Lifetime Fitness 2012 Annual Report Download

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LIFE TIME FITNESS, INC.
2012 ANNUAL REPORT

Table of contents

  • Page 1
    LIFE TIME FITNESS, INC. 2012 ANNUAL REPORT

  • Page 2
    ... operate 24 hours a day, seven days a week. The Company's Healthy Way of Life approach enables our customers to achieve success by providing the best places, people and programs of exceptional quality and value. As of February 28, 2013, we operated 105 centers under the LIFE TIME FITNESS® and LIFE...

  • Page 3
    ... to serve members yielded double-digit growth in revenue, operating profit, net income, and earnings per share. Furthermore, our focus on providing best-in-class programs and services resulted in total-center revenue growth above 10%, along with solid revenue per membership and same-store sales...

  • Page 4
    ...regular center access. For example, we plan to offer a new Weight Loss membership that will feature online coaching and education, our metabolic testing program, and exercise videos, but will limit center access to testing and support group meetings. Finally, we plan to develop and launch new member...

  • Page 5
    ... No The aggregate market value of the voting common stock held by non-affiliates of the registrant as of June 29, 2012 was $1,863,676,443, based on the closing sale price for the registrant's common stock on that date. The number of shares outstanding of the registrant's common stock as of February...

  • Page 6
    ... Disclosures...PART II Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities...Item 6. Selected Financial Data ...Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations...Item 7A. Quantitative and...

  • Page 7
    ... fitness, yoga, swimming, running, racquetball, squash, tennis, Pilates, martial arts, kids activities and camps, adult activities and leagues, rock climbing, cycling, basketball, personal training, weight loss and nutrition initiatives, spa, medi-spa and chiropractic services. Life Time program...

  • Page 8
    ... traditional health clubs or gyms, which typically offer little more than rooms with equipment, most Life Time destinations operate 24 hours a day, seven days a week and offer an expansive selection of premium amenities and services, comprehensive programming with dedicated spaces, a large team of...

  • Page 9
    ... providing access to the centers 24 hours a day, seven days a week. In addition, we provide sufficient parking spaces, lockers and equipment to allow our members to use our centers with little or no waiting time, even at peak hours and when centers are at targeted capacity. Our child center services...

  • Page 10
    ... also offer a subscription option, referred to as a non-access membership, for members who do not access the center, but still want to maintain certain member benefits. Increase products, programs and services revenue. We intend to grow in-center and ancillary revenue. In 2012, revenue from the sale...

  • Page 11
    ...and customers. Our ancillary businesses includes media, athletic events and related services, health promotion programs and training and certification programs. These businesses help grow the LIFE TIME FITNESS® brand, differentiate our program offerings and support our membership base. Revenue from...

  • Page 12
    ... Athletic Leagues Kids' Birthday Parties Martial Arts Kids' Club Pilates Group Fitness Classes Studio Cycling Sports Training Camps Summer and Vacation Camps Swimming Lessons Yoga Dance Classes Athletic Events Social Events Run Club, Cycle Club and Other Interest-Driven Clubs Fitness Equipment...

  • Page 13
    ... Programs and Classes. Our centers offer fitness programs, including group fitness classes and health and fitness training seminars on subjects ranging from metabolism to personal nutrition. Each current model center has at least two group fitness studios and makes use of the indoor and outdoor pool...

  • Page 14
    ... of level, typically include 24-hour access, locker and towel service, group fitness classes (such as core, studio cycle and yoga), various educational programs, and Member Advantage (an offering that provides discounts on purchases from national and local businesses for Life Time members). Members...

  • Page 15
    ...Number of centers Enrollment fee Individual dues Family dues Center access Non-Access Memberships and Other Subscription Plans. We offer a non-access membership for members who choose to "freeze" rather than terminate their Access membership with us. Non-access memberships are $10 to $20 per month...

