Life Time Fitness posts 11.9 percent jump in revenue
Life Time Fitness (NYSE: LTM) said its revenue rose 11.9 percent in the first quarter buoyed by a 15.1 percent rise in memberships.
Revenue was $206.4 million from $184.5 million during the same period last year.
Net income during the quarter was $15.1 million, or $0.38 per diluted share, compared to net income of $17.4 million, or $0.44 per diluted share, the year before.
"As expected, our centers experienced ongoing, strong usage and membership growth increased for the fourth consecutive quarter. At the same time, we saw reduced revenue per membership, driven by lower average dues and slower in-center revenue growth," said CEO Bahram Akradi in a statement.
EBITDA rose 3.7 percent to $54.9 million from $52.9 million last year. As a percentage of total revenue, EBITDA was 26.6 percent in first quarter 2009, compared to 28.7 percent in the prior-year period.
Cash flows from operations for the first quarter were $49.7 million as compared with $49.3 million in the prior-year period.
Weighted average diluted shares for 1Q 2009 totaled 39.4 million, the same as the prior-year period.
Looking ahead, the company expects fiscal year revenue to be $830 million to $860 million. Net income is expected to be $62 million to $68 million -- updated from $60 million to $68 million. Diluted earnings per common share is expected to be $1.55 to $1.70 -- updated from $1.50 to $1.70.
Hanesbrands posts Q1 loss, plans to cut 250 jobs
Hanesbrands (NYSE: HBI), parent of Champion, said lower consumer spending and restructuring costs led to a loss in its first quarter. The also said it will layoff 250 management staff to cut costs.
For the quarter ended April 4, the company's loss was $19.3 million, or $0.20 per share, compared with a profit of $36 million, or $0.38 per share a year earlier. The company earned $0.03 per share excluding restructuring costs and other expenses.
Revenue fell 13.2 percent to $857.8 million from $987.8 million a year earlier.
The company expects to incur restructuring and related charges, including severance costs, of about $15 million primarily in the second quarter.
In January, the company cut 310 jobs. As of April 15, the company had about 45,000 employees.
The company has been shifting its manufacturing activity from the United States to Asia to reduce costs -- a move that has led to layoffs and closure of plants in North America over the past few months. It will start production at its new Nanjing, China, plant in October.
Finish Line declares cash dividend
The Finish Line (Nasdaq: FINL) said its board of directors declared a quarterly cash dividend of $0.03 per share of Class A and Class B common stock. The quarterly cash dividend will be payable on June 15 to shareholders of record on May 29.
--Compiled by Wendy Geister
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