revenue per membership data)</strong></span></p>
</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignb bwalignl">
<ul><li>Membership dues</li>
</ul></td>
<td></td>
<td class="bwpadl0 bwvertalignt bwalignc">$381.2 vs. $360.4 (up 5.8%)</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignb bwalignl">
<ul><li>In-center revenue</li>
</ul></td>
<td></td>
<td class="bwpadl0 bwvertalignt bwalignc">$189.2 vs. $174.7 (up 8.3%)</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignb bwalignl">
<ul><li>Other revenue</li>
</ul></td>
<td></td>
<td class="bwpadl0 bwvertalignt bwalignc">$21.5 vs. $13.8 (up 55.8%)</td>
</tr><tr><td></td>
<td></td>
<td> </td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignb bwalignl">
<ul><li>Average center revenue per Access membership</li>
</ul></td>
<td></td>
<td class="bwpadl0 bwvertalignt bwalignc">$821 vs. $778 (up 5.5%)</td>
</tr><tr webReader="2"><td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">
<ul><li>Average in-center revenue per Access membership</li>
</ul></td>
<td></td>
<td class="bwpadl0 bwvertalignt bwalignc">$272 vs. $253 (up 7.6%)</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignb bwalignl">
<ul><li>Same-center revenue (open 13 months or longer)</li>
</ul></td>
<td></td>
<td class="bwpadl0 bwvertalignt bwalignc">Up 4.2%</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignb bwalignl">
<ul><li>Same-center revenue (open 37 months or longer)</li>
</ul></td>
<td></td>
<td class="bwpadl0 bwvertalignt bwalignc">Up 3.4%</td>
</tr></table><p><strong>Total memberships</strong> grew 1.2% to 812,866 at June 30, 2013, from 802,889 at June 30, 2012.</p><ul><li class="bwlistitemmargb">Access memberships grew 0.6% to 713,138 at June 30, 2013, from 708,585 at June 30, 2012.</li>
<li class="bwlistitemmargb">Non-Access memberships grew 5.8% to 99,728 at June 30, 2013, from 94,304 at June 30, 2012.</li>
<li class="bwlistitemmargb">Attrition in 2Q 2013 was 8.2% compared to 7.6% in the prior-year period. Attrition for the trailing 12-month period ended June 30, 2013, was 34.5% compared to trailing 12-month attrition of 31.9% at June 30, 2012. The second quarter year-over-year attrition increase was driven primarily by Non-Access membership terminations. The trailing 12-month attrition increase was driven primarily by Non-Access membership terminations and the Lifestyle Family Fitness acquisition.</li>
</ul><p><strong>Total operating expenses</strong> during 2Q 2013 were $247.4 million compared to $231.7 million for 2Q 2012. Total operating expenses for the first six months of 2013 were $485.8 million compared to $451.8 million in 2012.</p><ul><li class="bwlistitemmargb">Income from operations margin was 19.8% for 2Q 2013, up from 19.6% for 2Q 2012.</li>
<li class="bwlistitemmargb">Income from operations margin was 18.9% for the first six months of 2013 compared to 18.8% for 2012.</li>
</ul><table cellspacing="0" class="bwtablemarginb" webReader="-26"><tr><td></td>
<td> </td>
<td></td>
<td> </td>
<td></td>
<td> </td>
<td></td>
<td> </td>
<td></td>
<td> </td>
<td></td>
<td> </td>
<td></td>
</tr><tr webReader="2"><td class="bwpadl0 bwpadb1 bwnowrap bwpadr0 bwvertalignb bwalignl"><strong>(Expense as a percent of total revenue)</strong></td>
<td></td>
<td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"><strong>2Q 2013</strong></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"><strong>vs.</strong></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"><strong>2Q 2012</strong></td>
<td></td>
<td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"><strong>YTD 2013</strong></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"><strong>vs.</strong></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwvertalignb bwalignc bwsinglebottom"><strong>YTD 2012</strong></td>
</tr><tr><td class="bwpadl0 bwvertalignb bwalignl">Center operations</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc">57.4%</td>
<td></td>
<td class="bwpadl0 bwvertalignb bwalignc">vs.</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc">57.8%</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc">57.9%</td>
<td></td>
<td class="bwpadl0 bwvertalignb bwalignc">vs.</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc">58.8%</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignb bwalignl">Advertising and marketing</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc">3.1%</td>
<td></td>
<td class="bwpadl0 bwvertalignb bwalignc">vs.</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc">3.4%</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc">3.4%</td>
<td></td>
<td class="bwpadl0 bwvertalignb bwalignc">vs.</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc">3.6%</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignb bwalignl">General and administrative</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc">5.1%</td>
<td></td>
<td class="bwpadl0 bwvertalignb bwalignc">vs.</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc">4.8%</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc">5.2%</td>
<td></td>
<td class="bwpadl0 bwvertalignb bwalignc">vs.</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc">4.9%</td>
</tr><tr><td class="bwpadl0 bwvertalignb bwalignl">Other operating</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc">4.9%</td>
<td></td>
<td class="bwpadl0 bwvertalignb bwalignc">vs.</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc">4.4%</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc">4.7%</td>
<td></td>
<td class="bwpadl0 bwvertalignb bwalignc">vs.</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc">3.8%</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignb bwalignl">Depreciation and amortization</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc">9.7%</td>
<td></td>
<td class="bwpadl0 bwvertalignb bwalignc">vs.</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc">10.0%</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc">9.9%</td>
<td></td>
<td class="bwpadl0 bwvertalignb bwalignc">vs.</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc">10.1%</td>
