Tag Archive | "company"

<div class="yom-mod yom-art-content bd" itemscope="" itemtype="http://schema.org/Article" id="mediaarticlebody" itemprop="articleBody" webReader="72.5890909091"><p class="first">Dublin, Sept. 26, 2013 (GLOBE NEWSWIRE) -- <strong>Research and Markets</strong> (<a href="http://www.globenewswire.com/newsroom/ctr?d=10050122&l=1&u=http%3A%2F%2Fwww.researchandmarkets.com%2Fresearch%2Flnr5m9%2Fsports_and"></a><a href="http://www.researchandmarkets.com/research/lnr5m9/sports_and" target="_top">http://www.researchandmarkets.com/research/lnr5m9/sports_and</a>) has announced the addition of the <a href="http://www.globenewswire.com/newsroom/ctr?d=10050122&l=1&a=%22Sports%0Aand%20Fitness%20Nutrition%20Supplements%20-%20Global%20Strategic%20Business%0AReport%22&u=http%3A%2F%2Fwww.researchandmarkets.com%2Fresearch%2Flnr5m9%2Fsports_and">"Sports and Fitness Nutrition Supplements - Global Strategic Business Report"</a> report to their offering.</p><p>This report analyzes the Global market for <a href="http://www.globenewswire.com/newsroom/ctr?d=10050122&l=1&a=Sports%0Aand%20Fitness%20Nutrition&u=http%3A%2F%2Fwww.researchandmarkets.com%2Fresearch%2Flnr5m9%2Fsports_and">Sports and Fitness Nutrition</a> Supplements in US$ Million by the following Product Segments: Amino Acids/Derivatives, Herbal Products, Prohormones, Vitamins/Minerals, and Others. The report provides separate comprehensive analytics for the US, Canada, Japan, Europe, Asia-Pacific, Latin America, and Rest of World. Annual estimates and forecasts are provided for the period 2010 through 2018. Also, a six-year historic analysis is provided for this market.</p><p>The report profiles 246 companies including many key and niche players such as:</p><ul class="gnw_ul"><li>Abbott Laboratories Inc.</li>
<li>Champion Nutrition Inc.</li>
<li>Clif Bar & Company</li>
<li>The Coca-Cola Co.</li>
<li>Dymatize Enterprises Inc.</li>
<li>GlaxoSmithKline Plc</li>
<li>GNC Holdings Inc.</li>
<li>Herbalife International Inc.</li>
<li>Nestle SA</li>
<li>NBTY Inc.</li>
<li>The Balance Bar Company</li>
<li>Optimum Nutrition Inc.</li>
<li>Otsuka Pharmaceutical Co. Ltd.</li>
<li>PepsiCo Inc.</li>
<li>Red Bull GmbH</li>
<li>Yakult Honsha Co. Ltd.</li>
</ul><p><strong>Key Topics Covered:</strong></p><p>I. Introduction, Methodology & Product Definition</p><p>II. Executive Summary</p><p>1. Industry Overview</p><p>2. Trends and Issues</p><p>3. Product Overview</p><p>4. Product Introductions/Innovations</p><p>5. Product Innovations/Introductions in the Recent Past - A Perspective Builder</p><p>6. Recent Industry Activity</p><p>7. Corporate Activity in the Recent Past - A Perspective Builder</p><p>8. Focus on Select Global Players</p><p>9. Global Market Perspective</p><p>III. Market</p><p>A. Market Analysis</p><p>B. Market Analytics</p><p>1. The United States</p><p>2. Canada</p><p>3. Japan</p><p>4. Europe</p><p>4A. France</p><p>4B. Germany</p><p>4C. Italy</p><p>4D. The United Kingdom</p><p>4E. Spain</p><p>4F. Rest Of Europe</p><p>5. Asia-Pacific</p><p>6. Latin America</p><p>7. Rest Of World</p><p>IV. Competitive Landscape</p><p><br />Total Companies Profiled: 246 (including Divisions/Subsidiaries - 268)</p><ul type="disc" class="gnw_ul"><li>The United States (179)</li>
<li>Canada (10)</li>
<li>Japan (3)</li>
<li>Europe (52)</li>
<li>- France (4)</li>
<li>- Germany (1)</li>
<li>- The United Kingdom (30)</li>
<li>- Italy (1)</li>
<li>- Spain (2)</li>
<li>- Rest of Europe (14)</li>
<li>Asia-Pacific (Excluding Japan) (19)</li>
<li>Latin America (1)</li>
<li>Africa (4)</li>
</ul><p>For more information and to see the full list of companies featured in this extensive report, please visit <a href="http://www.globenewswire.com/newsroom/ctr?d=10050122&l=32&u=http%3A%2F%2Fwww.researchandmarkets.com%2Fresearch%2Flnr5m9%2Fsports_and"></a><a href="http://www.researchandmarkets.com/research/lnr5m9/sports_and" target="_top">http://www.researchandmarkets.com/research/lnr5m9/sports_and</a></p><p>Research and Markets<br />Laura Wood, Senior Manager.<br /><a href="http://www.globenewswire.com/newsroom/ctr?d=10050122&l=33&a=press%40researchandmarkets.com&u=mailto%3Apress%40researchandmarkets.com">press@researchandmarkets.com</a><br />U.S. Fax: 646-607-1907<br />Fax (outside U.S.): +353-1-481-1716<br />Sector: <a href="http://www.globenewswire.com/newsroom/ctr?d=10050122&l=33&a=%0AFood&u=http%3A%2F%2Fwww.researchandmarkets.com%2Fcategories.asp%3Fcat_id%3D57%26campaign_id%3Dlnr5m9">Food</a></p><p><span class="yom-figure yom-fig-right c5"><img src="http://l.yimg.com/bt/api/res/1.2/XLct9Ah.5d_1lykgNvXgCg--/YXBwaWQ9eW5ld3M7cT04NTt3PTE1MA--/http://www.globenewswire.com/newsroom/ti?nf=MTQ1IzEwMDUwMTIyIzI4MTI0" width="150" class="editorial" alt=""/></span></p><div class="yom-mod contact-info" id="mediaarticlebody"><p>Contact:</p></div></div>

