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Life Time Fitness, Inc. (NYSE:LTM) operates distinctive and large, multi-use sports and athletic, professional fitness, family recreation and resort and spa centers. The Company also provides consumers with personal training services, full-service spas and cafes, corporate wellness programs, health and nutrition education, the healthy lifestyle magazine, Experience Life, athletic events and nutritional products. As of November 18, 2009, Life Time Fitness operated 84 centers in 19 states, including Arizona, Colorado, Florida, Georgia, Illinois, Indiana, Kansas, Maryland, Michigan, Minnesota, Missouri, Nebraska, New Jersey, North Carolina, Ohio, Tennessee, Texas, Utah and Virginia. Life Time Fitness is headquartered in Chanhassen, Minnesota, and can be located on the Web at lifetimefitness.com. LIFE TIME FITNESS, LIFE TIME ATHLETIC, EXPERIENCE LIFE, and the LIFE TIME FITNESS TRIATHLON SERIES are trademarks of Life Time Fitness, Inc. All other trademarks or registered trademarks are the property of their respective owners.

SOURCE: Life Time Fitness, Inc.

Life Time Fitness 
Kent Wipf, 952-229-7211 
kwipf@lifetimefitness.com 
or 
Jason Thunstrom, 952-229-7435 
pr@lifetimefitness.com

"During the third quarter, we expanded free cash flow delivery and saw our trailing 12-month attrition rate improve," said Bahram Akradi, Life Time Fitness chairman and chief executive officer. "Moving forward, we will continue to focus on our member connectivity initiatives, prudent cost management and debt reduction."

Three and Nine Months Ended September 30, 2009, Financial Highlights:

Total revenue for the third quarter grew 7.8% to $214.3 million. Total revenue for the first nine months of 2009 grew to $633.3 million from $575.7 million during the same period last year.

(Period-over-period growth)             3Q 2009 vs. 3Q 2008  YTD 2009 vs. YTD 2008
Membership dues                         10.4%                12.8%
Enrollment fees                         (2.9%)               (1.8%)
In-center revenue                       5.3%                 6.7%
Same-center revenue                     (5.4%)               (4.2%)
Average center revenue / membership     $358 - down 0.2%     $1,063 - down 1.7%
Average in-center revenue / membership  $100 - down 3.1%     $305 - down 5.1%

Memberships increased 6.0% to 590,716 at September 30, 2009, from 557,164 at September 30, 2008.

Total operating expenses during 3Q 2009 were $174.3 million compared to $156.7 million for 3Q 2008. Year-to-date operating expenses totaled $522.5 million compared to $457.7 million for the same period last year.

Operating margin was 18.7% for 3Q 2009 compared to 21.2% in the prior-year period. Year-to-date operating margin was 17.5% compared to 20.5% in the prior-year period.

(Expense as a percent of total revenue)   3Q 2009  vs.  3Q 2008    YTD 2009  vs.  YTD 2008
Center operations                         59.5%    vs.  58.4%      60.5%     vs.  58.6%
Advertising and marketing                 2.7%     vs.  3.7%       3.2%      vs.  4.1%
General and administrative                4.5%     vs.  4.8%       5.2%      vs.  5.3%
Other operating                           3.7%     vs.  2.5%       2.8%      vs.  2.4%
Depreciation and amortization             10.9%    vs.  9.4%       10.8%     vs.  9.1%

Net income during 3Q 2009 was $20.6 million compared to $21.6 million for 3Q 2008. For the nine months ended September 30, 2009, net income was $54.0 million compared to $58.8 million in the prior-year period.

EBITDA for 3Q 2009 grew 4.2% to $63.7 million from $61.2 in 3Q 2008. Year-to-date EBITDA grew 4.9% to $179.9 million from $171.5 million during the same period last year.

Cash flows from operations for the first nine months of 2009 totaled $138.6 million compared to $143.5 million in the prior-year period.

Weighted average fully diluted shares for 3Q 2009 totaled 40.3 million compared to 39.4 million shares in 3Q 2008.

Updated 2009 Business Outlook:

The following statements are based on the Company's current expectations for fiscal year 2009 and are subject to the risks and uncertainties described below:

-- Revenue is expected to be $835-$845 million (updated from $830-$860 million).

-- Net income is expected to be $71.0-$72.5 million (updated from $67.0-$71.0 million).

-- Diluted earnings per common share is expected to be $1.78-$1.81 (updated from $1.65-$1.75).