</tr></table><p><strong>Net income</strong> for 2Q 2013 was $33.2 million, or $0.80 per diluted share, compared to net income of $30.3 million, or $0.73 per diluted share, for 2Q 2012. Net income for the first six months of 2013 was $61.3 million, or $1.47 per diluted share, compared to net income of $56.0 million, or $1.34 per diluted share, for the prior-year period.</p><p><strong>EBITDA</strong> for 2Q 2013 was $91.1 million compared to $85.8 million in 2Q 2012. For the first six months of 2013, EBITDA was $173.1 million compared with $161.5 million in the prior-year period.</p><ul><li class="bwlistitemmargb">As a percentage of total revenue, EBITDA in 2Q 2013 was 29.6% in 2Q 2013 and 29.8% in 2Q 2012.</li>
<li class="bwlistitemmargb">For the first six months of 2013, EBITDA, as a percentage of total revenue, was 28.9% compared to 29.0% in the prior-year period.</li>
</ul><p><strong>Cash flows from operating activities</strong> for the first six months of 2013 totaled $124.5 million compared to $142.2 million in the prior-year period. This reduction is driven primarily by the timing of income and real estate tax payments, and lower growth in operating liabilities this year.</p><p><strong>Weighted average fully diluted shares</strong> for 2Q 2013 totaled 41.7 million compared to 41.8 million in 2Q 2012. For the first six months of 2013, weighted average fully diluted shares totaled 41.6 million compared to 41.8 million for the prior-year period.</p><p><strong>2013 Business Outlook:</strong></p><p>The following statements are based on the Company’s current expectations for fiscal year 2013 and incorporate 2013 operating trends. These 2013 expectations are subject to the risks and uncertainties further described in the Company’s forward-looking statements:</p><ul><li class="bwlistitemmargb"><strong>Revenue</strong> is expected to be up 7-8%, or $1.205-1.220 billion, driven primarily by price and mix optimization, square foot expansion, and growth in in-center and ancillary business revenue.</li>
<li class="bwlistitemmargb"><strong>Net income</strong> is expected to be up 8.5-11%, or $121.0-124.0 million, driven by revenue growth and cost efficiencies.</li>
<li class="bwlistitemmargb"><strong>Diluted earnings per common share</strong> is expected to be $2.89-2.95 (updated from $2.87-2.95).</li>
</ul><p>As announced on July 18, 2013, the Company will hold a conference call today at 10:00 a.m. ET to discuss its second quarter 2013 results. Bahram Akradi, Michael Robinson, executive vice president and chief financial officer, and John Heller, senior director, investor relations & treasurer, will host the conference call. The conference call will be webcast and may be accessed via the Company’s Investor Relations section of its website at lifetimefitness.com. A replay of the call will be available the same day via the Company’s website beginning at approximately 2:00 p.m. ET.</p><p><span class="bwuline"><strong>About Life Time Fitness, Inc.</strong></span></p><p>As The Healthy Way of Life Company, Life Time Fitness (<a href="/q?s=ltm">LTM</a>) helps organizations, communities and individuals achieve their total health objectives, athletic aspirations and fitness goals by engaging in their areas of interest - or discovering new passions - both inside and outside of Life Time’s distinctive and large sports, professional fitness, family recreation and spa destinations, most of which operate 24 hours a day, seven days a week. The Company’s Healthy Way of Life approach enables customers to achieve this by providing the best programs, people and places of uncompromising quality and value. As of July 25, 2013, the Company operated 106 centers under the LIFE TIME FITNESS® and LIFE TIME ATHLETIC® brands in the United States and Canada. Additional information about Life Time centers, programs and services is available at lifetimefitness.com.</p><p><span class="bwuline"><strong>Forward-Looking Statements</strong></span></p><p>This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can usually be identified by the use of terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “evolve,” “expect,” “forecast,” “intend,” “looking ahead,” “may,” “opinion,” “plan,” “possible,” “potential,” “project,” “should,” “will” and similar words or expressions. Forward-looking statements are subject to certain risks and uncertainties that could cause the Company’s actual results in the future to differ materially from its historical results and those presently anticipated or projected. Among these factors are attracting and retaining members, risks related to our debt levels and debt covenants, the ability to access our existing credit facility and obtain additional financing, strains on our business from continued and future growth, including potential acquisitions and other strategic initiatives, risks related to maintenance and security of our data, potential recognition of compensation expense related to performance-based stock grants, competition from other health and fitness centers, identifying and acquiring suitable sites for new centers, delays in opening new centers and other factors set forth in the risk factor section of the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission.</p><p>The Company cautions investors not to place undue reliance on any such forward-looking statements, which speak only as of the date on which such statements were made. The Company undertakes no obligation to update such statements to reflect events or circumstances arising after such date. All remarks made during the Company’s preliminary financial results webcast will be current at the time of the webcast and the Company is under no obligation to update the recording.</p><table cellspacing="0" class="bwtablemarginb" webReader="-12.5"><tr><td></td>
<td colspan="8"> </td>
</tr><tr webReader="3"><td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc" colspan="9"><strong>LIFE TIME FITNESS, INC. AND SUBSIDIARIES</strong></td>
</tr><tr webReader="2"><td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc" colspan="9"><strong>CONSOLIDATED BALANCE SHEETS</strong></td>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="9"><strong>(In thousands)</strong></td>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="9">
<p class="bwcellpmargin"><strong>(Unaudited)</strong></p>
</td>
</tr><tr><td></td>
<td> </td>
<td colspan="3"></td>
<td> </td>
<td colspan="3"></td>
</tr><tr><td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc" colspan="3"><strong>June 30,</strong></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc" colspan="3"><strong>December 31,</strong></td>
