Life Time Fitness Inc. announced its third quarter 2009 financial results. The company reported revenue growth of 7.8 percent and Earnings Per Diluted Share of .51 cents for the quarter. The revenue growth translated as an increase in earnings from $198.8 million to $214.3 million. Net income during the quarter was $20.6 million.
For the nine months ended September 30, revenue grew 10 percent to $633.3 million from $575.7 million during the same period last year. Net income for the same period was $54 million, or $1.36 per diluted share, compared to $58.8 million, or $1.49 per diluted share, for the first nine months of 2008.
“During the third quarter, we expanded free cash flow delivery and saw our trailing 12-month attrition rate improve,” said Bahram Akradi, Life Time Fitness chairman and CEO. “Moving forward, we will continue to focus on our member connectivity initiatives, prudent cost management and dept reduction.” From Sept. 30, 2008, memberships have increased 6 percent from 557,164 to 590,716 by Sept. 30, 2009.