Sports and Fitness Nutrition Supplements

Dublin, Sept. 26, 2013 (GLOBE NEWSWIRE) — Research and Markets (http://www.researchandmarkets.com/research/lnr5m9/sports_and) has announced the addition of the “Sports and Fitness Nutrition Supplements – Global Strategic Business Report” report to their offering.

This report analyzes the Global market for Sports and Fitness Nutrition Supplements in US$ Million by the following Product Segments: Amino Acids/Derivatives, Herbal Products, Prohormones, Vitamins/Minerals, and Others. The report provides separate comprehensive analytics for the US, Canada, Japan, Europe, Asia-Pacific, Latin America, and Rest of World. Annual estimates and forecasts are provided for the period 2010 through 2018. Also, a six-year historic analysis is provided for this market.

The report profiles 246 companies including many key and niche players such as:

  • Abbott Laboratories Inc.
  • Champion Nutrition Inc.
  • Clif Bar & Company
  • The Coca-Cola Co.
  • Dymatize Enterprises Inc.
  • GlaxoSmithKline Plc
  • GNC Holdings Inc.
  • Herbalife International Inc.
  • Nestle SA
  • NBTY Inc.
  • The Balance Bar Company
  • Optimum Nutrition Inc.
  • Otsuka Pharmaceutical Co. Ltd.
  • PepsiCo Inc.
  • Red Bull GmbH
  • Yakult Honsha Co. Ltd.

Key Topics Covered:

I. Introduction, Methodology & Product Definition

II. Executive Summary

1. Industry Overview

2. Trends and Issues

3. Product Overview

4. Product Introductions/Innovations

5. Product Innovations/Introductions in the Recent Past – A Perspective Builder

6. Recent Industry Activity

7. Corporate Activity in the Recent Past – A Perspective Builder

8. Focus on Select Global Players

9. Global Market Perspective

III. Market

A. Market Analysis

B. Market Analytics

1. The United States

2. Canada

3. Japan

4. Europe

4A. France

4B. Germany

4C. Italy

4D. The United Kingdom

4E. Spain

4F. Rest Of Europe

5. Asia-Pacific

6. Latin America

7. Rest Of World

IV. Competitive Landscape

Total Companies Profiled: 246 (including Divisions/Subsidiaries – 268)

