Lifetime Fitness 2007 Annual Report Download - page 46

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40
LIFE TIME FITNESS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Year Ended
December 31,
2007 2006 2005
(In thousands, except per share data)
REVENUE:
Membership dues ............................................................................................. $ 434,138 $ 339,623 $ 262,989
Enrollment fees ................................................................................................ 24,741 22,438 20,341
In-center revenue.............................................................................................. 182,215 138,332 97,710
Total center revenue...................................................................................... 641,094 500,393 381,040
Other revenue................................................................................................... 14,692 11,504 9,076
Total revenue................................................................................................. 655,786 511,897 390,116
OPERATING EXPENSES:
Center operations (including $2,597, $2,179 and $0 related to share-based
compensation expense, respectively) ............................................................ 377,235 292,273 216,314
Advertising and marketing............................................................................... 24,967 20,770 14,446
General and administrative (including $5,149, $5,377 and $388 related to
share-based compensation expense, respectively) ........................................ 40,820 37,781 27,375
Other operating................................................................................................. 16,340 12,998 12,693
Depreciation and amortization ......................................................................... 59,014 47,560 38,346
Total operating expenses ............................................................................... 518,376 411,382 309,174
Income from operations................................................................................. 137,410 100,515 80,942
OTHER INCOME (EXPENSE):
Interest expense, net of interest income of $438, $269 and $259,
respectively ................................................................................................... (25,443) (17,356) (14,076)
Equity in earnings of affiliate........................................................................... 1,272 919 1,105
Total other income (expense) ........................................................................ (24,171) (16,437) (12,971)
INCOME BEFORE INCOME TAXES .............................................................. 113,239 84,078 67,971
PROVISION FOR INCOME TAXES ................................................................ 45,220 33,513 26,758
NET INCOME .................................................................................................... $ 68,019 $ 50,565 $ 41,213
BASIC EARNINGS PER COMMON SHARE .................................................. $ 1.81 $ 1.40 $ 1.19
DILUTED EARNINGS PER COMMON SHARE............................................. $ 1.78 $ 1.37 $ 1.13
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING - BASIC .............................................................................. 37,518 36,118 34,592
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING - DILUTED......................................................................... 38,127 36,779 36,339
See notes to consolidated financial statements.