Q2 revenue for Life Time Fitness up 8.7 percent
Life Time Fitness (NYSE: LTM), which operates 89 centers in 19 states, reported better-than-expected earnings and revenue for the second quarter.
It posted revenue of $231.1 million for the quarter ended June 30, up 8.7 percent from $212.5 million during the same period last year.
It earned $21.9 million, or $0.53 per share, versus $18.3 million, or $0.46 per share in the year-ago quarter.
EBITDA grew 8.5 percent to $66.4 million from $61.2 million in 2009.
Same-location revenue was positive, with 4.8 percent growth for centers in their 13th month of operation and 1.8 percent growth for centers in their 37th month.
The company also improved its operating margin to 18.6 percent for the quarter, compared with 18 percent during the prior-year period.
Looking ahead, Life Time expects full-year earnings of $1.92 to $1.98 per share on revenue of $890 million to $905 million.
Accell reports 3 percent increase in sales
Accell Group said its sales for the first half of 2010 increased 3 percent on well-developed margins in all its products groups and the effect of “minor” acquisitions. It is the parent of the Accell Fitness division, Bremshey and Tunturi.
Sales for the first half of the year were EUR 342 million (USD $439.4 million) compared to EUR 333 million (USD $427.9 million) in the same period last year.
Its net profit rose 9 percent to EUR 24.1 million (USD $30.9 million) from last year’s EUR 22.1 million (USD $28.4 million).
Accell said the fitness division, which the company has streamlined in recent years, booked an increase in sales in the first half of the year. Sales rose 22 percent to EUR 14.3 million (USD $18.3 million) compared to EUR 11.6 million (USD $14.9 million) in the first half of 2009.
The company said the fitness segment’s sales increase was achieved mainly through sales to new distributors. As a result, this has reduced cost levels and inventories of the fitness division. Accell also noted that the fitness division still has its own distribution organizations in the Benelux, Scandinavia and North America.
(Conversion of Euros into U.S. dollars is for information only, is not necessarily relative to earnings, and is based on the currency rate as of July 23.)
Finish Line declares quarterly cash dividend
The board of directors of The Finish Line (Nasdaq: FINL) has declared a quarterly cash dividend of $0.04 per share of outstanding Class A and Class B common stock. The quarterly cash dividend will be payable Sept. 13 to shareholders of record as of Aug. 27.
--Compiled by Wendy Geister
For more information about any public company on this page or its financial reports, as well as to view stock prices updated every 15 minutes, visit the SNEWS® Stock Market Updates. Click on: www.snewsnet.com/cgi-bin/snews/stock_report.html.