Lifetime Fitness 2009 Annual Report Download - page 49

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44
Item 8. Financial Statements and Supplementary Data.
LIFE TIME FITNESS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31,
2009 2008
(In thousands, except share
and per share data)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents ...........................................................................................
.
$ 6,282 $ 10,829
Accounts receivable, net ..............................................................................................
.
4,026 6,114
Center operating supplies and inventories ...................................................................
.
14,621 14,632
Prepaid expenses and other current assets ...................................................................
.
12,938 10,994
Deferred membership origination costs .......................................................................
.
20,278 19,877
Deferred income taxes .................................................................................................
.
660 1,365
Total current assets ...................................................................................................
.
58,805 63,811
PROPERTY AND EQUIPMENT, net ...........................................................................
.
1,512,993 1,515,957
RESTRICTED CASH ....................................................................................................
.
2,941 3,936
DEFERRED MEMBERSHIP ORIGINATION COSTS ................................................
.
8,716 14,210
OTHER ASSETS ...........................................................................................................
.
48,070 49,789
TOTAL ASSETS ......................................................................................................
.
$1,631,525 $1,647,703
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt ...........................................................................
.
$ 16,716 $ 10,335
Accounts payable.........................................................................................................
.
14,429 14,842
Construction accounts payable ....................................................................................
.
9,882 63,418
Accrued expenses ........................................................................................................
.
48,235 46,230
Deferred revenue .........................................................................................................
.
36,939 36,098
Total current liabilities ..............................................................................................
.
126,201 170,923
LONG-TERM DEBT, net of current portion .................................................................
.
643,630 702,569
DEFERRED RENT LIABILITY ...................................................................................
.
29,048 27,925
DEFERRED INCOME TAXES .....................................................................................
.
77,189 51,982
DEFERRED REVENUE ................................................................................................
.
8,819 13,719
OTHER LIABILITIES ...................................................................................................
.
9,207 27,684
Total liabilities ..........................................................................................................
.
894,094 994,802
COMMITMENTS AND CONTINGENCIES (Note 10)
SHAREHOLDERS’ EQUITY:
Undesignated preferred stock, 10,000,000 shares authorized; none issued or
outstanding ...............................................................................................................
.
— —
Common stock, $.02 par value, 75,000,000 and 50,000,000 shares authorized,
respectively; 41,410,367 and 39,612,775 shares issued and outstanding,
respectively ..............................................................................................................
.
829 793
Additional paid-in capital ............................................................................................
.
395,121 385,095
Retained earnings ........................................................................................................
.
344,095 271,711
Accumulated other comprehensive loss ......................................................................
.
(2,614) (4,698)
Total shareholders’ equity ........................................................................................
.
737,431 652,901
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY ..................................
.
$1,631,525 $1,647,703
See notes to consolidated financial statements.