were generated during the first nine months, resulting in potential annualized revenue of $8.4 million, compared to $5.1 million generated in the same period last year, a 65 percent increase. Seven new fitness management commitments were generated during the first nine months, resulting in potential annualized revenue of $2.8 million, compared to $1.0 million generated in the same period last year, a 180 percent increase. Health and fitness management annualized revenue loss from contract cancellations during the first nine months totaled $0.4 million and $1.8 million, respectively, versus $0.3 million and $1.4 million in the same period last year. Total potential annualized revenue generated during the first nine months of 2009, net of contract cancellations, was $9.0 million, up 105 percent compared to $4.4 million in the comparable period of 2008.
The company ended its third quarter with $5.2 million in cash, compared to $1.3 million at December 31, 2008. Working capital at September 30, 2009, less cash, totaled $8.4 million compared to $9.4 million on December 31, 2008. At September 30, 2009, the company had no balance outstanding on its $3.5 million credit facility, and had stockholders' equity of $31.1 million.
Lehman concluded, "While Congress continues to debate the overall direction of health care reform, we are pleased that each of the four bills currently under consideration include provisions that address prevention and wellness. We believe this focus on prevention and wellness affirms the critical need for these services to effectively manage rising health care costs caused by poor diet and exercise choices."
The company will conduct a conference call today at 4:30 pm ET to discuss its financial results for the third quarter ended September 30, 2009. Participants can dial (800) 860-2442 or (412) 858-4600 to access the conference call, or can listen via
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