Revenue Exceeded $1 Billion Milestone for 2011
Life Time Fitness, Inc. reported its financial results for the fourth quarter and full year ending on December 31, 2011. Revenue growth for the quarter and full year were 12.2 percent and 11.0 percent, respectively. For the quarter, Diluted EPS was 0.48 cents and Non-GAAP Diluted EPS was 0.59 cents. For the full year, Diluted EPS was $2.26 and Non-GAAP Diluted EPS was $2.42.
Fourth quarter 2011 revenue grew 12.2 percent to $250.9 million from $223.7 million during the same period last year. Revenue for the year totaled $1.014 billion, up 11.0 percent from $912.8 million during 2010.
Net income for the quarter was $19.8 million, or 0.48 cents per diluted share, compared to net income of $17.6 million, or 0.43 cents per diluted share, for the fourth quarter of 2010. Net income for the full year was $92.6 million compared to $80.7 million in 2010, up 14.8 percent. Diluted earnings per share for 2011 was $2.26 compared to $2.00 in 2010, up 13.0 percent.
“2011 marked another strong year of operating results for Life Time,” said Bahram Akradi, Life Time Fitness chairman, president and chief executive officer. “We achieved our stretch revenue goal of $1 billion, marking a key milestone for our company. We also reestablished a faster growth rate via increased square footage, membership price and mix optimization, and sustained improvement in our in-center and ancillary business revenue. Our results were strong, highlighted by 11 percent total revenue growth, 16 percent in-center revenue growth and earnings per share growth of 16 percent, excluding the impact of non-cash performance share-based compensation expense,” he said.
“For 2012, our focus remains similar. We intend to drive growth through square footage expansion and increased dues revenue per membership. Additionally, by fostering increased customer engagement, we expect to see in-center and ancillary revenue growth, all while expanding our margins. At the same time, we will continue the evolution of our Healthy Way of Life Company and brand through comprehensive programs and certified professionals, which help our members successfully reach their objectives and change their lives,” Akradi continued.
During the quarter, Life Time acquired and assumed the operations of nine Lifestyle Family Fitness facilities in Indiana, Ohio and North Carolina. In January 2012, Life Time completed the acquisition of the Atlanta-based Racquet Club of the South, bolstering the Company’s tennis offering nationally.
During the full year, memberships grew 10.4 percent to 676,054 at December 31, 2011, from 612,556 at December 31, 2010.
The full report can be found at http://www.marketwatch.com/story/life-time-fitness-announces-fourth-quarter-and-full-year-2011-financial-results-2012-02-16.
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Rachel Zabonick-Chonko is the editor-in-chief of Club Solutions Magazine. She can be reached at rachel@peakemedia.com.