  • Page 16
    ... marketing and creative design services to our centers and ancillary businesses, we bring proven, experienced and innovative strategic planning, creative design, member experience and production to our existing and new markets in an efficient and effective manner. Overview of Sales. We have trained...

  • Page 17
    ... and targeted consumer and business-to-business media as well as referral promotions. To further attract new members during this period, we occasionally offer lower pre-opening joining fees. Grand Opening Phase. We deploy a marketing program during the first month of a center's operation that builds...

  • Page 18
    ... events in the United States. We produce events primarily in markets in which we operate centers, including themed runs such as the Torchlight 5K Run and Turkey Day 5K. We also hosted the Commitment DaySM run in 28 markets, with over 35,000 participants on New Year's Day. We also produce indoor...

  • Page 19
    ... athletic clubs; amenity and condominium clubs; country clubs; online personal training and fitness coaching; the home-use fitness equipment industry; athletic event operators and related suppliers; and providers of wellness and other healthy way of life orientated products and services. The health...

  • Page 20
    ... in health and fitness as well as social fears such as terror or health threats which could reduce the desire to be in a concentrated public venue. In order to increase membership levels, we may from time to time offer lower membership rates and enrollment fees. Any decrease in our average dues...

  • Page 21
    ... management, employees, information systems and internal controls which may adversely impact our business. Over the past several years, we have experienced significant growth in our business activities and operations, including an increase in the number of our centers, development of new businesses...

  • Page 22
    ...; exercise and small fitness clubs and studios; racquet, tennis and other athletic clubs; amenity and condominium clubs; country clubs; online personal training and fitness coaching; the home-use fitness equipment industry; athletic event operators and related suppliers; and providers of wellness...

  • Page 23
    ... outperform our operational plan to achieve our targeted return. Over the longer term, we believe that we can offset cost increases by increasing our membership dues and other fees and improving profitability through cost efficiencies, but higher costs in regions where we are opening new centers may...

  • Page 24
    ...on our financial condition and results of operations. We could be subject to claims related to our ancillary health and fitness-related offerings, and the value of our brand may suffer. We offer directly or through third parties a variety of ancillary health and fitness-related products and services...

  • Page 25
    ... locations around the country that use LIFE TIME FITNESS, LIFE TIME or other similar marks in connection with goods and services related to health and fitness. The rights of these entities in such marks may predate our rights. Accordingly, if we open any centers in the areas in which these parties...

  • Page 26
    ...), MN Center Format (1) Large/Current Large/Current Large/Current Large/Current Large/Current Large/Current Large/Current Large/Current Large/Current Large/Current Large Large/Current Large/Current Large/Current Large/Current Large/Current Large/Current Large/Current Large Large Large/Current Large...

  • Page 27
    ...park, larger indoor aquatics area, larger gymnasium, up to three additional studios and enhanced LifeSpa and LifeCafe spaces. We believe that all of our large format centers serve as all-in-one sports and athletic, professional fitness, family recreation and spa destinations. The other center format...

  • Page 28
    ... to third parties. The square footage figures include those subleased areas. The square footage figures exclude areas used for tennis courts, outdoor swimming pools and outdoor play areas. These figures are approximations. For acquired centers, date opened is the date we assumed operations of the...

  • Page 29
    ...'s Common Equity, Related Stockholder Matters and Issuer Purchaser of Equity Securities. Market Information Our common stock is listed on the New York Stock Exchange ("NYSE") under the symbol LTM. The following table sets forth, for the periods indicated, the high and low sales prices as reported by...

  • Page 30
    ..., our Board of Directors authorized the repurchase of up to $60 million of our outstanding common stock from time to time through the open market or privately negotiated transactions (the "Stock Repurchase Authorization"). Total Number of Shares Purchased 119,500 305,531 - 425,031 Average Price Paid...

  • Page 31
    ... data below in conjunction with our consolidated financial statements and the related notes and with "Management's Discussion and Analysis of Financial Condition and Results of Operations." The consolidated statement of operations data for the years ended December 31, 2012, 2011 and 2010 and the...