  • The United States (179)
  • Canada (10)
  • Japan (3)
  • Europe (52)
  • – France (4)
  • – Germany (1)
  • – The United Kingdom (30)
  • – Italy (1)
  • – Spain (2)
  • – Rest of Europe (14)
  • Asia-Pacific (Excluding Japan) (19)
  • Latin America (1)
  • Africa (4)

For more information and to see the full list of companies featured in this extensive report, please visit http://www.researchandmarkets.com/research/lnr5m9/sports_and

Research and Markets
Laura Wood, Senior Manager.
press@researchandmarkets.com
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Sector: Food

Contact:

Taken from:  

Sports and Fitness Nutrition Supplements

Posted in Nutrition, UncategorizedComments Off on Sports and Fitness Nutrition Supplements

<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% to $598.9 million from $556.8 million during the same period last year.

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.

“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.”

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.

Three and Six Months Ended June 30, 2013, Financial Highlights:

Total revenue 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.

(Period-over-period growth)  

2Q 2013 vs. 2Q 2012

(in millions except revenue per membership data)

  • Membership dues
$194.8 vs. $184.9 (up 5.4%)
  • In-center revenue
$97.3 vs. $90.1 (up 7.9%)
  • Other revenue
$12.4 vs. $9.4 (up 32.9%)
 
  • Average center revenue per Access membership
$416 vs. $396 (up 5.2%)
  • Average in-center revenue per Access membership
$139 vs. $129 (up 7.2%)
  • Same-center revenue (open 13 months or longer)
Up 4.8%
  • Same-center revenue (open 37 months or longer)
Up 3.8%
(Period-over-period growth)   YTD 2013 vs. YTD 2012

(in millions except revenue per membership data)

  • Membership dues
$381.2 vs. $360.4 (up 5.8%)
  • In-center revenue
$189.2 vs. $174.7 (up 8.3%)
  • Other revenue
$21.5 vs. $13.8 (up 55.8%)
 
  • Average center revenue per Access membership
$821 vs. $778 (up 5.5%)
  • Average in-center revenue per Access membership
$272 vs. $253 (up 7.6%)
  • Same-center revenue (open 13 months or longer)
Up 4.2%
  • Same-center revenue (open 37 months or longer)
Up 3.4%

Total memberships grew 1.2% to 812,866 at June 30, 2013, from 802,889 at June 30, 2012.

  • Access memberships grew 0.6% to 713,138 at June 30, 2013, from 708,585 at June 30, 2012.
  • Non-Access memberships grew 5.8% to 99,728 at June 30, 2013, from 94,304 at June 30, 2012.
  • 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.

Total operating expenses 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.

  • Income from operations margin was 19.8% for 2Q 2013, up from 19.6% for 2Q 2012.
  • Income from operations margin was 18.9% for the first six months of 2013 compared to 18.8% for 2012.
           
(Expense as a percent of total revenue) 2Q 2013   vs.   2Q 2012 YTD 2013   vs.   YTD 2012
Center operations 57.4% vs. 57.8% 57.9% vs. 58.8%
Advertising and marketing 3.1% vs. 3.4% 3.4% vs. 3.6%
General and administrative 5.1% vs. 4.8% 5.2% vs. 4.9%
Other operating 4.9% vs. 4.4% 4.7% vs. 3.8%
Depreciation and amortization 9.7% vs. 10.0% 9.9% vs. 10.1%

Net income 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.

EBITDA 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.

  • As a percentage of total revenue, EBITDA in 2Q 2013 was 29.6% in 2Q 2013 and 29.8% in 2Q 2012.
  • 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.

Cash flows from operating activities 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.

Weighted average fully diluted shares 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.

2013 Business Outlook:

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:

  • Revenue 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.
  • Net income is expected to be up 8.5-11%, or $121.0-124.0 million, driven by revenue growth and cost efficiencies.
  • Diluted earnings per common share is expected to be $2.89-2.95 (updated from $2.87-2.95).

