Life Time Fitness 2Q profit up 20.3 percent

By Associated Press
July 24, 2008 | Comments (0)

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Fitness club operator Life Time Fitness Inc. said Thursday its second-quarter earnings grew 20 percent, helped by increased membership.

Net income rose to $19.8 million, or 50 cents a share, for the three months ended June 30, from $16.5 million, or 44 cents a share, in the same period last year.

Revenue rose 19 percent to $192.4 million from $162.1 million.

Analysts surveyed by Thomson Financial forecast earnings of 50 cents per share on sales of $193.6 million, on average.

The Chanhassen, Minn.-based says membership rose 12 percent to 547,497 in the second quarter compared with last year.

Shares of the company fell $3.71, or 9.9 percent, to $33.86 in afternoon trading.

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