Exhibit 99.1

Contacts:

Investor Relations: John Heller, 952-229-7427, ir@lifetimefitness.com

Media Relations: Jason Thunstrom, 952-229-7435, pr@lifetimefitness.com

FOR IMMEDIATE RELEASE

LIFE TIME FITNESS ANNOUNCES THIRD QUARTER 2014 FINANCIAL RESULTS

Revenue Grew 6.6%, Net Income was $34.4 million and Diluted EPS was $0.91

CHANHASSEN, Minn. (October 23, 2014) – Life Time Fitness, Inc. (NYSE: LTM), The Healthy Way of Life Company, today reported its financial results for the third quarter ended September 30, 2014.

Third quarter 2014 revenue grew 6.6% to $336.8 million from $316.0 million during the same period last year. Revenue for the first nine months of 2014 grew 6.6% to $975.4 million from $914.9 million during the same period last year.

Net income for the quarter was $34.4 million, or $0.91 per diluted share, compared to net income of $34.4 million, or $0.83 per diluted share, for 3Q 2013. Net income for the first nine months of 2014 was $92.5 million, or $2.35 per diluted share, compared to net income of $95.7 million, or $2.30 per diluted share for the prior-year period.

Included in the Company’s diluted earnings per share for the quarter is the impact of the following affecting comparability: a $0.10 positive impact related to the reduction of a contingent liability associated with a prior acquisition and a $0.07 negative impact related to the costs associated with the Company’s exploration of a conversion of its real estate assets into a Real Estate Investment Trust (REIT), as was announced on August 25, 2014. Excluding these two items, adjusted diluted earnings per share for the quarter was $0.88.

“We are pleased with our third quarter results,” said Bahram Akradi, Life Time chairman, president and chief executive officer. “Moving forward, our member retention initiatives continue to be a primary focus as we improve our portfolio of unique programs and services that help members achieve their health, fitness, recreation and entertainment goals and objectives. We also continue to explore a REIT conversion and will provide updates on this process as appropriate.”

Since the beginning of the year, the Company has opened five of the six planned new centers for 2014, the last of which will be in the Las Vegas market in November.

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Life Time Announces Third Quarter 2014 Results – Page 2

Three and Nine Months Ended September 30, 2014, Financial Highlights:

Total revenue for the third quarter grew 6.6% to $336.8 million from $316.0 million in 3Q 2013. Total revenue for the first nine months of 2014 grew 6.6% to $975.4 million from $914.9 million during the prior-year period.

Total memberships grew 2.0% to 817,500 at September 30, 2014, from 801,851 at September 30, 2013.

Total operating expenses during 3Q 2014 were $270.0 million compared to $253.2 million for 3Q 2013. Total operating expenses for the first nine months of 2014 were $797.0 million compared to $738.9 million for the first nine months of 2013.

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Life Time Announces Third Quarter 2014 Results – Page 3

Net income for 3Q 2014 was $34.4 million, or $0.91 per diluted share, compared to net income of $34.4 million, or $0.83 per diluted share, for 3Q 2013. Net income for the first nine months of 2014 was $92.5 million, or $2.35 per diluted share, compared to net income of $95.7 million, or $2.30 per diluted share, for the prior-year period.

EBITDA for 3Q 2014 was $103.7 million compared to $93.2 million in 3Q 2013. For the first nine months of 2014, EBITDA was $282.5 million compared with $266.3 million in the prior-year period.

Cash flows from operating activities for the first nine months of 2014 totaled $189.3 million compared to $190.8 million in the prior-year period.

Weighted average fully diluted shares for 3Q 2014 totaled 37.9 million compared to 41.6 million in 3Q 2013. For the first nine months of 2014, weighted average fully diluted shares totaled 39.4 million compared to 41.6 million for the prior-year period.

Updated 2014 Business Outlook:

The following statements are based on the Company’s current expectations for fiscal year 2014. These 2014 expectations are subject to the risks and uncertainties further described in the Company’s forward-looking statements:

Expected net income and diluted earnings per share for 2014 exclude any expenses related to the Company’s exploration of a conversion of its real estate assets into a REIT that may be incurred in 4Q 2014, but include the two previously mentioned items affecting comparability.