  • Page 32
    For the Year Ended December 31, 2012 2011 2010 2009 2008 (In thousands, except per share, center and membership data) Statement of Operations Data: Revenue Center revenue Membership dues Enrollment fees In-center revenue (1) Total center revenue Other revenue Total revenue Operating expenses Center ...

  • Page 33
    ...12): Centers open Access memberships Center square footage (13) Employees Margins: Center operations EBITDA (14) EBITDAR (15) Operating income Net Income Stock Information: Total common shares outstanding Market price per share - high Market price per share - close Market price per share - low Price...

  • Page 34
    ... the members are governed by an operating agreement. Bloomingdale LLC is accounted for using the equity method. The diluted weighted average number of common shares outstanding is the weighted average number of common shares plus the assumed weighted average exercise of dilutive stock options using...

  • Page 35
    ..., to service debt or to pay taxes. Additional details related to EBITDA and EBITDAR are provided in "Management's Discussion and Analysis of Financial Condition and Results of Operations - Non-GAAP Financial Measures." The following table provides a reconciliation of net income, the most directly...

  • Page 36
    ... common shares outstanding by the year-end stock price. (14) (15) (16) Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Overview We operate distinctive and large, multi-use sports and athletic, professional fitness, family recreation and spa centers...

  • Page 37
    ...centralized support functions, such as accounting, information systems, procurement, real estate and development and member relations. Our other operating expenses include the costs associated with our media, athletic events and nutritional product businesses and other corporate expenses, as well as...

  • Page 38
    ... of direct expenses in excess of enrollment fees totaled $20.7 million, $14.9 million and $14.9 million for the years ended December 31, 2012, 2011 and 2010, respectively. Monthly membership dues paid in advance of a center opening are deferred until the center opens. We only offer members month-to...

  • Page 39
    ... of reaching the targets is evaluated each reporting period. Our ESPP provides for the sale of shares of our common stock to our employees at discounted purchase prices. The cost per share under this plan is 90% of the fair market value of our common stock on the last day of the purchase period, as...

  • Page 40
    ... statements of operations data as a percentage of total revenue for the periods indicated: For the Year Ended December 31, 2012 2011 2010 REVENUE: Membership dues Enrollment fees In-center revenue Total center revenue Other revenue Total revenue OPERATING EXPENSES: Center operations Advertising...

  • Page 41
    ... payroll-related costs to support increased memberships and in-center revenue growth at our centers. Center operations expenses decreased as a percent of total revenue due primarily to leverage provided by dues growth. Advertising and marketing expenses. Advertising and marketing expenses were...

  • Page 42
    ...primarily as a result of increased sales of our LifeSpa and LifeCafe products and services and personal training. Average in-center revenue per membership increased from $440 for the year ended December 31, 2010 to $481 for the year ended December 31, 2011. (6.2)% was from enrollment fees, which are...

  • Page 43
    ... members of senior and center-level management. We have provided reconciliations of EBITDA and EBITDAR to net income in the "Selected Financial Data" section. Free cash flow is a non-GAAP measure consisting of net cash provided by operating activities, less purchases of property and equipment...

  • Page 44
    ... increased membership in certain centers during the summer pool season. During the summer months, we also experience a slight increase in in-center business activity with summer programming and operating expenses due to our outdoor aquatics operations. We experience an increased level of membership...

  • Page 45
    ...or 14.8%, improvement in net income and $11.5 million of cash provided by changes in operating assets and liabilities. Investing Activities Investing activities consist primarily of purchasing real property, constructing new centers, acquisitions and purchasing new fitness equipment. In addition, we...

  • Page 46
    ...the real property for four large format centers we plan to open in 2013 and after. In 2012, we spent approximately $30.6 million in acquisition related costs, including a race timing company that developed a radio frequency identification timing system for athletic and endurance events including run...