</tr><tr><td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"><strong>2013</strong></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"><strong>2012</strong></td>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl">
<p class="bwcellpmargin"><strong>ASSETS</strong></p>
</td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"></td>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl">CURRENT ASSETS:</td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"></td>
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Cash and cash equivalents</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">13,126</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">16,499</td>
<td></td>
</tr><tr><td class="bwpadl3 bwvertalignt bwalignl">Accounts receivable, net</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">8,151</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">9,272</td>
<td></td>
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Center operating supplies and inventories</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">30,195</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">27,240</td>
<td></td>
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Prepaid expenses and other current assets</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">28,881</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">26,826</td>
<td></td>
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Deferred membership origination costs</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">11,438</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">11,664</td>
<td></td>
</tr><tr><td class="bwpadl3 bwvertalignt bwalignl">Deferred income taxes</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,912</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">8,813</td>
<td></td>
</tr><tr><td class="bwpadl3 bwpadb1 bwvertalignt bwalignl">Income tax receivable</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">1,813</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">-</td>
<td class="bwsinglebottom"> </td>
</tr><tr><td class="bwpadl6 bwvertalignt bwalignl">Total current assets</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">96,516</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">100,314</td>
<td></td>
</tr><tr webReader="3"><td class="bwpadl0 bwvertalignt bwalignl">PROPERTY AND EQUIPMENT, net</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,952,894</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,858,666</td>
<td></td>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl">RESTRICTED CASH</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">447</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,087</td>
<td></td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl">DEFERRED MEMBERSHIP ORIGINATION COSTS</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">6,740</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">6,820</td>
<td></td>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl">GOODWILL</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">40,198</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">37,176</td>
<td></td>
</tr><tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">OTHER ASSETS</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">66,134</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">67,111</td>
<td class="bwsinglebottom"> </td>
</tr><tr><td class="bwpadl6 bwpadb3 bwvertalignt bwalignl">TOTAL ASSETS</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">2,162,929</td>
<td class="bwdoublebottom"> </td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">2,072,174</td>
<td class="bwdoublebottom"> </td>
</tr><tr><td></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"> </td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl" colspan="9"><strong>LIABILITIES AND SHAREHOLDERS' EQUITY</strong></td>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl">CURRENT LIABILITIES:</td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"></td>
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Current maturities of long-term debt</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">12,288</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">12,603</td>
<td></td>
</tr><tr><td class="bwpadl3 bwvertalignt bwalignl">Accounts payable</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">24,243</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">32,140</td>
<td></td>
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Construction accounts payable</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">40,163</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">25,208</td>
<td></td>
</tr><tr><td class="bwpadl3 bwvertalignt bwalignl">Accrued expenses</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">64,191</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">63,333</td>
<td></td>
</tr><tr><td class="bwpadl3 bwpadb1 bwvertalignt bwalignl">Deferred revenue</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">42,555</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">34,753</td>
<td class="bwsinglebottom"> </td>
</tr><tr webReader="2"><td class="bwpadl6 bwvertalignt bwalignl">Total current liabilities</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">183,440</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">168,037</td>
<td></td>
</tr><tr webReader="3"><td class="bwpadl0 bwvertalignt bwalignl">LONG-TERM DEBT, net of current portion</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">723,133</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">691,867</td>
<td></td>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl">DEFERRED RENT LIABILITY</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">23,810</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">22,490</td>
<td></td>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl">DEFERRED INCOME TAXES</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">91,204</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">95,509</td>
<td></td>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl">DEFERRED REVENUE</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">6,783</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">6,840</td>
<td></td>
</tr><tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">OTHER LIABILITIES</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">20,830</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">14,514</td>
<td class="bwsinglebottom"> </td>
