Lifetime Fitness 2009 Annual Report Download - page 33

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28
For the Year Ended December 31,
2009 2008 2007 2006 2005
(In thousands, except per share, center and membership data)
Statement of Operations Data:
Revenue
Center revenue
Membership dues .................................... $ 564,605 $ 508,927 $ 434,138 $ 339,623 $ 262,989
Enrollment fees ........................................ 26,138 26,570 24,741 22,438 20,341
In-center revenue (1) ............................... 232,834 218,198 182,215 138,332 97,710
Total center revenue .................................... 823,577 753,695 641,094 500,393 381,040
Other revenue .............................................. 13,424 15,926 14,692 11,504 9,076
Total revenue ....................................... 837,001 769,621 655,786 511,897 390,116
Operating expenses
Center operations ........................................ 506,443 454,645 377,235 292,273 216,314
Advertising and marketing .......................... 26,299 31,500 24,967 20,770 14,446
General and administrative ......................... 42,776 43,749 40,820 37,781 27,375
Other operating ........................................... 21,852 19,426 16,340 12,998 12,693
Depreciation and amortization .................... 90,770 72,947 59,014 47,560 38,346
Total operating expenses (2) ................ 688,140 622,267 518,376 411,382 309,174
Income from operations ............................... 148,861 147,354 137,410 100,515 80,942
Interest expense, net .................................... (30,338) (29,552) (25,443) (17,356) (14,076)
Equity in earnings of affiliate (3) ................ 1,302 1,243 1,272 919 1,105
Income before income taxes ......................... 119,825 119,045 113,239 84,078 67,971
Provision for income taxes ............................. 47,441 47,224 45,220 33,513 26,758
Net income ..................................................... $ 72,384 $ 71,821 $ 68,019 $ 50,565 $ 41,213
Basic earnings per common share .................. $ 1.84 $ 1.84 $ 1.81 $ 1.40 $ 1.19
Weighted average number of common
shares outstanding — basic ......................... 39,297 39,002 37,518 36,118 34,592
Diluted earnings per common share ............... $ 1.82 $ 1.83 $ 1.78 $ 1.37 $ 1.13
Weighted average number of common
shares outstanding — diluted (4) ................ 39,870 39,342 38,127 36,779 36,339
Balance Sheet Data (end of period):
Cash and cash equivalents ........................... $ 6,282 $ 10,829 $ 5,354 $ 6,880 $ 4,680
Working capital ........................................... (67,396) (107,112) (100,281) (100,509) (66,123)
Total assets .................................................. 1,631,525 1,647,703 1,386,533 987,676 723,460
Long-term debt, net of current portion ........ 643,630 702,569 555,037 374,327 258,835
Total debt .................................................... 660,346 712,904 564,605 389,555 273,282
Total shareholders’ equity ........................... 737,431 652,901 572,557 392,513 307,844
Cash Flow Data:
Net cash provided by operating activities ... $ 186,203 $ 183,066 $ 142,206 $ 125,852 $ 107,952
Net cash used in investing activities ........... (143,285) (305,995) (417,207) (263,183) (180,850)
Net cash provided by (used in) financing
activities .................................................... (47,465) 128,404 273,475 139,531 67,367