Tag Archive | "ended"

<div class="yom-mod yom-art-content bd" webReader="239.399008364"><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 fourth quarter and full year ended December 31, 2012.</p><p>Fourth quarter 2012 revenue grew 9.7% to $275.3 million from $250.9 million during the same period last year. Total revenue for the year grew 11.2% to $1.127 billion from $1.014 billion in 2011.</p><p>Net income for the quarter was $23.4 million, or $0.56 per diluted share, compared to net income of $19.8 million, or $0.48 per diluted share, for 4Q 2011. Net income for the year was $111.5 million, or $2.66 per diluted share, compared to net income of $92.6 million, or $2.26 per diluted share, in 2011.</p><p>“For 2012, I am pleased to report double-digit growth in revenue, operating profit, net income, and earnings per share,” said Bahram Akradi, chairman, president and chief executive officer. “We also saw total-center revenue growth above 10%, along with solid revenue-per-membership and same-store-sales. Looking ahead, we are positioning our company for top-line growth through center expansion, new membership and programming initiatives, and expanded products and services. For 2013, we plan to open one new center in the first half of the year, our first in Alabama, and two in the second half, including one in Virginia and one in New Jersey. We also have initial plans to double our center openings in 2014, led by openings in New York and California early in the year.”</p><p><span class="bwuline"><strong>Three and Twelve Months Ended December 31, 2012, Financial Highlights:</strong></span></p><p><strong>Total revenue</strong> for the fourth quarter grew 9.7% to $275.3 million from $250.9 million in 4Q 2011. Total revenue for the year grew 11.2% to $1.127 billion from $1.014 billion in 2011.</p><table cellspacing="0" class="bwtablemarginb" webReader="-21.5"><tr webReader="5"><td class="bwpadl0 bwvertalignb bwalignl"><strong>(Period-over-period growth)</strong></td>
<td> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc" webReader="5">
<p class="bwcellpmargin"><strong>4Q 2012 vs. 4Q 2011</strong></p>
<p class="bwcellpmargin"><span class="bwuline"><strong>(in millions except revenue per membership data)</strong></span></p>
</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl">
<ul><li>Membership dues</li>
</ul></td>
<td />
<td class="bwpadl0 bwvertalignm bwalignc">$179.7 vs. $166.9 (up 7.6%)</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl">
<ul><li>In-center revenue</li>
</ul></td>
<td />
<td class="bwpadl0 bwvertalignm bwalignc">$83.0 vs. $73.7 (up 12.5%)</td>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl">
<ul><li>Other revenue</li>
</ul></td>
<td />
<td class="bwpadl0 bwvertalignm bwalignc">$9.1 vs. $6.1 (up 48.6%)</td>
</tr><tr><td />
<td />
<td> </td>
</tr><tr webReader="3"><td class="bwpadl0 bwvertalignt bwalignl">
<ul><li>Average center revenue per membership (up 4.5% to $399 excluding the Lifestyle Family Fitness transaction (“LFF”))</li>
</ul></td>
<td />
<td class="bwpadl0 bwvertalignm bwalignc">$393 vs. $380 (up 3.5%)</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl">
<ul><li>Average in-center revenue per membership (up 8.1% to $125 excluding LFF)</li>
</ul></td>
<td />
<td class="bwpadl0 bwvertalignm bwalignc">$122 vs. $114 (up 7.1%)</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl">
<ul><li>Same-center revenue (open 13 months or longer)</li>
</ul></td>
<td />
<td class="bwpadl0 bwvertalignm bwalignc">Up 3.6%</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl">
<ul><li>Same-center revenue (open 37 months or longer)</li>
</ul></td>
<td />
<td class="bwpadl0 bwvertalignm bwalignc">Up 3.0%</td>
</tr></table><table cellspacing="0" class="bwtablemarginb" webReader="-18.5"><tr webReader="5"><td class="bwpadl0 bwvertalignb bwalignl"><strong>(Period-over-period growth)</strong></td>
<td> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc" webReader="5">
<p class="bwcellpmargin"><strong>2012 vs. 2011</strong></p>
<p class="bwcellpmargin"><span class="bwuline"><strong>(in millions except revenue per membership data)</strong></span></p>
</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl">
<ul><li>Membership dues</li>
</ul></td>
<td />
<td class="bwpadl0 bwvertalignm bwalignc">$727.6 vs. $663.4 (up 9.7%)</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl">
<ul><li>In-center revenue</li>
</ul></td>
<td />
<td class="bwpadl0 bwvertalignm bwalignc">$348.3 vs. $308.5 (up 12.9%)</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl">
<ul><li>Other revenue</li>
</ul></td>
<td />
<td class="bwpadl0 bwvertalignm bwalignc">$35.7 vs. $23.3 (up 53.3%)</td>
</tr><tr><td />
<td />
<td> </td>
</tr><tr webReader="7"><td class="bwpadl0 bwvertalignt bwalignl">
<ul><li>Average center revenue per membership (up 4.7% to $1,618 excluding LFF)</li>
</ul></td>
<td />
<td class="bwpadl0 bwvertalignm bwalignc">$1,587 vs. $1,543 (up 2.9%)</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl">
<ul><li>Average in-center revenue per membership (up 7.6% to $518 excluding LFF)</li>
</ul></td>
<td />
<td class="bwpadl0 bwvertalignm bwalignc">$507 vs. $481 (up 5.4%)</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl">
<ul><li>Same-center revenue (open 13 months or longer)</li>
</ul></td>
<td />
<td class="bwpadl0 bwvertalignm bwalignc">Up 4.3%</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl">
<ul><li>Same-center revenue (open 37 months or longer)</li>
</ul></td>
<td />
<td class="bwpadl0 bwvertalignm bwalignc">Up 3.7%</td>
</tr></table><p><strong>Memberships</strong> grew 1.0% to 682,621 at December 31, 2012, from 676,054 at December 31, 2011.</p><ul><li class="bwlistitemmargb">Excluding memberships acquired in connection with LFF, memberships grew 2.4%.</li>
<li class="bwlistitemmargb">Attrition in 4Q 2012 was 10.4% compared to 9.6% in the prior-year period. Excluding LFF, 4Q 2012 attrition was 10.1%.</li>
<li class="bwlistitemmargb">Attrition for the trailing 12-month period ended December 31, 2012, was 38.2% compared to trailing 12-month attrition of 35.0% at December 31, 2011. Excluding LFF, trailing 12-month attrition was 36.9%.</li>
</ul><p><strong>Total operating expenses</strong> during 4Q 2012 were $231.4 million compared to $214.0 million for 4Q 2011. Total operating expenses for the year were $918.7 million compared to $840.4 million in 2011.</p><ul><li class="bwlistitemmargb">Income from operations margin was 16.0% for 4Q 2012 compared to 14.7% in the prior-year period.</li>
<li class="bwlistitemmargb">Income from operations margin for the year was 18.5% compared to 17.1% in 2011.</li>
</ul><table cellspacing="0" class="bwtablemarginb" webReader="-26"><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl"><strong>(Expense as a percent of total revenue)</strong></td>
<td> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc">
<p><span class="bwuline"><strong>4Q 2012 vs. 4Q 2011</strong></span></p>
</td>
<td> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc">
<p><span class="bwuline"><strong>2012 vs. 2011</strong></span></p>
</td>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl">
<ul><li>Center operations</li>
</ul></td>
<td />
<td class="bwpadl0 bwvertalignm bwalignc">57.8% vs. 59.6%</td>
<td />
<td class="bwpadl0 bwvertalignm bwalignc">58.2% vs. 60.7%</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl">
<ul><li>Advertising and marketing</li>
</ul></td>
<td />
<td class="bwpadl0 bwvertalignm bwalignc">4.0% vs. 3.9%</td>
<td />
<td class="bwpadl0 bwvertalignm bwalignc">3.5% vs. 3.5%</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl">
<ul><li>General and administrative</li>
</ul></td>
<td />
<td class="bwpadl0 bwvertalignm bwalignc">5.3% vs. 6.9%</td>
<td />
<td class="bwpadl0 bwvertalignm bwalignc">5.0% vs. 5.4%</td>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl">
<ul><li>Other operating</li>
</ul></td>
<td />
<td class="bwpadl0 bwvertalignm bwalignc">6.1% vs. 4.8%</td>
<td />
<td class="bwpadl0 bwvertalignm bwalignc">4.6% vs. 3.5%</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl">
<ul><li>Depreciation and amortization</li>
</ul></td>
<td />
<td class="bwpadl0 bwvertalignm bwalignc">10.8% vs. 10.1%</td>
<td />
<td class="bwpadl0 bwvertalignm bwalignc">10.2% vs. 9.8%</td>
</tr></table><p><strong>Net income</strong> for 4Q 2012 was $23.4 million, or $0.56 per diluted share, compared to net income of $19.8 million, or $0.48 per diluted share, for 4Q 2011. Net income for the year was $111.5 million, or $2.66 per diluted share, compared to net income of $92.6 million, or $2.26 per diluted share, in 2011.</p><p><strong>EBITDA</strong> for 4Q 2012 was $74.1 million compared to $62.4 million in 4Q 2011. For the year, EBITDA was $324.7 million compared to $273.4 million in 2011.</p><ul><li class="bwlistitemmargb">As a percentage of total revenue, EBITDA in 4Q 2012 was 26.9% compared to 24.9% in 4Q 2011.</li>
