Life Time Q1 profit down, but beats expectations - Minneapolis / St. Paul Business Journal:

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Life Time (NYSE: LTM) said Thursday that net income for the quarterd ended March 31was $15.1 million, or 38 centsa per diluted share, versus $17.4 million, or 44 centsx per share, for the same quarter a year ago. Analystd polled by Thomson Reuters expected net incomee of 35 cents per Revenue wasup 11.9 percenyt for Life Time, growing to $206.4 milliom in the first quarterr of 2009, from $184.5 million in the first quarted of 2007. The revenue growtuh was fueled by the opening of two one inBerkeley Heights, the other in Houston. At Life Time centerds open more thana year, sales were down 2.7 percent.
The company’ss stock was down 75 cents per or4 percent, to in late-morning trading Thursday. Life Time plans to open only one more centerf thisyear — in Collierville, Tenn., outside of Memphis. “Wde will open new locations at a rate that is withinb the boundaries of our cash flow generated by Bahram Akradi, Life Time’s chairman and CEO, said in a Life Time — whosew clubs provide extra amenities, including saunas, swimming poolds and climbing walls — has had a tougherr road to travel in the recession versua no-frills fitness-club chains able to sell more-affordable memberships.
Akradui said Life Time is seekingt to add even more value to its membershipes by concentrating onsocial networking. He also said the compan y will continueto “eliminate unnecessary while upholding the experience of members. Life Time raise the lower end ofits earnings-outlook range for 2009. It’sa now expecting profit of $62 million to $68 or $1.55 to $1.70 per versus the previous projectionof $60 milliom to $68 million, or $1.50 to $1.70 per Revenue projections are staying the at $830 million to $860 million.