Lifetime Fitness 2008 Annual Report Download - page 47

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41
Item 8. Financial Statements and Supplementary Data.
LIFE TIME FITNESS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31,
2008 2007
(In thousands, except share
and per share data)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents ................................................................................... $ 10,829 $ 5,354
Accounts receivable, net ...................................................................................... 6,114 4,475
Inventories and center operating supplies ............................................................ 14,632 14,324
Prepaid expenses and other current assets ........................................................... 10,994 15,963
Deferred membership origination costs ............................................................... 19,877 16,205
Deferred income taxes ......................................................................................... 1,365 1,188
Income tax receivable .......................................................................................... - 5,814
Total current assets ........................................................................................... 63,811 63,323
PROPERTY AND EQUIPMENT, net ................................................................... 1,515,957 1,259,271
RESTRICTED CASH ............................................................................................ 3,936 6,767
DEFERRED MEMBERSHIP ORIGINATION COSTS ........................................ 14,210 14,367
OTHER ASSETS ................................................................................................... 49,789 42,805
TOTAL ASSETS .............................................................................................. $ 1,647,703 $1,386,533
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt ................................................................... $ 10,335 $ 9,568
Accounts payable................................................................................................. 14,842 12,872
Construction accounts payable ............................................................................ 63,418 59,261
Accrued expenses ................................................................................................ 46,230 47,052
Deferred revenue ................................................................................................. 36,098 34,851
Total current liabilities ...................................................................................... 170,923 163,604
LONG-TERM DEBT, net of current portion ......................................................... 702,569 555,037
DEFERRED RENT LIABILITY ........................................................................... 27,925 25,526
DEFERRED INCOME TAXES ............................................................................. 51,982 38,607
DEFERRED REVENUE ........................................................................................ 13,719 17,529
OTHER LIABILITIES ........................................................................................... 27,684 13,673
Total liabilities .................................................................................................. 994,802 813,976
COMMITMENTS AND CONTINGENCIES (Note 9)
SHAREHOLDERS’ EQUITY:
Undesignated preferred stock, 10,000,000 shares authorized; none issued or
outstanding ....................................................................................................... — —
Common stock, $.02 par value, 50,000,000 shares authorized; 39,612,775
and 39,137,947 shares issued and outstanding, respectively ........................... 793 783
Additional paid-in capital .................................................................................... 385,095 373,910
Retained earnings ................................................................................................ 271,711 199,890
Accumulated other comprehensive loss .............................................................. (4,698) (2,026)
Total shareholders’ equity ................................................................................ 652,901 572,557
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY .......................... $1,647,703 $1,386,533
See notes to consolidated financial statements.