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8-K - FORM 8-K - Ryman Hospitality Properties, Inc. | g27805e8vk.htm |
Exhibit 99.1
GAYLORD ENTERTAINMENT COMPANY REPORTS SECOND QUARTER 2011 RESULTS
Gaylord Opryland Reports Record Quarter
Company Successfully Refinances Credit Facility
Company Successfully Refinances Credit Facility
NASHVILLE, Tenn. (August 2, 2011) Gaylord Entertainment Co. (NYSE: GET) today reported its
financial results for the second quarter of 2011. Highlights include:
| Consolidated revenue increased 28.8 percent to $236.8 million in the second quarter of 2011 from $183.9 million in the same period last year. Adjusted Gaylord Hotels total revenue (which excludes Gaylord Opryland, but includes the Radisson) decreased to $145.1 million in the second quarter of 2011 compared to $151.7 million in the prior-year quarter. The second quarter of 2010 was impacted by the closure of Gaylord Opryland and various Nashville attractions due to the flood in Nashville. | ||
| Adjusted Gaylord Hotels revenue per available room1 (RevPAR) decreased 0.5 percent and Adjusted Gaylord Hotels total revenue per available room2 (Total RevPAR) decreased 3.0 percent in the second quarter of 2011 compared to the second quarter of 2010. | ||
| Gaylord Opryland RevPAR increased 12.0 percent and Gaylord Opryland Total RevPAR increased 18.7 percent in the second quarter of 2011 compared to the period that the hotel was open during the second quarter of 2010. | ||
| Income from continuing operations was $8.6 million, or $0.17 per diluted share (based on 50.9 million fully-diluted weighted average shares outstanding) in the second quarter of 2011 compared to a loss from continuing operations of $26.0 million, or $0.55 per diluted share, in the prior-year quarter (based on 47.1 million fully-diluted weighted average shares outstanding). Loss from continuing operations in the second quarter of 2010 included $81.3 million in pre-tax casualty loss expenses associated with the flood damage at the Companys Nashville properties, which were partially offset by $50.0 million in insurance proceeds. Loss from continuing |
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operations in the second quarter of 2010 also includes $6.2 million in preopening costs associated with efforts to reopen the Nashville properties. Casualty loss and pre-opening costs have been segregated from the normal operating costs of the Company and presented separately in the accompanying financial information. | |||
| Adjusted EBITDA3, which includes casualty loss and preopening costs in the quarter, was $60.5 million in the second quarter of 2011 compared to $5.3 million in the prior-year quarter. | ||
| Consolidated Cash Flow4 (CCF) increased 13.3 percent to $62.8 million in the second quarter of 2011 compared to $55.4 million in the same period last year. CCF in the second quarter of 2010 included a Casualty Loss benefit of $10.4 million. The CCF impact of the casualty loss was favorable in the second quarter of 2010, as the calculation of CCF excludes non-cash impairment expense and pre-opening expense and includes the impact of insurance claim proceeds. | ||
| Gaylord Hotels (including Gaylord Opryland) gross advance group bookings in the second quarter of 2011 for all future periods were 406,726 room nights, a decrease of 24.4 percent when compared to the same period last year. Net of attrition and cancellations, advance bookings in the second quarter of 2011 for all future periods were 271,413 room nights, an increase of 197.0 percent when compared to the second quarter of 2010, which included the impact of cancellations at Gaylord Opryland that resulted from the May 2010 flooding. |
Colin V. Reed, chairman and chief executive officer of Gaylord Entertainment, stated, Our business
performed steadily this quarter. Despite continued pressure in the Washington D.C. market that
impacted results at Gaylord National, we were able to maintain RevPAR and occupancy levels on an
adjusted basis through solid performance at Gaylord Texan and Gaylord Palms. Gaylord Opryland
performed exceptionally well this quarter, delivering the best second quarter profitability in its
over thirty year history and driving strong performance in nearly every metric that defines the
business.