</tr><tr><td class="bwpadl6 bwpadb1 bwvertalignt bwalignl">Total liabilities</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">1,049,200</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">999,257</td>
<td class="bwsinglebottom"> </td>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl">SHAREHOLDERS' EQUITY:</td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"></td>
</tr><tr><td class="bwpadl3 bwvertalignt bwalignl">Common stock</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">858</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">864</td>
<td></td>
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Additional paid-in capital</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">427,761</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">447,912</td>
<td></td>
</tr><tr><td class="bwpadl3 bwvertalignt bwalignl">Retained earnings</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">690,230</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">628,942</td>
<td></td>
</tr><tr webReader="2"><td class="bwpadl3 bwpadb1 bwvertalignt bwalignl">Accumulated other comprehensive loss</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">(5,120</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom">)</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">(4,801</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom">)</td>
</tr><tr><td class="bwpadl6 bwpadb1 bwvertalignt bwalignl">Total equity</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">1,113,729</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">1,072,917</td>
<td class="bwsinglebottom"> </td>
</tr><tr webReader="2"><td class="bwpadl6 bwpadb3 bwvertalignt bwalignl">TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">2,162,929</td>
<td class="bwdoublebottom"> </td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">2,072,174</td>
<td class="bwdoublebottom"> </td>
</tr><tr><td></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"> </td>
</tr></table><table cellspacing="0" class="bwtablemarginb" webReader="-14.5"><tr><td></td>
<td colspan="16"> </td>
</tr><tr webReader="3"><td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc" colspan="17"><strong>LIFE TIME FITNESS, INC. AND SUBSIDIARIES</strong></td>
</tr><tr webReader="2"><td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc" colspan="17"><strong>CONSOLIDATED STATEMENTS OF OPERATIONS</strong></td>
</tr><tr webReader="2"><td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc" colspan="17"><strong>(In thousands except per share data)</strong></td>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="17"><strong>(Unaudited)</strong></td>
</tr><tr><td></td>
<td> </td>
<td colspan="3"></td>
<td> </td>
<td colspan="3"></td>
<td> </td>
<td colspan="3"></td>
<td> </td>
<td colspan="3"></td>
</tr><tr webReader="2"><td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc" colspan="7"><strong>For the Three Months Ended</strong></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc" colspan="7"><strong>For the Six Months Ended</strong></td>
</tr><tr><td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc bwsinglebottom" colspan="7"><strong>June 30,</strong></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc bwsinglebottom" colspan="7"><strong>June 30,</strong></td>
</tr><tr><td></td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"><strong>2013</strong></td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"><strong>2012</strong></td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"><strong>2013</strong></td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"><strong>2012</strong></td>
<td class="bwsinglebottom"> </td>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl">REVENUE:</td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"></td>
</tr><tr><td class="bwpadl3 bwvertalignt bwalignl">Membership dues</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">194,816</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">184,895</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">381,190</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">360,365</td>
<td></td>
</tr><tr><td class="bwpadl3 bwvertalignt bwalignl">Enrollment fees</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">3,573</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">3,929</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">6,969</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">7,883</td>
<td></td>
</tr><tr><td class="bwpadl3 bwpadb1 bwvertalignt bwalignl">In-center revenue</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">97,275</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">90,118</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">189,246</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">174,734</td>
<td class="bwsinglebottom"> </td>
</tr><tr><td class="bwpadl6 bwvertalignt bwalignl">Total center revenue</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">295,664</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">278,942</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">577,405</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">542,982</td>
<td></td>
</tr><tr><td class="bwpadl3 bwpadb1 bwvertalignt bwalignl">Other revenue</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">12,444</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">9,362</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">21,450</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">13,769</td>
<td class="bwsinglebottom"> </td>
</tr><tr><td class="bwpadl6 bwpadb1 bwvertalignt bwalignl">Total revenue</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">308,108</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">288,304</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">598,855</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">556,751</td>
<td class="bwsinglebottom"> </td>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl">OPERATING EXPENSES:</td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"></td>
</tr><tr><td class="bwpadl3 bwvertalignt bwalignl">Center operations</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">176,798</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">166,554</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">346,760</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">327,269</td>
<td></td>
