Lifetime Fitness 2010 Annual Report Download - page 8

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FORWARD-LOOKING STATEMENTS
This Annual Report may include “forward-looking” statements. Forward-looking statements generally involve our
current expectations or beliefs regarding future matters. Forward-looking statements can usually be identified by the
use of terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “evolve,” “expect,” “forecast,”
“intend,” “looking ahead,” “may,” “opinion,” “plan,” “possible,” “potential,” “project,” “should,” “will” and similar
words or expressions. Forward-looking statements in this Annual Report include statements about: our growth
strategies, which include our intention to open new centers, increase membership and optimize membership dues
and increase our in-center and corporate business products and services revenue; our expectations of the health and
wellness industry; the evolution of our centers and our services; the process we use in new center site selection and
construction, including our belief about our ability to fund new center development and the alignment of our cost
structure with our growth plans; our beliefs regarding competition; our belief that we have necessary licenses to
conduct our business; our opinions about litigation matters; our expectations regarding the operating costs and
revenue expectations of new centers; our expectations about future liquidity; and our expectations about general
economic conditions. There are many factors that could cause actual results to differ materially from those in any
forward-looking statement. For example, forward-looking statements can be affected by inaccurate assumptions,
general economic conditions and any other factor that may impact our operations. While is not possible to identify
all factors that you should consider, forward-looking statements can also be impacted by any risks or uncertainties
that we discuss throughout this Annual Report and in Part I, Section 1A of this Annual Report entitled “Risk
Factors.” Consequently, no forward-looking statement can be guaranteed and actual results may vary materially.
We intend to take advantage of the protective provisions of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 regarding our forward-looking statements, and are including this sentence for the
express purpose of enabling us to do so. In addition, forward-looking statements speak only as of the date they were
made. We undertake no obligation to update these statements in light of subsequent events or developments.
PART I
Item 1. Business.
Company Overview
As a Healthy Way of Life company, Life Time Fitness delivers the certified professionals, comprehensive services
and destinations that help people change their lives positively every day. Our healthy way of life approach enables
our customers to achieve their health and fitness goals by engaging in their areas of interest – or discovering new
passions – both inside and outside of our distinctive and large sports, professional fitness, family recreation and spa
destinations. As of February 28, 2011, we operated 90 centers under the LIFE TIME FITNESS® and LIFE TIME
ATHLETICSM brands primarily in suburban locations in 20 states and 24 major markets.
We believe our centers provide a desirable and unique experience for our members, resulting in a high number of
memberships per center, which we manage to optimize the member experience. Of our 90 centers, we consider 79 to
be of our large format design. Among these 79 centers, we consider 55 to be of our current model design. Although
the size and design of our centers may vary, our business strategy and operating processes generally remain
consistent across our centers. Our current model centers typically target 8,500 to 11,500 memberships by offering,
on average, 113,000 square feet of multi-use sports and athletic, professional fitness, family recreation, spa
amenities and programs and services in a resort-like environment.
Our corporate headquarters are located at 2902 Corporate Place, Chanhassen, Minnesota 55317, and our telephone
number is [phone]. Our website is lifetimefitness.com. The information contained on our website is not a
part of this annual report.
Our History
Our Chairman, President and Chief Executive Officer, Bahram Akradi, founded Life Time Fitness with the vision to
create a Healthy Way of Life company that would provide an educational and entertaining experience of
uncompromising quality, while meeting the health and fitness needs of our members by always putting the customer
first. For example, our company has never required long-term member contracts, instead preferring to offer month-
to-month agreements that provide members flexibility, while focusing the efforts of our employees on connecting