  • Page 47
    ... $ 441,686 See footnote 4, "Long-Term Debt" to our consolidated financial statements for more information. Interest expense obligations were calculated holding floating rate debt balances and interest rates constant at December 31, 2012 rates. Purchase obligations consist primarily of our contracts...

  • Page 48
    ... and consolidated results of operations. As of December 31, 2012, our net floating rate indebtedness was approximately $292.4 million. If long-term floating interest rates were to have increased by 100 basis points during the year ended December 31, 2012, our interest costs would have increased by...

  • Page 49
    Item 8. Financial Statements and Supplementary Data. LIFE TIME FITNESS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS December 31, 2012 2011 (In thousands, except share and per share data) ASSETS CURRENT ASSETS: Cash and cash equivalents Accounts receivable, net Center operating supplies and ...

  • Page 50
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS For the Year Ended December 31, 2012 2011 2010 (In thousands, except per share data) REVENUE: Membership dues Enrollment fees In-center revenue Total center revenue Other revenue Total revenue OPERATING EXPENSES: Center ...

  • Page 51
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Year Ended December 31, 2012 NET INCOME Other comprehensive income (loss), net of tax: Foreign currency translation adjustments, net of taxes of $271, $320 and $(12), respectively Unrealized losses on ...

  • Page 52
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY Common Stock Shares Balance at December 31, 2009 Net income Other comprehensive income, net of tax Common stock issued upon exercise of stock options Grant of restricted stock, net of forfeitures Compensation ...

  • Page 53
    ...stock purchase plan 1,206 1,061 907 (1,290) (1,113) (995) Stock purchased for employee stock purchase plan (19,099) Repurchases of common stock - - (37,286) Net cash provided by (used in) financing activities 5,818 266 (1,148) Effect of exchange rate on cash and cash equivalents - - (4,740) INCREASE...

  • Page 54
    ... addition, monthly membership dues paid in advance of a center's opening are deferred until the center opens. We provide a wide range of services at each of our centers, including personal training, spa, café and other member offerings. Revenue from spa and café services and products is recognized...

  • Page 55
    ... such as towels, pool chemicals and materials for our child centers and other activities. Our inventories primarily consist of spa, café and nutritional products as well as personal training products including heart rate monitors. Inventories are stated at the lower-of-cost-or-market value and are...

  • Page 56
    ...in acquisition related costs, including a race timing company that developed a radio frequency identification timing system for athletic and endurance events including run, bike and multi-sport races. We also acquired a tennis center in the Atlanta, Georgia market which we rebranded Life Time Tennis...

  • Page 57
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) In 2011, we spent approximately $70.3 million in acquisition related costs including several athletic events related businesses and a yoga business in ...

  • Page 58
    ... from the purchase of certain acquired fitness centers as well as other smaller acquisitions. The goodwill acquired during the year ended December 31, 2012 is primarily from the acquisition of race registration and timing businesses as well as other smaller acquisitions. We are currently in the...

  • Page 59
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) individual center or athletic event level. Based upon our review and analysis, no impairments were deemed to have occurred during 2012, 2011 or 2010. ...

  • Page 60
    ... 31, 2012 are related to our acquisition of Racquet Club of the South, which we rebranded Life Time Tennis Atlanta. The trade/brand names acquired during the year ended December 31, 2012 are related to the acquisition of race registration and timing businesses and certain athletic events. The...

  • Page 61
    ... FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) Accrued Expenses - Accrued expenses consist of the following: December 31, 2012 2011 Payroll related Real estate taxes Center operating costs Insurance Interest Income taxes Marketing and information technology...

  • Page 62
    ...: For the Year Ended December 31, 2012 2011 2010 Net income Weighted average number of common shares outstanding - basic Effect of dilutive stock options Effect of dilutive restricted stock awards Weighted average number of common shares outstanding - diluted Basic earnings per common share Diluted...