<li class="bwlistitemmargb">For the year, EBITDA, as a percentage of total revenue, was 28.8% compared to 27.0% in 2011.</li>
</ul><p><strong>Cash flows from operating activities</strong> for the year totaled $255.7 million compared to $227.9 million in 2011.</p><p><strong>Weighted average fully diluted shares</strong> for 4Q 2012 totaled 42.0 million compared to 41.3 million in 4Q 2011. For the year, weighted average fully diluted shares totaled 42.0 million compared to 40.9 million in 2011.</p><p><span class="bwuline"><strong>2013 Business Outlook:</strong></span></p><p>The following statements are based on the Company’s current expectations for fiscal year 2013 and incorporate 2012 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 6.5-8%, or $1.200-1.220 billion, driven primarily by price and mix optimization, and growth in in-center and ancillary business revenue.</li>
<li class="bwlistitemmargb"><strong>Net income</strong> is expected to be up 8-11%, or $120.0-124.0 million, driven by revenue growth and cost efficiencies.</li>
<li class="bwlistitemmargb"><strong>Diluted earnings per common share</strong> is expected to be $2.85-2.95.</li>
</ul><p>As announced on February 14, 2013, the Company will hold a conference call today at 10:00 a.m. ET to discuss its fourth quarter and full-year 2012 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 February 21, 2013, the Company operated 105 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 webReader="3"><td class="bwpadl0 bwvertalignt bwalignc" colspan="9"><strong>LIFE TIME FITNESS, INC. AND SUBSIDIARIES</strong><br /><strong>CONSOLIDATED BALANCE SHEETS</strong><br /><strong>(In thousands)</strong></td>
</tr><tr><td />
<td> </td>
<td colspan="3"/>
<td> </td>
<td colspan="3"/>
</tr><tr><td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc bwsinglebottom" colspan="3"><strong>December 31,</strong><br /><strong>2012</strong></td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc bwsinglebottom" colspan="3"><strong>December 31,</strong><br /><strong>2011</strong></td>
</tr><tr><td />
<td />
<td class="bwpadl0 bwvertalignt bwalignc" colspan="3"><strong>(Unaudited)</strong></td>
<td />
<td colspan="3"/>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl"><strong>ASSETS</strong></td>
<td />
<td colspan="3"/>
<td />
<td colspan="3"/>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl">CURRENT ASSETS:</td>
<td />
<td colspan="3"/>
<td />
<td colspan="3"/>
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Cash and cash equivalents</td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">16,499</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">7,487</td>
<td />
</tr><tr><td class="bwpadl3 bwvertalignt bwalignl">Accounts receivable, net</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">9,272</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">6,156</td>
<td />
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Center operating supplies and inventories</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">27,240</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">21,600</td>
<td />
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Prepaid expenses and other current assets</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">26,826</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">22,905</td>
<td />
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Deferred membership origination costs</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">11,664</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">12,525</td>
<td />
</tr><tr><td class="bwpadl3 bwvertalignt bwalignl">Deferred income taxes</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">8,813</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">9,850</td>
<td />
</tr><tr><td class="bwpadl3 bwpadb1 bwvertalignt bwalignl">Income tax receivable</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">-</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">5,022</td>
<td class="bwsinglebottom"> </td>
</tr><tr><td class="bwpadl6 bwvertalignt bwalignl">Total current assets</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">100,314</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">85,545</td>
<td />
</tr><tr webReader="3"><td class="bwpadl0 bwvertalignt bwalignl">PROPERTY AND EQUIPMENT, net</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,858,666</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,740,434</td>
<td />
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl">RESTRICTED CASH</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,087</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,088</td>
<td />
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl">DEFERRED MEMBERSHIP ORIGINATION COSTS</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">6,820</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">8,131</td>
<td />
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl">GOODWILL</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">37,176</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">25,550</td>
<td />
</tr><tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">OTHER ASSETS</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">67,111</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">55,080</td>
<td class="bwsinglebottom"> </td>
</tr><tr><td class="bwpadl6 bwpadb3 bwvertalignt bwalignl">TOTAL ASSETS</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>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">1,915,828</td>
<td class="bwdoublebottom"> </td>
</tr><tr><td />
<td />
<td colspan="3"/>
<td />
<td colspan="3"> </td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl"><strong>LIABILITIES AND SHAREHOLDERS' EQUITY</strong></td>
<td />
<td colspan="3"/>
<td />
<td colspan="3"/>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl">CURRENT LIABILITIES:</td>
<td />
<td colspan="3"/>
<td />
<td colspan="3"/>
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Current maturities of long-term debt</td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">12,603</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">6,849</td>
<td />
</tr><tr><td class="bwpadl3 bwvertalignt bwalignl">Accounts payable</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">32,140</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">22,035</td>
<td />
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Construction accounts payable</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">25,208</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">21,892</td>
<td />
</tr><tr><td class="bwpadl3 bwvertalignt bwalignl">Accrued expenses</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">63,333</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">56,284</td>
<td />
</tr><tr><td class="bwpadl3 bwpadb1 bwvertalignt bwalignl">Deferred revenue</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">34,753</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">33,898</td>
<td class="bwsinglebottom"> </td>
</tr><tr webReader="2"><td class="bwpadl6 bwvertalignt bwalignl">Total current liabilities</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">168,037</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">140,958</td>
<td />
</tr><tr webReader="3"><td class="bwpadl0 bwvertalignt bwalignl">LONG-TERM DEBT, net of current portion</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">691,867</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">679,449</td>
<td />
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl">DEFERRED RENT LIABILITY</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">22,490</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">19,370</td>
<td />
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl">DEFERRED INCOME TAXES</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">95,509</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">100,582</td>
<td />
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl">DEFERRED REVENUE</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">6,840</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">8,203</td>
<td />
</tr><tr><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">OTHER LIABILITIES</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">14,514</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">9,793</td>
<td class="bwsinglebottom"> </td>
</tr><tr><td class="bwpadl6 bwpadb1 bwvertalignt bwalignl">Total liabilities</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">999,257</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">958,355</td>