We continued to pass through a point in the recovery cycle where rooms booked during the recession
at lower rates continue to travel and rooms booked early in the recovery at higher rates are just
beginning to travel. This was evidenced in the second quarter by the shift in business mix from
corporate groups to lower-rated association and SMERF (social, military, educational, religious and
fraternal) groups. These groups were booked during the trough of the recession when many
higher-rated corporate groups were unwilling to travel or book for future dates. Overall, this is
the pattern we expected, and signs continue to indicate that momentum will build through the second
half of the year and rates will improve.
We booked over 406,000 gross group room nights in the second quarter, as we continued to stay
bullish on group pricing for future periods. This is based on our belief that as the lodging
environment
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strengthens we will be able to secure long-term increases in group rate, which will be
more beneficial than compromising on group rate in the short-term. While this philosophy resulted
in lower total advance group bookings in the quarter, our sales lead volumes continue to increase,
especially in the corporate sector, reinforcing that our strategy is appropriate for the current
environment. Two important events occurred during the second quarter. First, we opened our new
resort pool at the Gaylord Texan and second, we began selling our DreamWorks Experience offering
for the 2011 holiday season, which we anticipate will provide a boost to our leisure bookings and
rate for the fourth quarter of this year as well as in future years.
Segment Operating Results
Hospitality
Key components of the Companys hospitality segment performance in the second quarter of 2011
include:
| Adjusted Gaylord Hotels RevPAR decreased 0.5 percent to $130.62 in the second quarter of 2011 compared to $131.23 in the prior-year quarter. Adjusted Gaylord Hotels Total RevPAR decreased 3.0 percent to $310.00 in the second quarter of 2011 compared to $319.56 in the prior-year quarter, driven primarily by decreased performance at the Gaylord National. | ||
| Adjusted Gaylord Hotels CCF decreased to $42.4 million in the second quarter of 2011 compared to $47.8 million in the prior-year quarter. Adjusted Gaylord Hotels CCF Margin4 for the second quarter of 2011 decreased 230 basis points to 29.2 percent compared to 31.5 percent in the same period last year, driven primarily by decreased performance at the Gaylord National. | ||
| Adjusted Gaylord Hotels attrition that occurred for groups that traveled in the second quarter of 2011 was 12.4 percent of the agreed-upon room block compared to 12.5 percent for the same period in 2010. Adjusted Gaylord Hotels in-the-year for-the-year cancellations in the second quarter of 2011 totaled 11,659 room nights compared to 12,432 room nights in the same period of 2010. Adjusted Gaylord Hotels attrition and cancellation fee collections totaled $2.1 million in the second quarter of 2011 compared to $2.2 million for the same period in 2010. |
At the property level, Gaylord Palms revenue was flat at $37.7 million in the second quarter of
2011 compared to $37.8 million in the prior-year quarter. Occupancy for the second quarter
increased 1.5 percentage points to 73.8 percent, largely driven by a lift in association group room
nights. Average Daily Rate (ADR) increased 1.9 percent to $165.32 in the second quarter of 2011
compared to $162.29 in the prior-year quarter. Second quarter 2011 RevPAR increased 4.1 percent to $122.02 compared to
$117.27 in the prior-year quarter. Total RevPAR in the second quarter of 2011 was flat at $295.02
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compared to $295.73 in the prior-year quarter, as a result of a shift in mix from corporate to
association groups and the resulting lower outside-the-room spending. CCF in the second quarter of
2011 decreased 1.3 percent to $10.3 million compared to $10.4 million in the prior-year quarter,
driven by a decline in attrition and cancellation fees, resulting in a CCF Margin of 27.3 percent,
a 30 basis point decrease compared to 27.6 percent in the prior-year quarter.
Gaylord Texan revenue was $45.7 million in the second quarter of 2011, an increase of 0.6 percent
from $45.4 million in the prior-year quarter. ADR increased 4.0 percent to $172.15 compared to
$165.58 in the prior-year quarter. Occupancy for the second quarter of 2011 increased by 4.1
percentage points to 76.2 percent compared to 72.1 percent in the second quarter of 2010. The
increases in ADR and occupancy were driven by additional higher-rated transient business as a
result of the opening of the Paradise Springs pool attraction in May, 2011. This helped to offset
the impact of a shift in business mix from higher-rated corporate groups to lower-rated association
groups. RevPAR in the second quarter of 2011 increased 10.0 percent to $131.24 compared to $119.31
in the prior-year quarter, driven by the increases in occupancy and ADR. Total RevPAR increased
0.6 percent in the second quarter of 2011 to $332.29 compared to $330.27 in the prior-year quarter.