  • Page 63
    ... the targets is evaluated each reporting period. Our employee stock purchase plan ("ESPP") provides for the sale of shares of our common stock to our employees at discounted purchase prices. The cost per share under this plan is 90% of the fair market value of our common stock on the last day of...

  • Page 64
    ... under capital leases Floating-rate debt Total Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and...

  • Page 65
    ... and deferred personal training revenue. We also use estimates for calculating the amortization period for deferred enrollment fee revenue and associated direct costs, which are based on the historical estimated average membership life. We revise the recorded estimates when better information is...

  • Page 66
    ... contract and related to foreign currency translation due to expenditures for initial construction costs for the construction and operations of our center in Toronto, Canada, our first international location. For more information on the swap contract, see Note 4. New Accounting Pronouncements - In...

  • Page 67
    ..., formed an Illinois limited liability company named Bloomingdale LIFE TIME Fitness L.L.C. ("Bloomingdale LLC") for the purpose of constructing and operating a center in Bloomingdale, Illinois. The center opened for business in February 2001. Each of the three members maintains an equal interest in...

  • Page 68
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) 4. Long-Term Debt Long-term debt consists of the following: December 31, 2012 2011 Revolving credit facility, interest only due monthly at interest ...

  • Page 69
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) the revolving credit facility for the year ended December 31, 2012 was 2.6% and $390.6 million, respectively. The maximum month-end balance during the ...

  • Page 70
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) In May 2009, we financed one Minnesota center using an obligation bearing interest at a rate of 7.10%, to be reset in May 2014 and May 2019 using the ...

  • Page 71
    ...TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) Aggregate annual future maturities of long-term debt (excluding capital leases) at December 31, 2012 are as follows: 2013 2014 2015 2016 2017 Thereafter Total...

  • Page 72
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) Future minimum lease payments and the present value of net minimum lease payments on capital leases at December 31, 2012 are as follows: 2013 2014 2015 ...

  • Page 73
    ...TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) The reconciliation between our effective tax rate on income before income taxes and the statutory tax rate is as follows: For the Year Ended December 31, 2012...

  • Page 74
    ...The LIFE TIME FITNESS, Inc. 1998 Stock Option Plan (the 1998 Plan), reserved up to 1,600,000 shares of our common stock for issuance. Under the 1998 Plan, the Board of Directors had the authority to grant incentive and nonqualified options to purchase shares of our common stock to eligible employees...

  • Page 75
    ... follows: For the Year Ended December 31, 2012 2011 2010 Share-based compensation expense related to stock options Share-based compensation expense related to restricted shares Share-based compensation expense related to employee stock purchase plan Total share-based compensation expense $ - 14,566...

  • Page 76
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) Summary of Restricted Stock Activity Shares Outstanding at December 31, 2009 Granted Canceled Vested Outstanding at December 31, 2010 Granted Canceled ...

  • Page 77
    ... long-term performance-based restricted stock were granted to a new member of senior management using the same cumulative diluted EPS and ROIC targets and vesting schedule. These shares are included in the overall number of 1,052,466 restricted shares granted during the year ended December 31, 2012...

  • Page 78
    ... flows from operating activities. Employee Stock Purchase Plan Our ESPP provides for the sale of up to 1,500,000 shares of our common stock to our employees at discounted purchase prices. The cost per share under this plan is 90% of the fair market value of our common stock on the last day of the...

  • Page 79
    ... operating decision maker is our Chief Executive Officer. The following table presents revenue for the years ended December 31, 2012, 2011 and 2010: For the Year Ended December 31, 2012 2011 2010 Membership dues Enrollment fees Personal training Other in-center Total center revenue Other revenue...

  • Page 80
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) 2013 2014 2015 2016 2017 Thereafter Total minimum annual payments under all noncancelable operating leases $ $ 36,647 37,332 37,277 36,515 35,328 405,...