<td class="bwsinglebottom"> </td>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl">SHAREHOLDERS' EQUITY:</td>
<td />
<td colspan="3"/>
<td />
<td colspan="3"/>
</tr><tr><td class="bwpadl3 bwvertalignt bwalignl">Common stock</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">864</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">849</td>
<td />
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Additional paid-in capital</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">447,912</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">441,813</td>
<td />
</tr><tr><td class="bwpadl3 bwvertalignt bwalignl">Retained earnings</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">628,942</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">517,404</td>
<td />
</tr><tr webReader="2"><td class="bwpadl3 bwpadb1 bwvertalignt bwalignl">Accumulated other comprehensive loss</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>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">(2,593</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom">)</td>
</tr><tr webReader="2"><td class="bwpadl6 bwpadb1 bwvertalignt bwalignl">Total shareholders' equity</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">1,072,917</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">957,473</td>
<td class="bwsinglebottom"> </td>
</tr><tr webReader="2"><td class="bwpadl6 bwpadb3 bwvertalignt bwalignl">TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</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>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">1,915,828</td>
<td class="bwdoublebottom"> </td>
</tr><tr><td />
<td />
<td />
<td />
<td />
<td />
<td />
<td />
<td> </td>
</tr></table><table cellspacing="0" class="bwtablemarginb" webReader="-14"><tr webReader="4"><td class="bwpadl0 bwvertalignt bwalignc" colspan="17"><strong>LIFE TIME FITNESS, INC. AND SUBSIDIARIES</strong><br /><strong>CONSOLIDATED STATEMENTS OF OPERATIONS</strong><br /><strong>(In thousands except per share data)</strong></td>
</tr><tr><td />
<td> </td>
<td colspan="3"/>
<td> </td>
<td colspan="3"/>
<td> </td>
<td colspan="3"/>
<td> </td>
<td colspan="3"/>
</tr><tr webReader="6"><td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc bwsinglebottom" colspan="7"><strong>For the Three Months Ended</strong><br /><strong>December 31,</strong></td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc bwsinglebottom" colspan="7"><strong>For the Year Ended</strong><br /><strong>December 31,</strong></td>
</tr><tr><td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"><strong>2012</strong></td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"><strong>2011</strong></td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"><strong>2012</strong></td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"><strong>2011</strong></td>
</tr><tr><td />
<td />
<td class="bwpadl0 bwvertalignt bwalignc" colspan="3"><strong>(Unaudited)</strong></td>
<td />
<td class="bwpadl0 bwvertalignt bwalignc" colspan="3"><strong>(Unaudited)</strong></td>
<td />
<td class="bwpadl0 bwvertalignt bwalignc" colspan="3"><strong>(Unaudited)</strong></td>
<td />
<td colspan="3"/>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl">REVENUE:</td>
<td />
<td colspan="3"/>
<td />
<td colspan="3"/>
<td />
<td colspan="3"/>
<td />
<td colspan="3"/>
</tr><tr><td class="bwpadl3 bwvertalignt bwalignl">Membership dues</td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">179,663</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">166,909</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">727,596</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">663,439</td>
<td />
</tr><tr><td class="bwpadl3 bwvertalignt bwalignl">Enrollment fees</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">3,604</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">4,157</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">15,346</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">18,447</td>
<td />
</tr><tr><td class="bwpadl3 bwpadb1 bwvertalignt bwalignl">In-center revenue</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">82,988</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">73,745</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">348,265</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">308,474</td>
<td class="bwsinglebottom"> </td>
</tr><tr><td class="bwpadl6 bwvertalignt bwalignl">Total center revenue</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">266,255</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">244,811</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,091,207</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">990,360</td>
<td />
</tr><tr><td class="bwpadl3 bwpadb1 bwvertalignt bwalignl">Other revenue</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">9,068</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">6,103</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">35,740</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">23,314</td>
<td class="bwsinglebottom"> </td>
</tr><tr><td class="bwpadl6 bwpadb1 bwvertalignt bwalignl">Total revenue</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">275,323</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">250,914</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">1,126,947</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">1,013,674</td>
<td class="bwsinglebottom"> </td>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl">OPERATING EXPENSES:</td>
<td />
<td colspan="3"/>
<td />
<td colspan="3"/>
<td />
<td colspan="3"/>
<td />
<td colspan="3"/>
</tr><tr><td class="bwpadl3 bwvertalignt bwalignl">Center operations</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">159,097</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">149,436</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">655,887</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">614,949</td>
<td />
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Advertising and marketing</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">11,060</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">9,818</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">39,931</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">36,318</td>
<td />
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">General and administrative</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">14,525</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">17,429</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">55,715</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">54,736</td>
<td />
</tr><tr><td class="bwpadl3 bwvertalignt bwalignl">Other operating</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">16,927</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">12,165</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">52,170</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">35,562</td>
<td />
</tr><tr webReader="2"><td class="bwpadl3 bwpadb1 bwvertalignt bwalignl">Depreciation and amortization</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">29,799</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">25,198</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">115,016</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">98,843</td>
<td class="bwsinglebottom"> </td>
</tr><tr><td class="bwpadl6 bwpadb1 bwvertalignt bwalignl">Total operating expenses</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">231,408</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">214,046</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">918,719</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">840,408</td>
<td class="bwsinglebottom"> </td>
</tr><tr><td class="bwpadl6 bwpadb1 bwvertalignt bwalignl">Income from operations</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">43,915</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">36,868</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">208,228</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">173,266</td>
<td class="bwsinglebottom"> </td>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl">OTHER INCOME (EXPENSE):</td>
<td />
<td colspan="3"/>
<td />
<td colspan="3"/>
<td />
<td colspan="3"/>
<td />
<td colspan="3"/>
</tr><tr><td class="bwpadl3 bwvertalignt bwalignl">Interest expense, net</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(6,143</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(4,865</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(25,475</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(20,138</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 class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">339</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">326</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">1,482</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">1,299</td>
