On today's call, Bahram Akradi, our Chairman, President and CEO, will discuss key highlights from our first quarter and our operations. Following that, Mike Robinson, our CFO, will review our financial highlights and update our financial guidance for 2012. Once we have completed our prepared remarks, we will answer your questions until 11:00 a.m. Eastern time. At that point in the call, Chris will provide instructions on how to ask a question. In order to give as many as possible a chance to ask a question, please limit yourself to only 1 question. I will close with a tentative date of our second quarter 2012 earnings call. Finally, a replay of this teleconference will be available on our website at approximately 1:00 p.m. Eastern time today.Today's conference call contains forward-looking statements, and future results could differ materially from those statements made. Actual results may be affected by many factors, including the risks and uncertainties identified in our SEC filings. Certain information in our earnings release and information disclosed on this call constitute non-GAAP financial measures, including EBITDA, free cash flow and other non-GAAP operating measures. We have included reconciliations of the differences between GAAP and non-GAAP measures in our earnings release and our Form 8-K. Other required information about our non-GAAP data is included in our Form 8-K. With that, let me now turn the call over to Bahram Akradi. Bahram? Bahram Akradi Thanks, John. I'm pleased to be here to share my thoughts and perspective on our first quarter 2012 results. We had a great first quarter. Revenue growth remains strong across the board. Dues revenue grew 11% for the quarter over a year ago. Our in-center revenue had its ninth straight quarter of double-digit growth at nearly 15%. This continued strong growth rate demonstrate the effectiveness of our member connectivity initiatives and the quality of our in-center products and services. Net income for the quarter was up 23% over last year, and our earnings per share was $0.62, nearly 22% higher than last first quarter.
Mature center same-store sales for the quarter was up 5%. This is the highest quarterly mature center same-store sales we have achieved since becoming a public company in 2004. Our trailing 12-month attrition was 35.6%, below our targeted rate of 36%. Operating margins for the quarter was 18%, up 130 basis points over last year. I am very pleased with these results.We remain on track with our strategic game plan of growing Life Time rapidly as a healthy way of life company. This has many segments. First, we want to continue to grow the number of healthy way of life destinations or facilities in more prominent markets. In 2011 and 2012, 4 of the 6 new greenfield locations are Diamond-level centers. The economics of these centers are very powerful. Revenue at these clubs has been just great and is significantly higher on a per membership basis than our typical model. We're continuing to pursue locations in areas with these types of higher demographics, and we are very pleased at this point with how that pipeline is filling up over the next few years. We continue to drive in-center business growth at all our locations by relentlessly focusing on delivering consistent and excellent member programs, products and services. We have made tremendous strides in this area, and we see ongoing opportunities to drive improvement in member participation and retention. Second, we will grow our healthy way of life events and related businesses. We are developing a number of very high-quality brands in the athletic events space. Life Time Tri, our Olympic and sprint distance brand; the Leadman Tri, our ultra-distance triathlon brand; the Torchlight Run, an evening city 5K and Turkey 5K are just some of the examples of the brands we're building in athletic events space. We have related businesses, such as events registration and timing, that are -- that we have recently required. Through greenfield expansion and acquisition of events and related businesses, we expect to have a run rate of $25 million to $30 million in revenue by the start of 2013. Read the rest of this transcript for free on seekingalpha.com