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third-Quarter Metrics
Mirror Economic
Pressures
Up-and-down stats reflect challenges
facing major fitness providers
> Two of the nation’s three major publicly held
fitness providers reported revenue increases
for the third quarter of 2009, but, for the third
company, business was down a bit.
Life Time Fitness, Inc. (nySE: LTM), the Chanhas-
sen, Minnesota-based chain that currently operates
84 clubs in 19 states, had sales of $214.3 million
Gala Hopefuls, from l., Michael Johns,
for the quarter, which ended on September 30,
nancy O’Dell, Dmitry Chaplin, Karina
up 7.8% over the same period in 2008. Earnings
Smirnoff, Augie and lynne nieto before interest, taxes, depreciation, and amortiza-
tion (EBITDA) were also higher, reaching $63.7
million, a 4% improvement. net income, however,
A triumph of Hope!
dropped slightly, from $21.6 million in ’08 to $20.6
million in ’09, a 4.4% decline.
Augie’s Quest event a warm-up for B*A*S*H at Based on the results, the company revised
IHRSA convention its revenue expectations for the full year from
$830-$860 million to $835-$845 million, and its
T
he fourth annual Tradition of Hope Gala, held in Beverly Hills,
net-income expectations from $67-$71 million
California, in mid-October, raised an additional $740,000 for
to $71-72.5 million.
research to find a cure for amyotrophic lateral sclerosis (ALS),
also known as Lou Gehrig’s disease. The event is part of Augie’s Quest, a
fund-raising initiative launched by Augie Nieto, the cofounder and former
president of Life Fitness, who is battling ALS, and his wife, Lynne.
Both were on hand for the gala, which attracted a host of business
leaders and entertainment industry celebrities. During the evening, Nancy
O’Dell, the co-anchor of NBC’s Access Hollywood, was presented with the
first-ever Augie’s Quest Champion for ALS Award for her work to raise
funds and awareness about the disease, which took her own mother’s life
in 2008. Phil Smith, an executive with Unified Grocers, Inc., a retailer-
owned wholesale grocery cooperative, received the Augie’s Quest Humani- The company’s stock, with a 52-week low of
tarian Award for his awareness-raising efforts. $7.07 and 52-week high of $32.05, was trading
“Words can’t describe the warmth that Lynne and I felt at the gala,” at $24.06 in mid-november.
Nieto told attendees. “The Tradition of Hope continues to be a magical The Health Fitness Corporation (nySE Amex:
and heartfelt event. We’re grateful to Nancy O’Dell, Phil Smith, and the FIT), the Minneapolis, Minnesota-based provider
ALS community for supporting our quest.” of employee health-improvement services, saw its
The flagship Augie’s Quest initiative is Augie’s B*A*S*H, an annual
sales for 3Q ’09 climb by 6.9% over the same period
charitable event held during the IHRSA convention on behalf of the
in ’08, hitting $19.8 million. A gross profit of $6.4
Muscular Dystrophy Association (MDA), which is searching for a cure
million represented a 7.6% increase. net earnings
for ALS. This year’s edition of the B*A*S*H will be held on Friday,
of $0.91 million, though 8% higher, were flat at
March 12, during IHRSA’s 29th Annual International Convention and
$0.09 per diluted share.
Trade Show in San Diego, California, March 10-13.
During the quarter, the company finalized two
Thus far, Augie’s Quest has raised more than $20.8 million. —|
new fitness-management and four new health-
management commitments, one involving a
large auto company; and it’s currently a finalist
.com in a total of 13 proposals.
For more information or to register for the B*A*S*H, log on to www.augiesquest.com or
“Going into the fourth quarter and 2010, we’re
www.ihrsa.org/convention.
optimistic about the potential for continued revenue
growth,” says Gregg Lehman, the firm’s president
and CEO.>
www.ihrsa.org | JAnuARy 2010 | Club Business International
17
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