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EX-99.1 - EX-99.1 - LIFE TIME FITNESS, INC. | c54200exv99w1.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
|
October 22, 2009 | |||
Life Time Fitness, Inc.
(Exact name of Registrant as specified in its charter)
Minnesota | 001-32230 | 41-1689746 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
2902 Corporate Place Chanhassen, Minnesota |
55317 | |
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code
|
(952) 947-0000 | |||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition. |
On October 22, 2009, Life Time Fitness, Inc. (the Company) reported its financial results
for its fiscal quarter ended September 30, 2009. See the Companys press release dated October 22,
2009, which is furnished as Exhibit 99.1 and incorporated by reference in this Current Report on
Form 8-K.
The press release furnished as Exhibit 99.1 and certain information the Company intends to
disclose on the conference call scheduled for 10:00 a.m. eastern time on October 22, 2009 include
certain non-GAAP financial measures. The reconciliations of these measures to the most directly
comparable GAAP financial measures are included in the earnings release. In addition to the
information in the press release under the heading Non-GAAP Financial Measures, the Company
provides the following additional information about the Companys use of the non-GAAP financial
measures presented in the press release and on the conference call.
EBITDA. The Company believes EBITDA is useful to an investor in evaluating the Companys
operating performance and liquidity because:
| it is a widely accepted financial indicator of a companys ability to service its debt and the Company is required to comply with certain covenants and borrowing limitations that are based on variations of EBITDA in certain of the Companys financing documents; |
| it is widely used to measure a companys operating performance without regard to items such as depreciation and amortization, which can vary depending upon accounting methods and the book value of assets, and to present a meaningful measure of corporate performance exclusive of the Companys capital structure and the method by which assets were acquired; and |
| it helps investors to more meaningfully evaluate and compare the results of the Companys operations from period to period by removing from the Companys operating results the impact of its capital structure, primarily interest expense from the Companys outstanding debt, and asset base, primarily depreciation and amortization of the Companys properties. |
The Companys management uses EBITDA:
| as a measurement of operating performance because it assists the Company in comparing its performance on a consistent basis, as it removes from the Companys operating results the impact of the Companys capital structure, which includes interest expense from the Companys outstanding debt, and the Companys asset base, which includes depreciation and amortization of the Companys properties; |
| in presentations to the members of the Companys board of directors to enable the board to have the same consistent measurement basis of operating performance used by management; and |
| as the basis for incentive bonuses paid to selected members of senior and center-level management. |
Free Cash Flow. The Company believes free cash flow is useful to an investor in understanding
the Companys cash flow generation because:
| free cash flow allows the Company to evaluate the cash generated by operations and the ability of its operations to fund investment items related to purchases of property and equipment, repay indebtedness, add to the Companys cash balance, or to use in other discretionary activities; and |
| if negative, free cash flow reflects the need for incremental financing activities or use of existing cash balances. |
The Companys management uses free cash flow to monitor cash available for repayment of
indebtedness and in discussions with the investment community.
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Item 9.01. | Financial Statements and Exhibits. |
The following Exhibit is being furnished herewith:
99.1 | Press Release Announcing Third Quarter 2009 Financial Results dated
October 22, 2009. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
LIFE TIME FITNESS, INC. |
||||
Date: October 22, 2009 | By /s/ Michael R. Robinson | |||
Michael R. Robinson | ||||
Executive Vice President and Chief Financial Officer | ||||
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EXHIBIT INDEX
No. | Exhibits | Manner of Filing | ||||
99.1 | Press Release Announcing Third Quarter 2009
Financial Results dated October 22, 2009.
|
Filed Electronically |