CCF decreased 2.5 percent to $14.6 million in the second quarter of 2011, versus $14.9 million in
the prior-year quarter, resulting in a 31.9 percent CCF Margin, a 100 basis point decrease over the
prior-year quarter. Margin erosion was driven by a decline in food and beverage outlet margin
performance that resulted from the shift in business during the quarter away from corporate groups
towards a higher mix of association groups, which typically spend less outside the room.
Gaylord National generated revenue of $59.9 million in the second quarter of 2011, a 10.3 percent
decrease when compared to the prior-year quarter revenue of $66.8 million, driven by a decline in
government and government-related business. Occupancy decreased by 7.3 percentage points to 67.9
percent compared to 75.2 percent in the prior-year quarter, driven by a decline in
government-related bookings. ADR for the second quarter of 2011 decreased 2.1 percent to $211.25
compared to $215.83 in the second quarter of 2010. RevPAR in the second quarter of 2011 decreased
11.7 percent to $143.39 when compared to $162.38 in the prior-year quarter, driven by the decreases
in occupancy and ADR. Total RevPAR decreased 10.3 percent to $329.85 in the second quarter of 2011
when compared to $367.72 in the prior-year quarter. CCF decreased 21.8 percent to $17.2 million in
the second quarter of 2011 when compared to $22.0 million in the prior-year quarter, driven by the
decline in revenue. CCF Margin decreased 420 basis points to 28.8 percent in the second quarter when compared to 33.0
percent in the prior-year quarter.
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Gaylord Oprylands comparison to the second quarter of 2010 was impacted by the propertys closure
on May 3, 2010 and throughout the remainder of the quarter due to the Nashville flood. The second
quarter 2010 results and performance metrics only include the period during which the property was
open. The property generated revenue of $73.1 million in the second quarter of 2011. Occupancy for
the second quarter of 2011 quarter increased 3.9 percentage points to 75.8 percent compared to 71.9
percent in the prior-year quarter. ADR for the second quarter of 2011 increased by 6.3 percent to
$159.83 compared to $150.38 in the prior-year quarter. Second quarter 2011 RevPAR increased 12.0
percent to $121.08 compared to $108.14 in the same period last year. Total RevPAR increased 18.7
percent to $278.88 in the second quarter of 2011 compared to $234.89 in the prior-year quarter.
CCF increased 331.3 percent to $26.3 million for the second quarter of 2011, versus $6.1 million in
the prior-year quarter. For the second quarter of 2011, CCF Margin increased 690 basis points over
the prior-year quarter to 36.0 percent.
Reed continued, Our performance at Gaylord National has been affected by the same conditions of
uncertainty that have negatively impacted the entire Washington D.C. market. The looming threat of
federal budget reductions has negatively influenced both short-term booking trends and the spending
behavior of groups once they are on-property. The impact through this quarter has been greater
than we originally anticipated. However, our position is improving as we move into the second half
of 2011. As of June 30, 2011, we already have more group room nights on the books for the fourth
quarter at Gaylord National than traveled in the entire fourth quarter of 2010, and our group
advance bookings-to-date for 2012 are solid. As a result, we believe this property is positioned
for a much better second half of the year and a stronger 2012.
While conditions in the Washington, D.C. market have been challenging, performance in our other
three markets has been solid, as reflected in our second quarter results. At Gaylord Opryland, the
operational improvements and upgrades we made following last years flood translated into
significant occupancy improvements at a solid rate, which culminated in a strong CCF margin of 36.0
percent. At Gaylord Palms, rate grew for the first time in over a year which we believe is an
encouraging sign that group pricing pressures in the market are beginning to ease. This rate
growth and increased occupancy drove positive RevPAR performance. At Gaylord Texan, the propertys
second quarter performance was aided by the success of the new Paradise Springs resort pool which
helped drive a transient room night increase of nearly 40 percent compared to the second quarter
last year.