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.

About Life Time Fitness, Inc.

As The Healthy Way of Life Company, Life Time Fitness (LTM) 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.

Forward-Looking Statements

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.

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.

 
LIFE TIME FITNESS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)

(Unaudited)

   
June 30, December 31,
2013 2012

ASSETS

CURRENT ASSETS:
Cash and cash equivalents $ 13,126 $ 16,499
Accounts receivable, net 8,151 9,272
Center operating supplies and inventories 30,195 27,240
Prepaid expenses and other current assets 28,881 26,826
Deferred membership origination costs 11,438 11,664
Deferred income taxes 2,912 8,813
Income tax receivable   1,813      
Total current assets 96,516 100,314
PROPERTY AND EQUIPMENT, net 1,952,894 1,858,666
RESTRICTED CASH 447 2,087
DEFERRED MEMBERSHIP ORIGINATION COSTS 6,740 6,820
GOODWILL 40,198 37,176
OTHER ASSETS   66,134     67,111  
TOTAL ASSETS $ 2,162,929   $ 2,072,174  
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt $ 12,288 $ 12,603
Accounts payable 24,243 32,140
Construction accounts payable 40,163 25,208
Accrued expenses 64,191 63,333
Deferred revenue   42,555     34,753  
Total current liabilities 183,440 168,037
LONG-TERM DEBT, net of current portion 723,133 691,867
DEFERRED RENT LIABILITY 23,810 22,490
DEFERRED INCOME TAXES 91,204 95,509
DEFERRED REVENUE 6,783 6,840
OTHER LIABILITIES   20,830     14,514  
Total liabilities   1,049,200     999,257  
SHAREHOLDERS’ EQUITY:
Common stock 858 864
Additional paid-in capital 427,761 447,912
Retained earnings 690,230 628,942
Accumulated other comprehensive loss   (5,120 )   (4,801 )
Total equity   1,113,729     1,072,917  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 2,162,929   $ 2,072,174  
 
 
LIFE TIME FITNESS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share data)
(Unaudited)
       
For the Three Months Ended For the Six Months Ended
June 30, June 30,
  2013     2012     2013     2012  
REVENUE:
Membership dues $ 194,816 $ 184,895 $ 381,190 $ 360,365
Enrollment fees 3,573 3,929 6,969 7,883
In-center revenue   97,275     90,118     189,246     174,734  
Total center revenue 295,664 278,942 577,405 542,982
Other revenue   12,444     9,362     21,450     13,769  
Total revenue   308,108     288,304     598,855     556,751  
OPERATING EXPENSES:
Center operations 176,798 166,554 346,760 327,269
Advertising and marketing 9,629 9,689 20,588 20,045
General and administrative 15,713 13,856 31,069 27,559
Other operating 15,225 12,761 28,059 21,152
Depreciation and amortization   30,017     28,861     59,279     55,821  
Total operating expenses   247,382     231,721     485,755     451,846  
Income from operations   60,726     56,583     113,100     104,905  
OTHER INCOME (EXPENSE):
Interest expense, net (6,434 ) (6,545 ) (12,563 ) (12,822 )
Equity in earnings of affiliate   378     395     724     768  
Total other income (expense)   (6,056 )   (6,150 )   (11,839 )   (12,054 )
INCOME BEFORE INCOME TAXES 54,670 50,433 101,261 92,851
PROVISION FOR INCOME TAXES   21,483     20,141     39,973     36,887  
NET INCOME $ 33,187   $ 30,292   $ 61,288   $ 55,964  
 
BASIC EARNINGS PER COMMON SHARE $ 0.80   $ 0.73   $ 1.48   $ 1.35  
DILUTED EARNINGS PER COMMON SHARE $ 0.80   $ 0.73   $ 1.47   $ 1.34  

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – BASIC

  41,456     41,462     41,376     41,313  

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – DILUTED

  41,659     41,750     41,644     41,777  
 
 
LIFE TIME FITNESS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
For the Six Months Ended
June 30,
  2013       2012  
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 61,288 $ 55,964