As announced on October 15, 2009, the Company will hold a conference call today at 10:00 a.m. ET to discuss its third quarter 2009 results. Bahram Akradi, chairman and chief executive officer, Michael Robinson, executive vice president and chief financial officer, and Kenneth Cooper, vice president of finance, will host the call. The conference call will be Web cast live and may be accessed via the Company's Investor Relations section of its Web site at lifetimefitness.com. A replay of the call will be available today at approximately 1:00 p.m. ET.

About Life Time Fitness, Inc.

Life Time Fitness, Inc. (NYSE:LTM) operates distinctive and large, multi-use sports and athletic, professional fitness, family recreation and resort and spa centers. The Company also provides consumers with personal training services, full-service spas and cafes, corporate wellness programs, health and nutrition education, the healthy lifestyle magazine, Experience Life, athletic events and nutritional products. As of October 22, 2009, Life Time Fitness operated 84 centers in 19 states, including Arizona, Colorado, Florida, Georgia, Illinois, Indiana, Kansas, Maryland, Michigan, Minnesota, Missouri, Nebraska, New Jersey, North Carolina, Ohio, Tennessee, Texas, Utah and Virginia. Life Time Fitness is headquartered in Chanhassen, Minnesota, and can be located on the Web at lifetimefitness.com. LIFE TIME FITNESS, LIFE TIME ATHLETIC, EXPERIENCE LIFE, and the LIFE TIME FITNESS TRIATHLON SERIES are trademarks of Life Time Fitness, Inc. All other trademarks or registered trademarks are the property of their respective owners.

Risks and Uncertainties

Certain information contained in this press release may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties that could cause the Company's actual results in the future to differ materially from its historical results and those presently anticipated or projected. Among these factors are attracting and retaining members, risks related to our debt levels and debt covenants, our ability to access existing credit facilities and obtain additional financing, competition from other health and fitness centers, identifying and acquiring suitable sites for new centers, delays in opening new centers and other factors set forth in the Company's filings with the Securities and Exchange Commission. Diluted earnings per share could also be affected by the number of shares outstanding, which depends on factors such as the number of shares issued upon exercise of stock options and future grants of awards pursuant to equity-based incentive plans as well as stock offerings. The Company cautions investors not to place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update such statement to reflect events or circumstances arising after such date. All remarks made during the Company's financial results conference call will be current at the time of the call and the Company undertakes no obligation to update the replay.

LIFE TIME FITNESS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
                                           September 30, 2009   December 31, 2008
ASSETS                                     (Unaudited)
CURRENT ASSETS:
Cash and cash equivalents                  $      8,137         $     10,829
Accounts receivable, net                          3,192               6,114
Inventories and center operating supplies         13,935              14,632
Prepaid expenses and other current assets         14,964              10,994
Deferred membership origination costs             21,497              19,877
Deferred income taxes                             1,872               1,365
Total current assets                              63,597              63,811
PROPERTY AND EQUIPMENT, net                       1,507,073           1,515,957
RESTRICTED CASH                                   3,785               3,936
DEFERRED MEMBERSHIP ORIGINATION COSTS             11,726              14,210
OTHER ASSETS                                      49,967              49,789
TOTAL ASSETS                               $      1,636,148     $     1,647,703
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt       $      12,130        $     10,335
Accounts payable                                  16,926              14,842
Construction accounts payable                     10,602              63,418
Accrued expenses                                  52,323              46,230
Deferred revenue                                  37,230              36,098
Total current liabilities                         129,211             170,923
LONG-TERM DEBT, net of current portion            671,165             702,569
DEFERRED RENT LIABILITY                           28,464              27,925
DEFERRED INCOME TAXES                             60,252              51,982
DEFERRED REVENUE                                  10,622              13,719
OTHER LIABILITIES                                 19,390              27,684
Total liabilities                                 919,104             994,802
SHAREHOLDERS' EQUITY:
Common stock                                      828                 793
Additional paid-in capital                        393,864             385,095
Retained earnings                                 325,718             271,711
Accumulated other comprehensive loss              (3,366    )         (4,698    )
Total shareholders' equity                        717,044             652,901
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $      1,636,148     $     1,647,703