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Opry and Attractions
Opry and Attractions segment revenue increased 69.9 percent to $18.6 million in the second quarter
of 2011, compared to $10.9 million in the year-ago quarter. The segments CCF increased 149.9
percent to $5.2 million in the second quarter of 2011 from $2.1 million in the prior-year quarter.
Opry and Attractions revenue and CCF in the second quarter of 2010 were impacted by the flood
damage and temporary closure of Gaylords Nashville assets, and a reduction in visitor volume due
to the closure of Gaylord Opryland.
Corporate and Other
Corporate and Other operating loss totaled $13.9 million in the second quarter of 2011 compared to
an operating loss of $14.1 million in the same period last year. Corporate and Other CCF in the
second quarter of 2011 improved 5.0 percent to a loss of $10.7 million compared to a loss of $11.3
million in the same period last year.
The Company initiated a $12.0 million enhancement to its existing Nashville flood protection system
in an effort to provide 500-year flood protection for Gaylord Opryland. The Company has worked
with engineers to design the enhancements to be aesthetically pleasing and consistent with the
existing architecture of the property. The project commenced during the second quarter of 2011, is
proceeding according to schedule and should be completed in mid-2012. The Company has also
initiated a $5.3 million enhancement to its existing flood protection system in an effort to
provide 500-year flood protection for the Grand Ole Opry House. The project is anticipated to
commence during the fourth quarter of 2011 and should be completed in mid-to-late 2012.
Development Update
On June 21, 2011 the Company announced its plans to develop a resort and convention hotel in
Aurora, Colorado, contingent on the approval of tax incentives for the project under the State of
Colorados Regional Tourism Act, as well as other various contingencies. Gross costs for the
project before the impact of public incentives are expected to total approximately $800 million.
The project will be funded by Gaylord, potential joint venture partners, and tax incentives that
are being provided as a result of an agreement between the company and the city of Aurora,
Colorado. The Company is planning for the resort to be open for business in mid-to-late 2015.
The greater Denver region has fast become one of the most desirable business travel destinations
in the United States, and we are thrilled by the prospect of a Gaylord property there, said Reed.
Our loyal customers, our shareholders and industry analysts have all expressed excitement at the
idea of bringing
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the Gaylord experience to the Western region of the United States, and we look
forward to being able to share more details as the development process progresses.
Gaylord Entertainments planned resort and convention hotel in Mesa, Arizona remains in the very
early stages of planning, and specific details of the property and budget have not yet been
determined. The Company anticipates that any expenditure associated with the project will not have
a material financial impact in the near-term.
Liquidity
As of June 30, 2011, the Company had long-term debt outstanding, including current portion, of
$1,165.3 million and unrestricted cash of $111.4 million. As of June 30, 2011, $300.0 million of
borrowings were undrawn under the Companys existing credit facility, and the lending banks had
issued $8.0 million in letters of credit, which left $292.0 million of availability under the
credit facility.
On August 1, 2011 the Company successfully refinanced its existing credit facility that was
scheduled to mature in July 2012. The new $925 million credit facility will mature in August 2015
and is comprised of a $525 million revolving credit line ($200 million of which will be drawn at
close) and a fully funded $400 million term loan. The new credit facility provides the Company
with increased flexibility in terms of revolving credit capacity and financial covenants to pursue
growth opportunities. Furthermore, the Company was able to secure favorable pricing on the
facility with initial pricing set at LIBOR + 2.25% and potentially dropping to LIBOR + 2.00% in
2012. Pricing is determined on a grid pricing structure based on an implied credit facility
debt service coverage ratio. The new facility reflects both a reduction in term loan and a
subsequent increase in the revolving credit line, as well as improved pricing. The previous
credit facility was comprised of a $700 million term loan and a $300 million revolving credit line.
Outlook
The following business performance outlook is based on current information as of August 2, 2011.
