Lifetime Fitness 2006 Annual Report Download - page 44

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38
LIFE TIME FITNESS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Year Ended
December 31,
2006 2005 2004
(In thousands, except per share data)
REVENUE:
Membership dues ........................................................................................... $ 339,623 $ 262,989 $ 208,893
Enrollment fees .............................................................................................. 22,438 20,341 19,608
In-center revenue............................................................................................ 138,332 97,710 71,583
Total center revenue.................................................................................... 500,393 381,040 300,084
Other revenue................................................................................................. 11,504 9,076 11,949
Total revenue............................................................................................... 511,897 390,116 312,033
OPERATING EXPENSES:
Center operations (including $2,179, $0 and $0 related to share-based
compensation expense, respectively) .............................................................
292,273
216,314
164,764
Advertising and marketing............................................................................. 20,770 14,446 12,196
General and administrative (including $5,377, $388 and $0 related to share-
based compensation expense, respectively) ...................................................
37,781
27,375
21,596
Other operating............................................................................................... 12,998 12,693 18,256
Depreciation and amortization ....................................................................... 47,560 38,346 29,655
Total operating expenses ............................................................................. 411,382 309,174 246,467
Income from operations............................................................................... 100,515 80,942 65,566
OTHER INCOME (EXPENSE):
Interest expense, net of interest income of $269, $259 and $312,
respectively ................................................................................................. (17,356) (14,076) (17,573)
Equity in earnings of affiliate......................................................................... 919
1,105 1,034
Total other income (expense)...................................................................... (16,437) (12,971) (16,539)
INCOME BEFORE INCOME TAXES ............................................................ 84,078 67,971 49,027
PROVISION FOR INCOME TAXES .............................................................. 33,513 26,758 20,119
NET INCOME .................................................................................................. 50,565 41,213 28,908
ACCRETION ON REDEEMABLE PREFERRED STOCK............................ —
— 3,570
NET INCOME APPLICABLE TO COMMON SHAREHOLDERS ............... $ 50,565 $ 41,213 $ 25,338
BASIC EARNINGS PER COMMON SHARE ................................................ $ 1.40 $ 1.19 $ 1.02
DILUTED EARNINGS PER COMMON SHARE........................................... $ 1.37 $ 1.13 $ 0.87
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING - BASIC ............................................................................ 36,118 34,592 24,727
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING - DILUTED....................................................................... 36,779 36,339 33,125
See notes to consolidated financial statements.