Lifetime Fitness 2006 Annual Report Download - page 43

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37
Item 8. Financial Statements and Supplementary Data.
LIFE TIME FITNESS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31,
2006 2005
(In thousands, except share and per share data)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents.............................................................................................. $ 6,880 $ 4,680
Accounts receivable, net ................................................................................................ 2,320 4,267
Inventories ..................................................................................................................... 8,773 5,669
Prepaid expenses and other current assets...................................................................... 9,201 7,187
Deferred membership origination costs ......................................................................... 12,575 10,082
Income tax receivable .................................................................................................... 97 3,510
Total current assets ..................................................................................................... 39,846 35,395
PROPERTY AND EQUIPMENT, net.............................................................................. 902,122 661,371
RESTRICTED CASH....................................................................................................... 4,738 3,915
DEFERRED MEMBERSHIP ORIGINATION COSTS................................................... 10,875 8,410
OTHER ASSETS.............................................................................................................. 30,095 14,369
TOTAL ASSETS........................................................................................................ $ 987,676 $ 723,460
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt.............................................................................. $ 15,228 $ 14,447
Accounts payable........................................................................................................... 8,878 9,964
Construction accounts payable....................................................................................... 49,285 25,811
Accrued expenses........................................................................................................... 37,191 27,862
Deferred revenue............................................................................................................ 29,773 23,434
Total current liabilities................................................................................................ 140,355 101,518
LONG-TERM DEBT, net of current portion .................................................................... 374,327 258,835
DEFERRED RENT LIABILITY ...................................................................................... 25,716 5,492
DEFERRED INCOME TAXES........................................................................................ 38,584 35,419
DEFERRED REVENUE .................................................................................................. 15,917 14,352
OTHER LIABILITIES...................................................................................................... 264 —
Total liabilities............................................................................................................ 595,163 415,616
COMMITMENTS AND CONTINGENCIES (Note 10)
SHAREHOLDERS’ EQUITY:
Undesignated preferred stock, 10,000,000 shares authorized; none issued or
outstanding................................................................................................................. — —
Common stock, $.02 par value, 50,000,000 shares authorized; 36,817,199
and 35,570,567 shares issued and outstanding, respectively...................................... 737 712
Additional paid-in capital............................................................................................... 259,905 228,132
Deferred compensation .................................................................................................. — (2,306)
Retained earnings........................................................................................................... 131,871 81,306
Total shareholders’ equity........................................................................................... 392,513 307,844
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY..................................... $ 987,676 $ 723,460
See notes to consolidated financial statements.