The Company does not expect to update the guidance provided below before next quarters earnings
release. However, the Company may update its full business outlook or any portion thereof at any
time for any reason.
Reed concluded, Our 2011 performance at the Gaylord Palms and Gaylord Texan has been in-line with
our expectations thus far, and our performance at Gaylord Opryland has exceeded our expectations.
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While the market challenges faced by Gaylord National have been more difficult than we anticipated,
we believe that the outperformance of Gaylord Opryland is adequate to offset the impact for our
brand. Therefore, we are revising our full year 2011 guidance to reflect our current expectations
for both Gaylord National and Gaylord Opryland. We are revising our consolidated 2011 guidance for
Adjusted Gaylord Hotels (which excludes Gaylord Opryland, but includes the Radisson) downward to a
RevPAR increase of 5.5 to 7.5 percent and a Total RevPAR increase of 4.0 to 6.0 percent
year-over-year. We are revising upward our 2011 guidance for Gaylord Opryland to a RevPAR increase
of 17.0 to 19.0 percent and a Total RevPAR increase of 15.0 to 17.0 percent year-over-year. It is
important to note that the RevPAR and Total RevPAR growth guidance for Gaylord Opryland is based on
a partial year of operation in 2010 due to the flooding in May. We are revising our full year 2011
CCF guidance for Adjusted Gaylord Hotels (which excludes Gaylord Opryland, but includes the
Radisson) downward to $170-$177 million. For Gaylord Opryland we are revising upward our 2011 CCF
guidance to $81-$85 million. This realignment of full year guidance has relatively no impact on
our overall Gaylord Hotels projected performance in revenue and profitability when compared to our
previous guidance.
We reiterate our 2011 CCF guidance for Opry and Attractions as $12-$14 million and Corporate &
Other guidance for CCF in 2011 as a loss of $(48)-$(46) million. We also reiterate our 2011 CCF
guidance for consolidated Gaylord Entertainment Company of $215 $230 million.
Original Full Year | Revised Full Year | |||||||
2011 Guidance | 2011 Guidance | |||||||
Consolidated Cash Flow |
||||||||
Adjusted Gaylord Hotels |
$178 - 185 million | $170 - 177 million | ||||||
Gaylord Opryland |
$73 - 77 million | $81 - 85 million | ||||||
Opry and Attractions |
$12 - 14 million | $12 - 14 million | ||||||
Corporate and Other |
$(48 - 46) million | $(48 - 46) million | ||||||
Totals |
$215 - 230 million | $215 - 230 million | ||||||
Adjusted Gaylord Hotels RevPAR |
7.5% - 9.5 | % | 5.5% - 7.5 | % | ||||
Adjusted Gaylord Hotels Total RevPAR |
6.5% - 8.5 | % | 4.0% - 6.0 | % | ||||
Gaylord Opryland RevPAR |
13.0% - 15.0 | % | 17.0% - 19.0 | % | ||||
Gaylord Opryland Total RevPAR |
9.0% - 11.0 | % | 15.0% - 17.0 | % |
Note: Adjusted Gaylord Hotels in the guidance table above excludes Gaylord Opryland, but includes
the Radisson; additionally, the guidance above assumes 39,900 room nights out of service in 2011
due to the renovation of rooms at Gaylord Palms and 14,240 room nights out of service in 2011 due to the
renovation of rooms at the Radisson.
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Webcast and Replay
Gaylord Entertainment will hold a conference call to discuss this release Tuesday, August 2, 2011
at 9:00 a.m. ET. Investors can listen to the conference call over the Internet at
www.gaylordentertainment.com. To listen to the live call, please go to the Investor Relations
section of the website (Investor Relations/Presentations, Earnings, and Webcasts) at least 15
minutes prior to the call to register, download and install any necessary audio software. For
those who cannot listen to the live broadcast, a replay will be available shortly after the call
and will run for at least 30 days.