<td class="bwsinglebottom"> </td>
</tr><tr webReader="2"><td class="bwpadl6 bwpadb1 bwvertalignt bwalignl">Total other income (expense)</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">(5,804</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom">)</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">(4,539</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom">)</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">(23,993</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom">)</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">(18,839</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 class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">38,111</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">32,329</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">184,235</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">154,427</td>
<td />
</tr><tr webReader="2"><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">PROVISION FOR INCOME TAXES</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">14,681</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">12,486</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">72,697</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">61,810</td>
<td class="bwsinglebottom"> </td>
</tr><tr><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl">NET INCOME</td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">23,430</td>
<td class="bwdoublebottom"> </td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">19,843</td>
<td class="bwdoublebottom"> </td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">111,538</td>
<td class="bwdoublebottom"> </td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">92,617</td>
<td class="bwdoublebottom"> </td>
</tr><tr><td />
<td />
<td colspan="3"/>
<td />
<td colspan="3"/>
<td />
<td colspan="3"/>
<td />
<td colspan="3"> </td>
</tr><tr webReader="2"><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl">BASIC EARNINGS PER COMMON SHARE</td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">0.57</td>
<td class="bwdoublebottom"> </td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">0.49</td>
<td class="bwdoublebottom"> </td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">2.70</td>
<td class="bwdoublebottom"> </td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">2.29</td>
<td class="bwdoublebottom"> </td>
</tr><tr webReader="2"><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl">DILUTED EARNINGS PER COMMON SHARE</td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">0.56</td>
<td class="bwdoublebottom"> </td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">0.48</td>
<td class="bwdoublebottom"> </td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">2.66</td>
<td class="bwdoublebottom"> </td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">2.26</td>
<td class="bwdoublebottom"> </td>
</tr><tr><td />
<td />
<td colspan="3"/>
<td />
<td colspan="3"/>
<td />
<td colspan="3"/>
<td />
<td colspan="3"> </td>
</tr><tr webReader="3"><td class="bwpadl3 bwpadb3 bwvertalignt bwalignl" webReader="5">
<p>WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC</p>
</td>
<td />
<td class="bwdoublebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">41,260</td>
<td class="bwdoublebottom"> </td>
<td />
<td class="bwdoublebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">40,487</td>
<td class="bwdoublebottom"> </td>
<td />
<td class="bwdoublebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">41,345</td>
<td class="bwdoublebottom"> </td>
<td />
<td class="bwdoublebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">40,358</td>
<td class="bwdoublebottom"> </td>
</tr><tr webReader="3"><td class="bwpadl3 bwpadb3 bwvertalignt bwalignl" webReader="5">
<p>WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED</p>
</td>
<td />
<td class="bwdoublebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">42,015</td>
<td class="bwdoublebottom"> </td>
<td />
<td class="bwdoublebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">41,342</td>
<td class="bwdoublebottom"> </td>
<td />
<td class="bwdoublebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">41,972</td>
<td class="bwdoublebottom"> </td>
<td />
<td class="bwdoublebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">40,930</td>
<td class="bwdoublebottom"> </td>
</tr><tr><td />
<td />
<td />
<td />
<td />
<td />
<td />
<td />
<td />
<td />
<td />
<td />
<td />
<td />
<td />
<td />
<td> </td>
</tr></table><table cellspacing="0" class="bwtablemarginb" webReader="5.5"><tr webReader="3"><td class="bwpadl0 bwvertalignt bwalignc" colspan="9"><strong>LIFE TIME FITNESS, INC. AND SUBSIDIARIES</strong><br /><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS</strong><br /><strong>(In thousands)</strong></td>
</tr><tr><td />
<td> </td>
<td colspan="3"/>
<td> </td>
<td colspan="3"/>
</tr><tr webReader="3"><td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc bwsinglebottom" colspan="7"><strong>For the Year Ended</strong><br /><strong>December 31,</strong></td>
</tr><tr><td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"><strong>2012</strong></td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="3"><strong>2011</strong></td>
</tr><tr><td />
<td />
<td class="bwpadl0 bwvertalignt bwalignc" colspan="3"><strong>(Unaudited)</strong></td>
<td />
<td colspan="3"/>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl">CASH FLOWS FROM OPERATING ACTIVITIES:</td>
<td />
<td colspan="3"/>
<td />
<td colspan="3"/>
</tr><tr><td class="bwpadl3 bwvertalignt bwalignl">Net income</td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">111,538</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">92,617</td>
<td />
</tr><tr webReader="3"><td class="bwpadl3 bwvertalignt bwalignl" webReader="5">
<p>Adjustments to reconcile net income to net cash provided by operating activities:</p>
</td>
<td />
<td colspan="3"/>
<td />
<td colspan="3"/>
</tr><tr webReader="2"><td class="bwpadl6 bwvertalignt bwalignl">Depreciation and amortization</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">115,016</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">98,843</td>
<td />
</tr><tr><td class="bwpadl6 bwvertalignt bwalignl">Deferred income taxes</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(2,832</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">5,557</td>
<td />
</tr><tr webReader="3"><td class="bwpadl6 bwvertalignt bwalignl">Loss on disposal of property and equipment, net</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,086</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,779</td>
<td />
</tr><tr webReader="2"><td class="bwpadl6 bwvertalignt bwalignl">Gain on sale of land held for sale</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(196</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">-</td>
<td />
</tr><tr webReader="2"><td class="bwpadl6 bwvertalignt bwalignl">Amortization of deferred financing costs</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,003</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,269</td>
<td />
</tr><tr><td class="bwpadl6 bwvertalignt bwalignl">Share-based compensation</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">14,686</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">19,767</td>
<td />
</tr><tr webReader="2"><td class="bwpadl6 bwvertalignt bwalignl">Excess tax benefit related to share-based compensation</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(8,502</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(3,537</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 class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">22,999</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">10,277</td>
<td />
</tr><tr><td class="bwpadl6 bwpadb1 bwvertalignt bwalignl">Other</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">(53</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom">)</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">371</td>
<td class="bwsinglebottom"> </td>
</tr><tr webReader="2"><td class="bwpadl9 bwpadb1 bwvertalignt bwalignl">Net cash provided by operating activities</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">255,745</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">227,943</td>
<td class="bwsinglebottom"> </td>
</tr><tr><td />
<td />
<td colspan="3"/>
<td />
<td colspan="3"> </td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl">CASH FLOWS FROM INVESTING ACTIVITIES:</td>
