Lifetime Fitness 2010 Annual Report Download - page 33

Download and view the complete annual report

Please find page 33 of the 2010 Lifetime Fitness annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 92

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92

27
For the Year Ended December 31,
2010 2009 2008 2007 2006
(In thousands, except per share, center and membership data)
Statement of Operations Data:
Revenue
Center revenue
Membership dues .................................... $ 603,231 $ 564,605 $ 508,927 $ 434,138 $ 339,623
Enrollment fees ........................................ 24,426 26,138 26,570 24,741 22,438
In-center revenue (1) ............................... 266,426 232,834 218,198 182,215 138,332
Total center revenue .................................... 894,083 823,577 753,695 641,094 500,393
Other revenue .............................................. 18,761 13,424 15,926 14,692 11,504
Total revenue ....................................... 912,844 837,001 769,621 655,786 511,897
Operating expenses
Center operations ........................................ 561,070 506,443 454,645 377,235 292,273
Advertising and marketing .......................... 27,098 26,299 31,500 24,967 20,770
General and administrative ......................... 48,060 42,776 43,749 40,820 37,781
Other operating ........................................... 23,544 21,852 19,426 16,340 12,998
Depreciation and amortization .................... 92,313 90,770 72,947 59,014 47,560
Total operating expenses (2) ................ 752,085 688,140 622,267 518,376 411,382
Income from operations ............................... 160,759 148,861 147,354 137,410 100,515
Interest expense, net .................................... (27,795) (30,338) (29,552) (25,443) (17,356)
Equity in earnings of affiliate (3) ................ 1,176 1,302 1,243 1,272 919
Income before income taxes ......................... 134,140 119,825 119,045 113,239 84,078
Provision for income taxes ............................. 53,448 47,441 47,224 45,220 33,513
Net income ..................................................... $ 80,692 $ 72,384 $ 71,821 $ 68,019 $ 50,565
Basic earnings per common share .................. $ 2.03 $ 1.84 $ 1.84 $ 1.81 $ 1.40
Weighted average number of common
shares outstanding — basic ......................... 39,809 39,297 39,002 37,518 36,118
Diluted earnings per common share ............... $ 2.00 $ 1.82 $ 1.83 $ 1.78 $ 1.37
Weighted average number of common
shares outstanding — diluted (4) ................ 40,385 39,870 39,342 38,127 36,779
Balance Sheet Data (end of period):
Cash and cash equivalents ........................... $ 12,227 $ 6,282 $ 10,829 $ 5,354 $ 6,880
Working capital ........................................... (56,513) (67,396) (107,112) (100,281) (100,509)
Total assets .................................................. 1,718,480 1,631,525 1,647,703 1,386,533 987,676
Long-term debt, net of current portion ........ 605,279 643,630 702,569 555,037 374,327
Total debt .................................................... 612,544 660,346 712,904 564,605 389,555
Total shareholders’ equity ........................... 840,578 737,431 652,901 572,557 392,513
Cash Flow Data:
Net cash provided by operating activities ... $ 192,265 $ 186,203 $ 183,066 $ 142,206 $ 125,852
Net cash used in investing activities ........... (149,034) (143,285) (305,995) (417,207) (263,183)
Net cash provided by (used in) financing
activities .................................................... (37,286) (47,465) 128,404 273,475 139,531