Lifetime Fitness 2008 Annual Report Download - page 48

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42
LIFE TIME FITNESS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Year Ended
December 31,
2008 2007 2006
(In thousands, except per share data)
REVENUE:
Membership dues ............................................................................................. $508,927 $ 434,138 $ 339,623
Enrollment fees ................................................................................................ 26,570 24,741 22,438
In-center revenue .............................................................................................. 218,198 182,215 138,332
Total center revenue ...................................................................................... 753,695 641,094 500,393
Other revenue ................................................................................................... 15,926 14,692 11,504
Total revenue ................................................................................................. 769,621 655,786 511,897
OPERATING EXPENSES:
Center operations .............................................................................................. 454,645 377,235 292,273
Advertising and marketing ............................................................................... 31,500 24,967 20,770
General and administrative ............................................................................... 43,749 40,820 37,781
Other operating ................................................................................................. 19,426 16,340 12,998
Depreciation and amortization ......................................................................... 72,947 59,014 47,560
Total operating expenses ............................................................................... 622,267 518,376 411,382
Income from operations ................................................................................. 147,354 137,410 100,515
OTHER INCOME (EXPENSE):
Interest expense, net of interest income of $235, $438 and $269,
respectively ................................................................................................... (29,552) (25,443) (17,356)
Equity in earnings of affiliate ........................................................................... 1,243 1,272 919
Total other income (expense) ........................................................................ (28,309) (24,171) (16,437)
INCOME BEFORE INCOME TAXES .............................................................. 119,045 113,239 84,078
PROVISION FOR INCOME TAXES ................................................................ 47,224 45,220 33,513
NET INCOME .................................................................................................... $ 71,821 $ 68,019 $ 50,565
BASIC EARNINGS PER COMMON SHARE .................................................. $ 1.84 $ 1.81 $ 1.40
DILUTED EARNINGS PER COMMON SHARE ............................................. $ 1.83
$ 1.78 $ 1.37
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING - BASIC .............................................................................. 39,002 37,518 36,118
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING - DILUTED ......................................................................... 39,342 38,127 36,779
See notes to consolidated financial statements.