<td />
<td colspan="3"/>
<td />
<td colspan="3"/>
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Purchases of property and equipment</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(224,194</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(165,335</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 class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(30,614</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(70,264</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 class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">969</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">794</td>
<td />
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Proceeds from sale of land held for sale</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,758</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">-</td>
<td />
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Proceeds from property insurance settlements</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">909</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">464</td>
<td />
</tr><tr><td class="bwpadl3 bwvertalignt bwalignl">Increase in other assets</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(333</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(92</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 class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">102</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">1,484</td>
<td class="bwsinglebottom"> </td>
</tr><tr webReader="2"><td class="bwpadl9 bwpadb1 bwvertalignt bwalignl">Net cash used in investing activities</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">(251,403</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom">)</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">(232,949</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom">)</td>
</tr><tr><td />
<td />
<td colspan="3"/>
<td />
<td colspan="3"> </td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl">CASH FLOWS FROM FINANCING ACTIVITIES:</td>
<td />
<td colspan="3"/>
<td />
<td colspan="3"/>
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Repayments of long-term borrowings</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(6,929</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(79,192</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
</tr><tr webReader="3"><td class="bwpadl3 bwvertalignt bwalignl">Proceeds from revolving credit facility, net</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">22,000</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">77,800</td>
<td />
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Increase in deferred financing costs</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(914</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(4,989</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 class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">8,502</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">3,537</td>
<td />
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Proceeds from stock option exercises</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">2,342</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">3,162</td>
<td />
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Proceeds from employee stock purchase plan</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,206</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">1,061</td>
<td />
</tr><tr webReader="2"><td class="bwpadl3 bwvertalignt bwalignl">Stock purchased for employee stock purchase plan</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(1,290</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(1,113</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 class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">(19,099</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom">)</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 financing activities</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">5,818</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">266</td>
<td class="bwsinglebottom"> </td>
</tr><tr><td />
<td />
<td colspan="3"/>
<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 class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">(1,148</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl bwsinglebottom">)</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">-</td>
<td class="bwsinglebottom"> </td>
</tr><tr><td />
<td />
<td colspan="3"/>
<td />
<td colspan="3"> </td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl">INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">9,012</td>
<td />
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">(4,740</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl">)</td>
</tr><tr webReader="2"><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">CASH AND CASH EQUIVALENTS - Beginning of period</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">7,487</td>
<td class="bwsinglebottom"> </td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">12,227</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 class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">16,499</td>
<td class="bwdoublebottom"> </td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">7,487</td>
<td class="bwdoublebottom"> </td>
</tr><tr><td />
<td />
<td />
<td />
<td />
<td />
<td />
<td />
<td> </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 disclosure 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:</p><table cellspacing="0" class="bwtablemarginb" webReader="-24"><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignc" colspan="13"><strong>RECONCILIATION OF NET INCOME TO EBITDA</strong><br /><strong>(In thousands)</strong><br /><strong>(Unaudited)</strong></td>
</tr><tr><td />
<td> </td>
<td colspan="2"/>
<td> </td>
<td colspan="2"/>
<td> </td>
<td colspan="2"/>
<td> </td>
<td colspan="2"/>
</tr><tr webReader="6"><td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc bwsinglebottom" colspan="5"><strong>For the Three Months Ended</strong><br /><strong>December 31,</strong></td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignt bwalignc bwsinglebottom" colspan="5"><strong>For the Year Ended</strong><br /><strong>December 31,</strong></td>
</tr><tr><td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2"><strong>2012</strong></td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2"><strong>2011</strong></td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2"><strong>2012</strong></td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignc bwsinglebottom" colspan="2"><strong>2011</strong></td>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl">Net income</td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">23,430</td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">19,843</td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">111,538</td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">92,617</td>
</tr><tr><td class="bwpadl0 bwvertalignt bwalignl">Interest expense, net</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">6,143</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">4,865</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">25,475</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">20,138</td>
</tr><tr webReader="2"><td class="bwpadl0 bwvertalignt bwalignl">Provision for income taxes</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">14,681</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">12,486</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">72,697</td>
<td />
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr">61,810</td>
</tr><tr webReader="2"><td class="bwpadl0 bwpadb1 bwvertalignt bwalignl">Depreciation and amortization</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">29,799</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">25,198</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">115,016</td>
<td />
<td class="bwsinglebottom"> </td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwsinglebottom">98,843</td>
</tr><tr><td class="bwpadl0 bwpadb3 bwvertalignt bwalignl">EBITDA</td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">74,053</td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">62,392</td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">324,726</td>
<td />
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">$</td>
<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignr bwdoublebottom">273,408</td>
</tr><tr><td />
<td />
<td />
<td />
<td />
<td />
<td />
<td />
<td />
<td />
<td />
<td />
<td> </td>
</tr></table><p><strong>Free Cash Flow.</strong> 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 operat