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Life Time Announces Third Quarter 2014 Results – Page 4

As announced on October 16, 2014, the Company will hold a conference call today at 10:00 a.m. ET to discuss its third quarter 2014 results. Akradi, Eric Buss, executive vice president and chief financial officer, and John Heller, vice president, Finance and Investor Relations, will host the conference call. The conference call will be webcast and may be accessed via the Company’s Investor Relations section of its website at lifetimefitness.com. A replay of the call will be available the same day via the Company’s website beginning at approximately 2:00 p.m. ET.

About Life Time Fitness, Inc.:

As The Healthy Way of Life Company, Life Time Fitness (NYSE:LTM) helps organizations, communities and individuals achieve their total health objectives, athletic aspirations and fitness goals by engaging in their areas of interest — or discovering new passions — both inside and outside of Life Time’s distinctive and large sports, professional fitness, family recreation and spa destinations, most of which operate 24 hours a day, seven days a week. The Company’s Healthy Way of Life approach enables customers to achieve this by providing the best programs, people and places of uncompromising quality and value. As of October 23, 2014, the Company operated 112 centers under the LIFE TIME FITNESS^® and LIFE TIME ATHLETIC^® brands in the United States and Canada. Additional information about Life Time centers, programs and services is available at lifetimefitness.com.

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can usually be identified by the use of terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “evolve,” “expect,” “forecast,” “intend,” “looking ahead,” “may,” “opinion,” “plan,” “possible,” “potential,” “project,” “should,” “will” and similar words or expressions. Forward-looking 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, the ability to access our existing credit facility and obtain additional financing, strains on our business from continued and future growth, including potential acquisitions and other strategic initiatives, risks related to maintenance and security of our data, potential recognition of compensation expense related to performance-based stock grants, competition from other health and fitness centers, identifying and acquiring suitable sites for new centers, delays in opening new centers, unanticipated expenses relating to regulatory matters or litigation, the ability to convert our real estate assets into a REIT, the potential advantages, benefits and impact of, and opportunities created by, converting our real estate assets into a REIT, including potential tax benefits, and other factors set forth in the risk factor section of the Company’s annual report on Form 10-K and quarterly report on Form 10-Q filed with the Securities and Exchange Commission. The Company cautions investors not to place undue reliance on any such forward-looking statements, which speak only as of the date on which such statements were made. The Company undertakes no obligation to update such statements to reflect events or circumstances arising after such date. All remarks made during the Company’s preliminary financial results webcast will be current at the time of the webcast and the Company is under no obligation to update the recording.

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Life Time Announces Third Quarter 2014 Results – Page 5

LIFE TIME FITNESS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

Life Time Announces Third Quarter 2014 Results – Page 6

LIFE TIME FITNESS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands except per share data)

(Unaudited)

Life Time Announces Third Quarter 2014 Results – Page 7

LIFE TIME FITNESS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

Life Time Announces Third Quarter 2014 Results – Page 8

Non-GAAP Financial Measures

This release and the related conference call disclose EBITDA and Adjusted Diluted EPS, non-GAAP financial measures.

EBITDA. Earnings Before Interest, Income Taxes and Depreciation and Amortization (EBITDA) is a non-GAAP measure 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)

Life Time Announces Third Quarter 2014 Results – Page 9

ADJUSTED DILUTED EPS. Adjusted Diluted Earnings Per Share (Adjusted Diluted EPS) is a non-GAAP measure consisting of diluted earnings per share (Diluted EPS), plus the Diluted EPS impact of costs associated with the exploration of a conversion of its real estate assets into a REIT, less the Diluted EPS impact of the adjustment of a contingent liability associated with a prior acquisition. Additional details related to Adjusted Diluted EPS 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 Diluted EPS, the most directly comparable GAAP measure, to Adjusted Diluted EPS:

RECONCILIATION OF DILUTED EARNINGS PER SHARE

TO ADJUSTED DILUTED EARNINGS PER SHARE

(Unaudited)