LIFE TIME FITNESS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share data)
(Unaudited)
                                          For the                       For the
                                          Three Months Ended            Nine Months Ended
                                          September 30,                 September 30,
                                          2009           2008           2009           2008
REVENUE:
Membership dues                           $  144,832     $  131,232     $  425,070     $  377,001
Enrollment fees                              6,617          6,818          19,630         19,991
In-center revenue                            59,129         56,151         178,681        167,385
Total center revenue                         210,578        194,201        623,381        564,377
Other revenue                                3,742          4,608          9,922          11,290
Total revenue                                214,320        198,809        633,303        575,667
OPERATING EXPENSES:
Center operations                            127,468        116,300        383,313        337,139
Advertising and marketing                    5,756          7,287          20,145         23,608
General and administrative                   9,669          9,453          33,172         30,707
Other operating                              8,017          4,926          17,791         13,696
Depreciation and amortization                23,428         18,720         68,127         52,500
Total operating expenses                     174,338        156,686        522,548        457,650
Income from operations                       39,982         42,123         110,755        118,017
OTHER INCOME (EXPENSE):
Interest expense, net                        (7,651  )      (7,185  )      (23,005 )      (21,301 )
Equity in earnings of affiliate              316            336            985            985
Total other income (expense)                 (7,335  )      (6,849  )      (22,020 )      (20,316 )
INCOME BEFORE INCOME TAXES                   32,647         35,274         88,735         97,701
PROVISION FOR INCOME TAXES                   12,014         13,700         34,728         38,895
NET INCOME                                $  20,633      $  21,574      $  54,007      $  58,806
BASIC EARNINGS PER COMMON SHARE           $  0.52        $  0.55        $  1.38        $  1.51
DILUTED EARNINGS PER COMMON SHARE         $  0.51        $  0.55        $  1.36        $  1.49
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING - BASIC                          39,410         39,025         39,221         38,946
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING - DILUTED                        40,255         39,370         39,687         39,350

LIFE TIME FITNESS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
                                                                For the
                                                                Nine Months Ended
                                                                September 30,
                                                                2009              2008
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income                                                      $   54,007        $   58,806
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization                                       68,127            52,500
Deferred income taxes                                               6,957             8,094
Provision for doubtful accounts                                     (8       )        15
Loss on disposal of property and equipment, net                     818               1,159
Gain on sale of land held for sale                                  (873     )        -
Amortization of deferred financing costs                            1,925             1,078
Share-based compensation                                            5,907             5,989
Excess tax benefit related to share-based payment arrangements      (433     )        (38      )
Equity in earnings of affiliate                                     (985     )        (985     )
Changes in operating assets and liabilities                         2,000             16,840
Other                                                               1,109             54
Net cash provided by operating activities                           138,551           143,512
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment                                 (116,853 )        (360,551 )
Proceeds from sale of property and equipment                        8                 161,885
Proceeds on sale of land held for sale                              1,327             -
Proceeds from property insurance settlement                         -                 317
Increase in other assets                                            (213     )        (6,443   )
Decrease (increase) in restricted cash                              151               (2,518   )
Net cash used in investing activities                               (115,580 )        (207,310 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term borrowings                                  7,813             39,188
Repayments of long-term borrowings                                  (7,755   )        (13,043  )
Proceeds from (repayments of) revolving credit facility, net        (27,600  )        42,500
Increase in deferred financing costs                                (745     )        (6,113   )
Excess tax benefit related to share-based payment arrangements      433               38
Proceeds from exercise of stock options                             2,191             2,993
Net cash provided by (used in) financing activities                 (25,663  )        65,563
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                    (2,692   )        1,765
CASH AND CASH EQUIVALENTS - Beginning of period                     10,829            5,354
CASH AND CASH EQUIVALENTS - End of period                       $   8,137         $   7,119

Non-GAAP Financial Measures

This release and the related conference call disclose certain non-GAAP financial measures.

EBITDA. Earnings Before Interest, Income Taxes and Depreciation and Amortization (EBITDA) is a non-GAAP disclosure consisting of net income plus interest expense, net, provision for income taxes and depreciation and amortization. This term, as the Company defines it, may not be comparable to a similarly titled measure used by other companies and is not a measure of performance presented in accordance with GAAP. The Company uses EBITDA as a measure of operating performance. The funds depicted by EBITDA are not necessarily available for discretionary use if they are reserved for particular capital purposes, to maintain compliance with debt covenants, to service debt or to pay taxes. EBITDA should not be considered as a substitute for net income, net cash provided by operating activities or other income or cash flow data prepared in accordance with GAAP. Additional details related to EBITDA are provided in the Form 8-K that the Company filed with the Securities and Exchange Commission on the date of this press release.