Life Time Fitness Announces Fourth Quarter and Full-Year 2012 Financial Results

CHANHASSEN, Minn.–(BUSINESS WIRE)–

Life Time Fitness, Inc. (LTM), The Healthy Way of Life Company, today reported its financial results for the fourth quarter and full year ended December 31, 2012.

Fourth quarter 2012 revenue grew 9.7% to $275.3 million from $250.9 million during the same period last year. Total revenue for the year grew 11.2% to $1.127 billion from $1.014 billion in 2011.

Net income for the quarter was $23.4 million, or $0.56 per diluted share, compared to net income of $19.8 million, or $0.48 per diluted share, for 4Q 2011. Net income for the year was $111.5 million, or $2.66 per diluted share, compared to net income of $92.6 million, or $2.26 per diluted share, in 2011.

“For 2012, I am pleased to report double-digit growth in revenue, operating profit, net income, and earnings per share,” said Bahram Akradi, chairman, president and chief executive officer. “We also saw total-center revenue growth above 10%, along with solid revenue-per-membership and same-store-sales. Looking ahead, we are positioning our company for top-line growth through center expansion, new membership and programming initiatives, and expanded products and services. For 2013, we plan to open one new center in the first half of the year, our first in Alabama, and two in the second half, including one in Virginia and one in New Jersey. We also have initial plans to double our center openings in 2014, led by openings in New York and California early in the year.”

Three and Twelve Months Ended December 31, 2012, Financial Highlights:

Total revenue for the fourth quarter grew 9.7% to $275.3 million from $250.9 million in 4Q 2011. Total revenue for the year grew 11.2% to $1.127 billion from $1.014 billion in 2011.

(Period-over-period growth) 

4Q 2012 vs. 4Q 2011

(in millions except revenue per membership data)

  • Membership dues
$179.7 vs. $166.9 (up 7.6%)
  • In-center revenue
$83.0 vs. $73.7 (up 12.5%)
  • Other revenue
$9.1 vs. $6.1 (up 48.6%)
 
  • Average center revenue per membership (up 4.5% to $399 excluding the Lifestyle Family Fitness transaction (“LFF”))
$393 vs. $380 (up 3.5%)
  • Average in-center revenue per membership (up 8.1% to $125 excluding LFF)
$122 vs. $114 (up 7.1%)
  • Same-center revenue (open 13 months or longer)
Up 3.6%
  • Same-center revenue (open 37 months or longer)
Up 3.0%
(Period-over-period growth) 

2012 vs. 2011

(in millions except revenue per membership data)

  • Membership dues
$727.6 vs. $663.4 (up 9.7%)
  • In-center revenue
$348.3 vs. $308.5 (up 12.9%)
  • Other revenue
$35.7 vs. $23.3 (up 53.3%)
 
  • Average center revenue per membership (up 4.7% to $1,618 excluding LFF)
$1,587 vs. $1,543 (up 2.9%)
  • Average in-center revenue per membership (up 7.6% to $518 excluding LFF)
$507 vs. $481 (up 5.4%)
  • Same-center revenue (open 13 months or longer)
Up 4.3%
  • Same-center revenue (open 37 months or longer)
Up 3.7%

Memberships grew 1.0% to 682,621 at December 31, 2012, from 676,054 at December 31, 2011.

