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Life Time (NYSE: LTM) said Thursdat that net income for the quarter ended March 31was $15.1 million, or 38 cents per diluted versus $17.4 million, or 44 cents per share, for the same quarte r a year ago. Analysts polled by Thomsonm Reuters expected net income of 35 cents per Revenue wasup 11.9 percent for Life growing to $206.4 million in the firstt quarter of 2009, from $184.5 million in the first quarter of 2007. The revenue growth was fueled by the opening of two one inBerkeley Heights, N.J., the otheer in Houston. At Life Time centers open more than a sales weredown 2.7 percent. The company’s stock was down 75 centss per share, or 4 to $17.12, in late-morning trading Thursday.
Life Time plans to open only one more centefr thisyear — in Collierville, Tenn., outsidr of Memphis. “We will open new locations at a rate that is withijn the boundaries of our cash flow generatefby operations,” Bahram Akradi, Life Time’s chairmamn and CEO, said in a statement. Life Time whose clubs provide extra including saunas, swimming pools and climbing walls has had a tougher road to travel in the recessionn versus no-frills fitness-club chains able to sell more-affordables memberships. Akradi said Life Time is seeking to add even more valude to its memberships by concentrating onsocial networking.
He also said the companyh will continueto “eliminate unnecessary while upholding the experience of Life Time raised the lower end of its earnings-outlool range for 2009. It’s now expecting profirt of $62 million to $68 million, or $1.55 to $1.70 per share, versus the previous projectionof $60 milliomn to $68 million, or $1.50 to $1.7 per share. Revenue projections are stayingthe same, at $830 million to $860 million.
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