The following table provides a reconciliation of net income, the most directly comparable GAAP measure, to EBITDA:

RECONCILIATION OF NET INCOME TO EBITDA
(In thousands)
(Unaudited)
                                For the                  For the
                                Three Months Ended       Nine Months Ended
                                September 30,            September 30,
                                2009        2008         2009         2008
Net income                      $   20,633  $   21,574   $   54,007   $   58,806
Interest expense, net               7,651       7,185        23,005       21,301
Provision for income taxes          12,014      13,700       34,728       38,895
Depreciation and amortization       23,428      18,720       68,127       52,500
EBITDA                          $   63,726  $   61,179   $   179,867  $   171,502

Free Cash Flow. Free cash flow is a non-GAAP measure consisting of net cash provided by operating activities, less purchases of property and equipment. This term, as the Company defines it, may not be comparable to a similarly titled measure used by other companies and does not represent the total increase or decrease in the cash balance presented in accordance with GAAP. The Company uses free cash flow as a measure of cash generated after spending on property and equipment. Free cash flow should not be considered as a substitute for net cash provided by operating activities prepared in accordance with GAAP.

The following table provides a reconciliation of net cash provided by operating activities, the most directly comparable GAAP measure, to free cash flow:

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO
FREE CASH FLOW
(In thousands)
(Unaudited)
                                            For the
                                            Nine Months Ended
                                            September 30,
                                            2009               2008
Net cash provided by operating activities   $      138,551     $      143,512
Less: Purchases of property and equipment          (116,853 )         (360,551 )
Free cash flow                              $      21,698      $      (217,039 )

SOURCE: Life Time Fitness, Inc.

Life Time Fitness, Inc. 
Ken Cooper, 952-229-7427 (Investors) 
ir@lifetimefitness.com 
Jason Thunstrom, 952-229-7435 (Media) 
pr@lifetimefitness.com

Since 1997, Mr. Lloyd, 63, has served as president of Meridian Health, a $1.1 billion, New Jersey-based integrated health system which encompasses four hospitals and an extensive network of non-hospital healthcare services, such as hospice care, nursing, rehabilitation, ambulance services, and physician practice management and support. During Mr. Lloyd's tenure, Meridian Health has evolved into a nationally-recognized health care leader in clinical quality, nursing excellence and innovative technology applications. Prior to Meridian Health, Mr. Lloyd held executive leadership positions with Jersey Shore University Medical Center, Modern Health Affiliates, Inc., and Episcopal Hospital. He currently serves on the board of directors of QualCare Preferred Providers and QualCare Alliance Networks, Inc., as well as several other privately held organizations and community entities. Previously, Mr. Lloyd also served on the board of directors of Commerce Bancorp, Inc. He earned his MBA from Temple University and bachelor's degree from Princeton University.

"I am pleased to welcome Jack and John to our seasoned board of directors," said Bahram Akradi, Life Time Fitness chairman, chief executive officer and president. "Both are proven leaders who bring tremendous retail and healthcare experience to Life Time Fitness."

The addition of Messrs. Eugster and Lloyd brings the total number of Life Time Fitness board of directors members to eight, seven of whom are independent. The Company expects Messrs. Eugster and Lloyd to be appointed to standing board committees at upcoming meetings of its board of directors.

About Life Time Fitness, Inc.

Life Time Fitness, Inc. (NYSE:LTM) operates distinctive and large, multi-use sports and athletic, professional fitness, family recreation and resort and spa centers. The Company also provides consumers with personal training services, full-service spas and cafes, corporate wellness programs, health and nutrition education, the healthy lifestyle magazine, Experience Life, athletic events and nutritional products. As of October 19, 2009, Life Time Fitness operated 84 centers in 19 states, including Arizona, Colorado, Florida, Georgia, Illinois, Indiana, Kansas, Maryland, Michigan, Minnesota, Missouri, Nebraska, New Jersey, North Carolina, Ohio, Tennessee, Texas, Utah and Virginia. Life Time Fitness is headquartered in Chanhassen, Minnesota, and can be located on the Web at lifetimefitness.com. LIFE TIME FITNESS, LIFE TIME ATHLETIC, EXPERIENCE LIFE, and the LIFE TIME FITNESS TRIATHLON SERIES are trademarks of Life Time Fitness, Inc. All other trademarks or registered trademarks are the property of their respective owners.

SOURCE: Life Time Fitness, Inc.

Life Time Fitness, Inc. 
Investor Contact: 
Ken Cooper, 952-229-7427 
ir@lifetimefitness.com 
or 
Media Contact: 
Jason Thunstrom, 952-229-7435 
pr@lifetimefitness.com