  • Excluding memberships acquired in connection with LFF, memberships grew 2.4%.
  • Attrition in 4Q 2012 was 10.4% compared to 9.6% in the prior-year period. Excluding LFF, 4Q 2012 attrition was 10.1%.
  • Attrition for the trailing 12-month period ended December 31, 2012, was 38.2% compared to trailing 12-month attrition of 35.0% at December 31, 2011. Excluding LFF, trailing 12-month attrition was 36.9%.

Total operating expenses during 4Q 2012 were $231.4 million compared to $214.0 million for 4Q 2011. Total operating expenses for the year were $918.7 million compared to $840.4 million in 2011.

  • Income from operations margin was 16.0% for 4Q 2012 compared to 14.7% in the prior-year period.
  • Income from operations margin for the year was 18.5% compared to 17.1% in 2011.
(Expense as a percent of total revenue) 

4Q 2012 vs. 4Q 2011

 

2012 vs. 2011

  • Center operations
57.8% vs. 59.6%58.2% vs. 60.7%
  • Advertising and marketing
4.0% vs. 3.9%3.5% vs. 3.5%
  • General and administrative
5.3% vs. 6.9%5.0% vs. 5.4%
  • Other operating
6.1% vs. 4.8%4.6% vs. 3.5%
  • Depreciation and amortization
10.8% vs. 10.1%10.2% vs. 9.8%

Net income for 4Q 2012 was $23.4 million, or $0.56 per diluted share, compared to net income of $19.8 million, or $0.48 per diluted share, for 4Q 2011. Net income for the year was $111.5 million, or $2.66 per diluted share, compared to net income of $92.6 million, or $2.26 per diluted share, in 2011.

EBITDA for 4Q 2012 was $74.1 million compared to $62.4 million in 4Q 2011. For the year, EBITDA was $324.7 million compared to $273.4 million in 2011.

  • As a percentage of total revenue, EBITDA in 4Q 2012 was 26.9% compared to 24.9% in 4Q 2011.
  • For the year, EBITDA, as a percentage of total revenue, was 28.8% compared to 27.0% in 2011.

Cash flows from operating activities for the year totaled $255.7 million compared to $227.9 million in 2011.

Weighted average fully diluted shares for 4Q 2012 totaled 42.0 million compared to 41.3 million in 4Q 2011. For the year, weighted average fully diluted shares totaled 42.0 million compared to 40.9 million in 2011.

2013 Business Outlook:

The following statements are based on the Company’s current expectations for fiscal year 2013 and incorporate 2012 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 6.5-8%, or $1.200-1.220 billion, driven primarily by price and mix optimization, and growth in in-center and ancillary business revenue.
  • Net income is expected to be up 8-11%, or $120.0-124.0 million, driven by revenue growth and cost efficiencies.
  • Diluted earnings per common share is expected to be $2.85-2.95.

As announced on February 14, 2013, the Company will hold a conference call today at 10:00 a.m. ET to discuss its fourth quarter and full-year 2012 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 February 21, 2013, the Company operated 105 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)
  
December 31,
2012
December 31,
2011
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$16,499$7,487
Accounts receivable, net9,2726,156
Center operating supplies and inventories27,24021,600
Prepaid expenses and other current assets26,82622,905
Deferred membership origination costs11,66412,525
Deferred income taxes8,8139,850
Income tax receivable   5,022 
Total current assets100,31485,545
PROPERTY AND EQUIPMENT, net1,858,6661,740,434
RESTRICTED CASH2,0871,088
DEFERRED MEMBERSHIP ORIGINATION COSTS6,8208,131
GOODWILL37,17625,550
OTHER ASSETS 67,111  55,080 
TOTAL ASSETS$2,072,174 $1,915,828 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt$12,603$6,849
Accounts payable32,14022,035
Construction accounts payable25,20821,892
Accrued expenses63,33356,284
Deferred revenue 34,753  33,898 
Total current liabilities168,037140,958
LONG-TERM DEBT, net of current portion691,867679,449
DEFERRED RENT LIABILITY22,49019,370
DEFERRED INCOME TAXES95,509100,582
DEFERRED REVENUE6,8408,203
OTHER LIABILITIES 14,514  9,793 
Total liabilities 999,257  958,355 
SHAREHOLDERS’ EQUITY:
Common stock864849
Additional paid-in capital447,912441,813
Retained earnings628,942517,404
Accumulated other comprehensive loss (4,801) (2,593)
Total shareholders’ equity 1,072,917  957,473 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$2,072,174 $1,915,828 
 
LIFE TIME FITNESS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share data)
    
For the Three Months Ended
December 31,
For the Year Ended
December 31,
2012201120122011
(Unaudited)(Unaudited)(Unaudited)
REVENUE:
Membership dues$179,663$166,909$727,596$663,439
Enrollment fees3,6044,15715,34618,447
In-center revenue 82,988  73,745  348,265  308,474 
Total center revenue266,255244,8111,091,207990,360
Other revenue 9,068  6,103  35,740  23,314 
Total revenue 275,323  250,914  1,126,947  1,013,674 
OPERATING EXPENSES:
Center operations159,097149,436655,887614,949
Advertising and marketing11,0609,81839,93136,318
General and administrative14,52517,42955,71554,736
Other operating16,92712,16552,17035,562
Depreciation and amortization 29,799  25,198  115,016  98,843 
Total operating expenses 231,408  214,046  918,719  840,408 
Income from operations 43,915  36,868  208,228  173,266 
OTHER INCOME (EXPENSE):
Interest expense, net(6,143)(4,865)(25,475)(20,138)
Equity in earnings of affiliate 339  326  1,482  1,299 
Total other income (expense) (5,804) (4,539) (23,993) (18,839)
INCOME BEFORE INCOME TAXES38,11132,329184,235154,427
PROVISION FOR INCOME TAXES 14,681  12,486  72,697  61,810 
NET INCOME$23,430 $19,843 $111,538 $92,617 
 
