Fitness financials: Life Time Fitness Q3 profit dips, plus Under Armour, Amer Sports, Finish Line

Life Time Fitness said its Q3 profit dipped, Under Armour shares rose on analyst upgrade, new Amer Sports shares were registered with the Trade Register, and Finish Line declared a quarterly dividend.
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Life Time Fitness Q3 profit dips

Third-quarter profit for Life Time Fitness (NYSE: LTM) fell and it reported a 3-percent drop in membership from the prior quarter.

For the quarter ended Sept. 30, its profit dropped 4 percent to $20.6 million, or $0.51 cents per share, versus $21.6 million, or $0.55 per share, last year.

Revenue rose 8 percent to $214.3 million from $198.8 million.

Membership dues grew 10 percent from the same period a year ago but enrollment fees dropped 3 percent. The number of memberships grew 6 percent to 590,716 from the year before, but was down from the 608,281 members it had at the end of the second quarter.

Total operating expenses during the quarter were $174.3 million compared to $156.7 million in 2008. Operating margin was 18.7 percent compared to 21.2 percent in the prior-year period.

Looking ahead, Life Time Fitness said it expects revenue to be $835 million to $845 million, net income to be $71.0 million to $72.5 million, and diluted earnings per common share to be $1.78 to $1.81.

Stifel Nicolaus & Co. analyst Thomas Shaw told clients in a research note that membership growth looked sluggish as the company reported low enrollment fees and the loss of 18,000 members from the quarter immediately prior. "Some of this is likely seasonal, as clubs likely lost members holding on for summer pool usage," Shaw wrote.

Under Armour shares rise on analyst upgrade

Shares of Under Armour (NYSE: UA) were up Oct. 26, ahead of its third-quarter earnings report, after an analyst said the company's sales are strong.

Shares rose $1.58, or 5.01 percent, to $33.09. The stock has traded between $11.94 and $33.31 over the past year.

Susquehanna analyst Christopher Svezia wrote in a note to investors that sales of the company's ColdGear products in particular, including fleece, outerwear and base layers, have been strong. But, he added, footwear has been weaker.

"We expect to see solid 2010 apparel growth while the company regroups its lower-margin footwear business," Svezia wrote. He upgraded the company to "neutral" from "negative."

New Amer Sports shares registered with the Trade Register

Amer Sports, parent of Precor, reported that a total of 48.4 million new shares were subscribed for in its rights offering and have been registered with the Trade Register.

Following the registration, the total number of Amer Sports' shares is 121.5 million shares. The new shares include the right to dividends and other distributions as well as other shareholder rights from the registration date of Oct. 26.



Trading of new and existing shares will start on Oct. 27.



Finish Line declares quarterly dividend

The board of directors of The Finish Line (Nasdaq: FINL) has declared a quarterly cash dividend of $0.03 per share of outstanding Class A and Class B common stock. The quarterly cash dividend will be payable Dec. 15 to shareholders of record as of Nov. 27.



--Compiled by Wendy Geister

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