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Advertising and marketing</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">9,629</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">9,689</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">20,588</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">20,045</td>
<td></td>
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">General and administrative</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">15,713</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">13,856</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">31,069</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">27,559</td>
<td></td>
</tr><tr><td class="bwpadl3 bwvertalignt bwalignl">Other operating</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">15,225</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">12,761</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">28,059</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">21,152</td>
<td></td>
</tr><tr webReader="2"><td class="bwpadl3 bwpadb1 bwvertalignt bwalignl">Depreciation and amortization</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">30,017</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">28,861</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">59,279</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">55,821</td>
<td class="bwsinglebottom"> </td>
</tr><tr><td class="bwpadl6 bwpadb1 bwvertalignt bwalignl">Total operating expenses</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">247,382</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">231,721</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">485,755</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">451,846</td>
<td class="bwsinglebottom"> </td>
</tr><tr><td class="bwpadl6 bwpadb1 bwvertalignt bwalignl">Income from operations</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">60,726</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">56,583</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">113,100</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">104,905</td>
<td class="bwsinglebottom"> </td>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl">OTHER INCOME (EXPENSE):</td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"></td>
</tr><tr><td class="bwpadl3 bwvertalignt bwalignl">Interest expense, net</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(6,434</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(6,545</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(12,563</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(12,822</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
</tr><tr webReader="2"><td class="bwpadl3 bwpadb1 bwvertalignt bwalignl">Equity in earnings of affiliate</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">378</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">395</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">724</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">768</td>
<td class="bwsinglebottom"> </td>
</tr><tr webReader="2"><td class="bwpadl6 bwpadb1 bwvertalignt bwalignl">Total other income (expense)</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">(6,056</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom">)</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">(6,150</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom">)</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">(11,839</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom">)</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">(12,054</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom">)</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl">INCOME BEFORE INCOME TAXES</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">54,670</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">50,433</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">101,261</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">92,851</td>
<td></td>
</tr><tr webReader="2"><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">PROVISION FOR INCOME TAXES</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">21,483</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">20,141</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">39,973</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">36,887</td>
<td class="bwsinglebottom"> </td>
</tr><tr><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl">NET INCOME</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">33,187</td>
<td class="bwdoublebottom"> </td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">30,292</td>
<td class="bwdoublebottom"> </td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">61,288</td>
<td class="bwdoublebottom"> </td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">55,964</td>
<td class="bwdoublebottom"> </td>
</tr><tr><td></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"> </td>
</tr><tr webReader="2"><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl">BASIC EARNINGS PER COMMON SHARE</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">0.80</td>
<td class="bwdoublebottom"> </td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">0.73</td>
<td class="bwdoublebottom"> </td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">1.48</td>
<td class="bwdoublebottom"> </td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">1.35</td>
<td class="bwdoublebottom"> </td>
</tr><tr webReader="2"><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl">DILUTED EARNINGS PER COMMON SHARE</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">0.80</td>
<td class="bwdoublebottom"> </td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">0.73</td>
<td class="bwdoublebottom"> </td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">1.47</td>
<td class="bwdoublebottom"> </td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">1.34</td>
<td class="bwdoublebottom"> </td>
</tr><tr webReader="3"><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl" webReader="5">
<p class="bwcellpmargin">WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC</p>
</td>
<td></td>
<td class="bwdoublebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">41,456</td>
<td class="bwdoublebottom"> </td>
<td></td>
<td class="bwdoublebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">41,462</td>
<td class="bwdoublebottom"> </td>
<td></td>