BASIC EARNINGS PER COMMON SHARE$0.57 $0.49 $2.70 $2.29 
DILUTED EARNINGS PER COMMON SHARE$0.56 $0.48 $2.66 $2.26 
 

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – BASIC

 41,260  40,487  41,345  40,358 

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – DILUTED

 42,015  41,342  41,972  40,930 
 
LIFE TIME FITNESS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
  
For the Year Ended
December 31,
20122011
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$111,538$92,617

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

Depreciation and amortization115,01698,843
Deferred income taxes(2,832)5,557
Loss on disposal of property and equipment, net1,0861,779
Gain on sale of land held for sale(196)
Amortization of deferred financing costs2,0032,269
Share-based compensation14,68619,767
Excess tax benefit related to share-based compensation(8,502)(3,537)
Changes in operating assets and liabilities22,99910,277
Other (53) 371 
Net cash provided by operating activities 255,745  227,943 
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment(224,194)(165,335)
Acquisitions, net of cash acquired(30,614)(70,264)
Proceeds from sale of property and equipment969794
Proceeds from sale of land held for sale1,758
Proceeds from property insurance settlements909464
Increase in other assets(333)(92)
Decrease in restricted cash 102  1,484 
Net cash used in investing activities (251,403) (232,949)
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long-term borrowings(6,929)(79,192)
Proceeds from revolving credit facility, net22,00077,800
Increase in deferred financing costs(914)(4,989)
Excess tax benefit related to share-based compensation8,5023,537
Proceeds from stock option exercises2,3423,162
Proceeds from employee stock purchase plan1,2061,061
Stock purchased for employee stock purchase plan(1,290)(1,113)
Repurchases of common stock (19,099)  
Net cash provided by financing activities 5,818  266 
 
Effect of exchange rates on cash and cash equivalents (1,148)  
 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS9,012(4,740)
CASH AND CASH EQUIVALENTS – Beginning of period 7,487  12,227 
CASH AND CASH EQUIVALENTS – End of period$16,499 $7,487 
 

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 disclosure 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
December 31,
For the Year Ended
December 31,
2012201120122011
Net income$23,430$19,843$111,538$92,617
Interest expense, net6,1434,86525,47520,138
Provision for income taxes14,68112,48672,69761,810
Depreciation and amortization 29,799 25,198 115,016 98,843
EBITDA$74,053$62,392$324,726$273,408
 

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
December 31,
For the Year Ended
December 31,
2012201120122011
Net cash provided by operating activities$52,884$50,621$255,745$227,943
Less: Purchases of property and equipment (59,638) (43,186) (224,194) (165,335)
Free cash flow$(6,754)$7,435 $31,551 $62,608 
 

Non-GAAP Average Center Revenue Per Membership. Non-GAAP average center revenue per membership is a non-GAAP financial measure consisting of average center revenue per membership excluding the impact of LFF, which may provide a better metric for comparing operating results. The following table provides a reconciliation of average center revenue per membership, the most directly comparable GAAP measure, to non-GAAP average center revenue per membership:

RECONCILIATION OF AVERAGE CENTER REVENUE PER MEMBERSHIP
TO NON-GAAP AVERAGE CENTER REVENUE PER MEMBERSHIP
(Unaudited)
     
For the Three Months Ended
December 31,
GrowthFor the Year Ended
December 31,
Growth
20122011Rate20122011Rate
Average center revenue per membership$393$3803.5%$1,587$1,5432.9%
Excluding the impact of LFF transaction 6 2  31 2 

Non-GAAP average center revenue per membership

$399$3824.5%$1,618$1,5454.7%
 

Non-GAAP Average In-Center Revenue Per Membership. Non-GAAP average in-center revenue per membership is a non-GAAP financial measure consisting of average in-center revenue per membership excluding the impact of LFF, which may provide a better metric for comparing operating results. The following table provides a reconciliation of average in-center revenue per membership, the most directly comparable GAAP measure, to non-GAAP average in-center revenue per membership:

RECONCILIATION OF AVERAGE IN-CENTER REVENUE PER MEMBERSHIP
TO NON-GAAP AVERAGE IN-CENTER REVENUE PER MEMBERSHIP
(Unaudited)
      
For the Three Months Ended
December 31,
GrowthFor the Year Ended
December 31,
Growth
20122011Rate20122011Rate

Average in-center revenue per membership

$122$1147.1%$507$4815.4%
Excluding the impact of LFF transaction 3 1  11 1 

Non-GAAP average in-center revenue per membership

$125$1158.1%$518$4827.6%

Contact:

Life Time Fitness, Inc.

John Heller, 952-229-7427 (Investors)

ir@lifetimefitness.com

Jason Thunstrom, 952-229-7435 (Media)

pr@lifetimefitness.com

Read more:  

Life Time Fitness Announces Fourth Quarter and Full-Year 2012 Financial Results

Posted in ExercisesComments Off on Life Time Fitness Announces Fourth Quarter and Full-Year 2012 Financial Results


Paige Hathaway

21 hours 59 minutes ago

That feeling when you get your meal prep!!
A big THANK YOU to Megafit Meals for being so tasty and keeping me on track! I'm super picky about meal prep food companies but they have never failed me!

Use code PHFIT for 10% off at checkout for your meals. They are delivered straight to my door step every week!! 💃🏼🍴#preparationiskey #healthylifestyle #foodprep

Paige Hathaway

1 day 1 minute ago

Life is tough but so are you.

Categories

June 2017
MTWTFSS
« May  
 1234
567891011
12131415161718
19202122232425
2627282930 

Get AutoBlogged

Content Protected Using Blog Protector By: PcDrome.

Enjoy this blog? Please spread the word :)