Life Time Fitness Inc. (LTM, Financial) filed Quarterly Report for the period ended 2009-09-30.
Life Time Fitness operates distinctive and large sports athletic fitness and family recreation centers. The Company also provides consumers with nutritional products and supplements the award-winning healthy lifestyle magazine Experience Life world-class athletic events full-service spas cafes personal training consultation health and nutrition education and corporate wellness programs. Life Time Fitness Inc. has a market cap of $944.6 million; its shares were traded at around $22.89 with a P/E ratio of 13 and P/S ratio of 1.1.
Center operations expenses. Center operations expenses totaled $127.5 million, or 60.5% of total center revenue (or 59.5% of total revenue), for the three months ended September 30, 2009, compared to $116.3 million, or 59.9% of total center revenue (or 58.4% of total revenue), for the three months ended September 30, 2008. This $11.2 million increase primarily consisted of an increase of $6.1 million in occupancy-related costs, including utilities, real estate taxes and rent on leased centers, $1.7 million in additional payroll-related costs to support increased memberships at new centers and increases in membership acquisition costs and an increase in expenses to support in-center products and services. Center rent expense totaled $9.9 million for the three months ended September 30, 2009 and $6.5 million for the three months ended September 30, 2008. This $3.4 million increase is primarily a result of the six sale-leaseback transactions that we entered into during the second half of 2008.
Provision for income taxes. The provision for income taxes was $12.0 million for the three months ended September 30, 2009 compared to $13.7 million for the three months ended September 30, 2008. This $1.7 million decrease was due to a decrease in income before income taxes of $2.6 million and a lower effective income tax rate in the third quarter of 2009. The effective income tax rate for the three months ended September 30, 2009 was 36.8% compared to 38.8% for the three months ended September 30, 2008.
Total center revenue grew $59.0 million, or 10.5%, to $623.4 million for the nine months ended September 30, 2009 from $564.4 million for the nine months ended September 30, 2008. Of the $59.0 million increase in total center revenue,
Center operations expenses. Center operations expenses totaled $383.3 million, or 61.5% of total center revenue (or 60.5% of total revenue), for the nine months ended September 30, 2009 compared to $337.1 million, or 59.7% of total center revenue (or 58.6% of total revenue), for the nine months ended September 30, 2008. This $46.2 million increase primarily consisted of an increase of $20.0 million in occupancy-related costs, including utilities, real estate taxes and rent on leased centers, $11.6 million in additional payroll-related costs to support increased memberships at new centers and increases in membership acquisition costs and an increase in expenses to support in-center products and services. Center rent expense totaled $29.7 million for the nine months ended September 30, 2009 and $16.9 million for the nine months ended September 30, 2008. This $12.8 million increase is primarily a result of the six sale-leaseback transactions that we entered into during the second half of 2008.
Provision for income taxes. The provision for income taxes was $34.7 million for the nine months ended September 30, 2009 compared to $38.9 million for the nine months ended September 30, 2008. This $4.2 million decrease was primarily due to a decrease in income before income taxes of $9.0 million. The effective income tax rate for the nine months ended September 30, 2009 was 39.1% compared to 39.8% for the nine months ended September 30, 2008.
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Life Time Fitness operates distinctive and large sports athletic fitness and family recreation centers. The Company also provides consumers with nutritional products and supplements the award-winning healthy lifestyle magazine Experience Life world-class athletic events full-service spas cafes personal training consultation health and nutrition education and corporate wellness programs. Life Time Fitness Inc. has a market cap of $944.6 million; its shares were traded at around $22.89 with a P/E ratio of 13 and P/S ratio of 1.1.
Highlight of Business Operations:
Total center revenue grew $16.4 million, or 8.4%, to $210.6 million for the three months ended September 30, 2009 from $194.2 million for the three months ended September 30, 2008. Of the $16.4 million increase in total center revenue,Center operations expenses. Center operations expenses totaled $127.5 million, or 60.5% of total center revenue (or 59.5% of total revenue), for the three months ended September 30, 2009, compared to $116.3 million, or 59.9% of total center revenue (or 58.4% of total revenue), for the three months ended September 30, 2008. This $11.2 million increase primarily consisted of an increase of $6.1 million in occupancy-related costs, including utilities, real estate taxes and rent on leased centers, $1.7 million in additional payroll-related costs to support increased memberships at new centers and increases in membership acquisition costs and an increase in expenses to support in-center products and services. Center rent expense totaled $9.9 million for the three months ended September 30, 2009 and $6.5 million for the three months ended September 30, 2008. This $3.4 million increase is primarily a result of the six sale-leaseback transactions that we entered into during the second half of 2008.
Provision for income taxes. The provision for income taxes was $12.0 million for the three months ended September 30, 2009 compared to $13.7 million for the three months ended September 30, 2008. This $1.7 million decrease was due to a decrease in income before income taxes of $2.6 million and a lower effective income tax rate in the third quarter of 2009. The effective income tax rate for the three months ended September 30, 2009 was 36.8% compared to 38.8% for the three months ended September 30, 2008.
Total center revenue grew $59.0 million, or 10.5%, to $623.4 million for the nine months ended September 30, 2009 from $564.4 million for the nine months ended September 30, 2008. Of the $59.0 million increase in total center revenue,
Center operations expenses. Center operations expenses totaled $383.3 million, or 61.5% of total center revenue (or 60.5% of total revenue), for the nine months ended September 30, 2009 compared to $337.1 million, or 59.7% of total center revenue (or 58.6% of total revenue), for the nine months ended September 30, 2008. This $46.2 million increase primarily consisted of an increase of $20.0 million in occupancy-related costs, including utilities, real estate taxes and rent on leased centers, $11.6 million in additional payroll-related costs to support increased memberships at new centers and increases in membership acquisition costs and an increase in expenses to support in-center products and services. Center rent expense totaled $29.7 million for the nine months ended September 30, 2009 and $16.9 million for the nine months ended September 30, 2008. This $12.8 million increase is primarily a result of the six sale-leaseback transactions that we entered into during the second half of 2008.
Provision for income taxes. The provision for income taxes was $34.7 million for the nine months ended September 30, 2009 compared to $38.9 million for the nine months ended September 30, 2008. This $4.2 million decrease was primarily due to a decrease in income before income taxes of $9.0 million. The effective income tax rate for the nine months ended September 30, 2009 was 39.1% compared to 39.8% for the nine months ended September 30, 2008.
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