<td class="bwdoublebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">41,376</td>
<td class="bwdoublebottom"> </td>
<td></td>
<td class="bwdoublebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">41,313</td>
<td class="bwdoublebottom"> </td>
</tr><tr webReader="3"><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl" webReader="5">
<p class="bwcellpmargin">WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED</p>
</td>
<td></td>
<td class="bwdoublebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">41,659</td>
<td class="bwdoublebottom"> </td>
<td></td>
<td class="bwdoublebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">41,750</td>
<td class="bwdoublebottom"> </td>
<td></td>
<td class="bwdoublebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">41,644</td>
<td class="bwdoublebottom"> </td>
<td></td>
<td class="bwdoublebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">41,777</td>
<td class="bwdoublebottom"> </td>
</tr><tr><td></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"> </td>
</tr></table><table cellspacing="0" class="bwtablemarginb" webReader="4"><tr><td></td>
<td> </td>
<td colspan="7"></td>
</tr><tr webReader="3"><td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc" colspan="9"><strong>LIFE TIME FITNESS, INC. AND SUBSIDIARIES</strong></td>
</tr><tr webReader="2"><td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc" colspan="9"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS</strong></td>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="9"><strong>(In thousands)</strong></td>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignc" colspan="9"><strong>(Unaudited)</strong></td>
</tr><tr><td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc" colspan="7"><strong>For the Six Months Ended</strong></td>
</tr><tr><td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc bwsinglebottom" colspan="7"><strong>June 30,</strong></td>
</tr><tr><td></td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"><strong>2013</strong></td>
<td class="bwsinglebottom"> </td>
<td> </td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom"><strong>2012</strong></td>
<td class="bwsinglebottom"> </td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl">CASH FLOWS FROM OPERATING ACTIVITIES:</td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"></td>
</tr><tr><td class="bwpadl3 bwvertalignt bwalignl">Net income</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">61,288</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">55,964</td>
<td></td>
</tr><tr webReader="3"><td class="bwpadl3 bwvertalignt bwalignl" webReader="5">
<p class="bwcellpmargin">Adjustments to reconcile net income to net cash provided by operating activities:</p>
</td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"></td>
</tr><tr webReader="2"><td class="bwpadl6 bwvertalignt bwalignl">Depreciation and amortization</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">59,279</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">55,821</td>
<td></td>
</tr><tr><td class="bwpadl6 bwvertalignt bwalignl">Deferred income taxes</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">671</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(1,073</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
</tr><tr webReader="3"><td class="bwpadl6 bwvertalignt bwalignl">(Gain) loss on disposal of property and equipment, net</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(216</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">579</td>
<td></td>
</tr><tr webReader="2"><td class="bwpadl6 bwvertalignt bwalignl">Amortization of deferred financing costs</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,100</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,006</td>
<td></td>
</tr><tr><td class="bwpadl6 bwvertalignt bwalignl">Share-based compensation</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">6,286</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">7,312</td>
<td></td>
</tr><tr webReader="2"><td class="bwpadl6 bwvertalignt bwalignl">Excess tax benefit related to share-based compensation</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(4,564</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(8,365</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
</tr><tr webReader="2"><td class="bwpadl6 bwvertalignt bwalignl">Changes in operating assets and liabilities</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,726</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">31,450</td>
<td></td>
</tr><tr><td class="bwpadl6 bwpadb1 bwvertalignt bwalignl">Other</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">(1,116</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom">)</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">(504</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom">)</td>
</tr><tr webReader="2"><td class="bwpadl9 bwpadb1 bwvertalignt bwalignl">Net cash provided by operating activities</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">124,454</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">142,190</td>
<td class="bwsinglebottom"> </td>
</tr><tr><td></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"> </td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl">CASH FLOWS FROM INVESTING ACTIVITIES:</td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"></td>
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Purchases of property and equipment</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(137,433</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(106,102</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
</tr><tr webReader="3"><td class="bwpadl3 bwvertalignt bwalignl">Acquisitions, net of cash acquired</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(437</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(26,415</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Proceeds from sale of property and equipment</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">763</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">362</td>
<td></td>
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Proceeds from property insurance settlements</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">175</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">790</td>
<td></td>