  • Page 81
    LIFE TIME FITNESS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Table amounts in thousands, except share and per share data) under the Lease. At December 31, 2012, the future minimum lease payments due under the lease amounted to $114.7 million. We account for the sale-...

  • Page 82
    ... Financial Data (Unaudited) The following is a condensed summary of actual quarterly results of operations for 2012 and 2011: 1st Quarter Total revenue $268,447 Gross profit (1) 103,325 Income from 48,322 operations Net income 25,672 Earnings per share (2): Basic (3) $ 0.62 Diluted (3) $ 0.62 2012...

  • Page 83
    ...sheets of Life Time Fitness, Inc. (a Minnesota corporation) and subsidiaries (the "Company") as of December 31, 2012 and 2011, and the related consolidated statements of operations, comprehensive income, shareholders' equity, and cash flows for each of the three years in the period ended December 31...

  • Page 84
    ... Accounting Oversight Board (United States), the consolidated financial statements as of and for the year ended December 31, 2012 of the Company and our report dated February 28, 2013 expressed an unqualified opinion on those financial statements. [s] DELOITTE & TOUCHE LLP Minneapolis, Minnesota...

  • Page 85
    ... control system is designed to provide reasonable assurance to our management and board of directors regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our internal control...

  • Page 86
    ... of Directors - Committees of Our Board of Directors," "Election of Directors - Code of Business Conduct and Ethics" and "Section 16(a) Beneficial Ownership Reporting Compliance" in our Proxy Statement. The following table sets forth the name, age and positions of each of our executive officers as...

  • Page 87
    ...Retail Support/Operations from March 2004 to August 2006 and Senior Vice President, Real Estate and Property Management. Jeffrey G. Zwiefel joined our company in December 1998 as Vice President, Health Enhancement Division and became Vice President of Fitness, Training and New Program Development in...

  • Page 88
    ...of common stock certificate. 10.1 Operating Agreement of Life Time, BSC Land, DuPage Health Services Fitness Center Bloomingdale L.L.C. dated December 1, 1999 by and between the Registrant, Bloomingdale Sports Center Land Company and Central DuPage Health. LIFE TIME FITNESS, Inc. 1998 Stock Option...

  • Page 89
    ...-Q for the quarter ended Incentive Plan with performance-based vesting March 31, 2010 (File No. 001-32230). component. Life Time Fitness, Inc. 2011 Long-Term Incentive Incorporated by reference to Appendix A to the Plan. Registrant's proxy statement for its 2011 Annual Meeting of Shareholders (File...

  • Page 90
    ... Financial Officer. Section 1350 Certifications. The following materials from Life Time Fitness's Annual Report on Form 10-K for the year ended December 31, 2012, formatted in eXtensible Business Reporting Language (XBRL): (i) consolidated balance sheets, (ii) consolidated statements of operations...

  • Page 91
    ... report has been signed on February 28, 2013 by the following persons on behalf of the Registrant in the capacities indicated. LIFE TIME FITNESS, INC. By: /s/ Bahram Akradi Bahram Akradi Chairman of the Board of Directors, President, Chief Executive Officer and Director (Principal Executive Officer...

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  • Page 95
    ... April 25, 2013, beginning at 1:00 p.m. at our Corporate Headquarters. The Notice of Annual Meeting and Proxy Statement are made available to shareholders with the annual report. Life Time Fitness Investor Information Copies of the annual report, 10-K, 10-Q, proxy and other SEC filings are available...

  • Page 96
    ... TIME FITNESS® AND LIFE TIME ATHLETIC CENTERS SM ARIZONA Phoenix (5) COLORADO Denver (3) Colorado Springs (1) FLORIDA Boca Raton (1) GEORGIA Atlanta (6) ILLINOIS Chicago (9) INDIANA Indianapolis (3) KANSAS Kansas City (2) MARYLAND Columbia (1) Rockville (1) MICHIGAN Detroit (6) MINNESOTA Mpls./St...