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 59,279 55,821
Deferred income taxes 671 (1,073 )
(Gain) loss on disposal of property and equipment, net (216 ) 579
Amortization of deferred financing costs 1,100 1,006
Share-based compensation 6,286 7,312
Excess tax benefit related to share-based compensation (4,564 ) (8,365 )
Changes in operating assets and liabilities 1,726 31,450
Other   (1,116 )   (504 )
Net cash provided by operating activities   124,454     142,190  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (137,433 ) (106,102 )
Acquisitions, net of cash acquired (437 ) (26,415 )
Proceeds from sale of property and equipment 763 362
Proceeds from property insurance settlements 175 790
Increase in other assets (736 ) (250 )
Decrease in restricted cash   1,640     651  
Net cash used in investing activities   (136,028 )   (130,964 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term borrowings 75,000
Repayments of long-term borrowings (28,272 ) (3,521 )
Repayments of revolving credit facility, net (13,500 ) (10,000 )
Increase in deferred financing costs (976 ) (256 )
Excess tax benefit related to share-based compensation 4,564 8,365
Proceeds from stock option exercises 1,108 1,982
Proceeds from employee stock purchase plan 607 590
Stock purchased for employee stock purchase plan (569 ) (649 )
Repurchases of common stock   (28,157 )    
Net cash provided by (used in) financing activities   9,805     (3,489 )
 
Effect of exchange rates on cash and cash equivalents   (1,604 )   275  
 
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (3,373 ) 8,012
CASH AND CASH EQUIVALENTS – Beginning of period   16,499     7,487  
CASH AND CASH EQUIVALENTS – End of period $ 13,126   $ 15,499  
 

Non-GAAP Financial Measures

This release and the related conference call disclose certain non-GAAP financial measures.

EBITDA. 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 debt covenants, to service debt or to pay taxes. EBITDA should not be considered as a substitute for net income, net cash provided by operating activities or other income or cash flow data prepared in accordance with GAAP. Additional details related to EBITDA are provided in the Form 8-K that the Company filed with the Securities and Exchange Commission on the date of this press release. The following table provides a reconciliation of net income, the most directly comparable GAAP measure, to EBITDA:

   
RECONCILIATION OF NET INCOME TO EBITDA
(In thousands)
(Unaudited)
   
For the Three Months Ended For the Six Months Ended
June 30, June 30,
2013 2012 2013 2012
Net income $ 33,187 $ 30,292 $ 61,288 $ 55,964
Interest expense, net 6,434 6,545 12,563 12,822
Provision for income taxes 21,483 20,141 39,973 36,887

Depreciation and amortization

  30,017   28,861   59,279   55,821
EBITDA $ 91,121 $ 85,839 $ 173,103 $ 161,494
 

Free Cash Flow. Free cash flow is a non-GAAP measure consisting of net cash provided by operating activities, less purchases of property and equipment, excluding acquisitions. This term, as the Company defines it, may not be comparable to a similarly titled measure used by other companies and does not represent the total increase or decrease in the cash balance presented in accordance with GAAP. The Company uses free cash flow as a measure of cash generated after spending on property and equipment. Free cash flow should not be considered as a substitute for net cash provided by operating activities prepared in accordance with GAAP. Additional details related to free cash flow are provided in the Form 8-K that the Company filed with the Securities and Exchange Commission on the date of this press release. The following table provides a reconciliation of net cash provided by operating activities, the most directly comparable GAAP measure, to free cash flow:

 
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
(In thousands)
(Unaudited)
     
For the Three Months Ended For the Six Months Ended
June 30, June 30,

  2013  

2012   2013   2012  
Net cash provided by operating activities $

48,223

$ 68,287 $ 124,454 $ 142,190
Less: Purchases of property and equipment  

(78,288

)

  (67,625 )   (137,433 )   (106,102 )
Free cash flow $

(30,065

)

$ 662   $ (12,979 ) $ 36,088  

Contact:

Life Time Fitness, Inc.

John Heller, 952-229-7427 (Investors)

ir@lifetimefitness.com

Jason Thunstrom, 952-229-7435 (Media)

pr@lifetimefitness.com

View the original here:  

Life Time Fitness Announces Second Quarter 2013 Financial Results

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