</tr><tr><td class="bwpadl3 bwvertalignt bwalignl">Increase in other assets</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(736</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(250</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
</tr><tr webReader="2"><td class="bwpadl3 bwpadb1 bwvertalignt bwalignl">Decrease in restricted cash</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">1,640</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">651</td>
<td class="bwsinglebottom"> </td>
</tr><tr webReader="2"><td class="bwpadl9 bwpadb1 bwvertalignt bwalignl">Net cash used in investing activities</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">(136,028</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom">)</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">(130,964</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom">)</td>
</tr><tr><td></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"> </td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl">CASH FLOWS FROM FINANCING ACTIVITIES:</td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"></td>
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Proceeds from long-term borrowings</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">75,000</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">-</td>
<td></td>
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Repayments of long-term borrowings</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(28,272</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(3,521</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
</tr><tr webReader="3"><td class="bwpadl3 bwvertalignt bwalignl">Repayments of revolving credit facility, net</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(13,500</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(10,000</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Increase in deferred financing costs</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(976</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(256</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Excess tax benefit related to share-based compensation</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">4,564</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">8,365</td>
<td></td>
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Proceeds from stock option exercises</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,108</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,982</td>
<td></td>
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Proceeds from employee stock purchase plan</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">607</td>
<td></td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">590</td>
<td></td>
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Stock purchased for employee stock purchase plan</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(569</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(649</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
</tr><tr webReader="2"><td class="bwpadl3 bwpadb1 bwvertalignt bwalignl">Repurchases of common stock</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">(28,157</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom">)</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">-</td>
<td class="bwsinglebottom"> </td>
</tr><tr webReader="2"><td class="bwpadl9 bwpadb1 bwvertalignt bwalignl">Net cash provided by (used in) financing activities</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">9,805</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">(3,489</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom">)</td>
</tr><tr><td></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"> </td>
</tr><tr webReader="2"><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">Effect of exchange rates on cash and cash equivalents</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">(1,604</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom">)</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">275</td>
<td class="bwsinglebottom"> </td>
</tr><tr><td></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"> </td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl">(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(3,373</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
<td></td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">8,012</td>
<td></td>
</tr><tr webReader="2"><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">CASH AND CASH EQUIVALENTS - Beginning of period</td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">16,499</td>
<td class="bwsinglebottom"> </td>
<td></td>
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">7,487</td>
<td class="bwsinglebottom"> </td>
</tr><tr webReader="2"><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl">CASH AND CASH EQUIVALENTS - End of period</td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">13,126</td>
<td class="bwdoublebottom"> </td>
<td></td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">15,499</td>
<td class="bwdoublebottom"> </td>
</tr><tr><td></td>
<td></td>
<td colspan="3"></td>
<td></td>
<td colspan="3"> </td>
</tr></table><p><span class="bwuline"><strong>Non-GAAP Financial Measures</strong></span></p><p>This release and the related conference call disclose certain non-GAAP financial measures.</p><p><strong>EBITDA.</strong> Earnings Before Interest, Income Taxes and Depreciation and Amortization (EBITDA) is a non-GAAP measure consisting of net income plus interest expense, net, provision for income taxes and depreciation and amortization. This term, as the Company defines it, may not be comparable to a similarly titled measure used by other companies and is not a measure of performance presented in accordance with GAAP. The Company uses EBITDA as a measure of operating performance. The funds depicted by EBITDA are not necessarily available for discretionary use if they are reserved for particular capital purposes, to maintain compliance with

Life Time Fitness Announces Second Quarter 2013 Financial Results

CHANHASSEN, Minn.–(BUSINESS WIRE)– Life Time Fitness, Inc. (LTM), The Healthy Way of Life Company, today reported its financial results for the second quarter ended June 30, 2013. Second quarter 2013 revenue grew 6.9% to $308.1 million from $288.3 million during the same period last year. Total revenue for the first six months of 2013 grew 7.6% […]

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