The two new centers will bring the company's total to 44 centers in seven states: Arizona, Illinois, Indiana, Michigan, Minnesota, Ohio, Texas and Virginia. Life Time Fitness plans to open seven centers next year and has already chosen sites, acquired the land and begun the entitlement processes, says Anthony Gikas, a securities analyst who follows the company for Minneapolis-based Piper Jaffray. The two already announced by the company are centers in Allen, TX and South Jordan, UT. Gikas expects the company to open eight new centers in 2007.

"Life Time Fitness continues to demonstrate steady and predictable growth," Gikas says. The company's recently reported that revenues revenue grew 24.8% to $95.6 million for second quarter ended June 30, while its earnings were up 42.7% to $10.3 million.

The company said that its current model is a 105,000 sf "all-in-one" sports and athletic club, professional fitness facility, family recreation center and spa and cafe. The centers are geared to handle 11,500 members, attracting them by offering a variety of health, fitness and family recreation programs and services. Although the company uses in-house architects and manages the construction projects itself, it uses "bid phase specialists" to get referrals for local subcontractors. On average, the company spends nearly $23 million to build each facility.