About Gaylord Entertainment
Gaylord Entertainment (NYSE: GET), a leading hospitality and entertainment company based in
Nashville, Tenn., owns and operates Gaylord Hotels (www.gaylordhotels.com), its network of upscale,
meetings-focused resorts, and the Grand Ole Opry (www.opry.com), the weekly showcase of country
musics finest performers for more than 85 consecutive years. The Companys entertainment brands
and properties include the Radisson Hotel Opryland, Ryman Auditorium, General Jackson Showboat,
Gaylord Springs Golf Links, Wildhorse Saloon, and WSM-AM. For more information about the Company,
visit www.GaylordEntertainment.com.
This press release contains statements as to the Companys beliefs and expectations of the outcome
of future events that are forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially from the statements made. These
include the risks and uncertainties associated with the flood damage to Gaylord Opryland and our
other Nashville-area Gaylord facilities, including our remaining flood-related repair projects,
effects of the hotel closure such as the loss of customer goodwill, uncertainty of future hotel
bookings and other negative factors yet to be determined, risks associated with refinancing our
indebtedness prior to its various maturities, risks associated with development, budgeting,
financing and approvals for our Colorado project, economic conditions affecting the hospitality
business generally, rising labor and benefits costs, the timing of any new development projects,
increased costs and other risks associated with building and developing new hotel facilities, the
geographic concentration of our hotel properties, business levels at the Companys hotels, our
ability to successfully operate our hotels and our ability to obtain financing for new
developments. Other factors that could cause operating and financial results to differ are
described in the filings made from time to time by the Company with the Securities and Exchange Commission and include the risk factors
described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2010 and our
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Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2011. The Company does not
undertake any obligation to release publicly any revisions to forward-looking statements made by it
to reflect events or circumstances occurring after the date hereof or the occurrence of
unanticipated events.
1The Company calculates revenue per available room (RevPAR) for its hotels by dividing
room sales by room nights available to guests for the period.
2The Company calculates total revenue per available room (Total RevPAR) for its hotels
by dividing the sum of room sales, food & beverage, and other ancillary services revenue by room
nights available to guests for the period.
3 Adjusted EBITDA (defined as earnings before interest, taxes, depreciation,
amortization, as well as certain unusual items) is a non-GAAP financial measure which is used
herein because we believe it allows for a more complete analysis of operating performance by
presenting an analysis of operations separate from the earnings impact of capital transactions and
without certain items that do not impact our ongoing operations such as gains on the sale of assets
and purchases of our debt. In accordance with generally accepted accounting principles, these
items are not included in determining our operating income. The information presented should not
be considered as an alternative to any measure of performance as promulgated under accounting
principles generally accepted in the United States (such as operating income, net income, or cash
from operations), nor should it be considered as an indicator of overall financial performance.
Adjusted EBITDA does not fully consider the impact of investing or financing transactions, as it
specifically excludes depreciation and interest charges, which should also be considered in the
overall evaluation of our results of operations. Our method of calculating Adjusted EBITDA may be
different from the method used by other companies and therefore comparability may be limited. A
reconciliation of Adjusted EBITDA to net income (loss) is presented in the Supplemental Financial
Results contained in this press release.
4As discussed in footnote 3 above, Adjusted EBITDA is used herein as essentially
operating income plus depreciation and amortization. Consolidated Cash Flow (which is used in this
release as that term is defined in the Indentures governing the Companys 6.75 percent senior
notes) is a non-GAAP financial measure which also excludes the impact of preopening costs,
impairment charges, the non-cash portion of the Florida ground lease expense, stock option expense,
the non-cash gains and losses on the disposal of certain fixed assets, and adds (subtracts) other gains (losses). The Consolidated Cash Flow
measure is one of the principal tools used by management in evaluating the operating performance of
the Companys
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business and represents the method by which the Indentures calculate whether or not
the Company can incur additional indebtedness (for instance in order to incur certain additional
indebtedness, Consolidated Cash Flow for the most recent four fiscal quarters as a ratio to debt
service must be at least 2 to 1). The calculation of these amounts as well as a reconciliation of
those amounts to net income (loss) or segment (or hotel) operating income (loss) is included as
part of the Supplemental Financial Results contained in this press release. CCF Margin is defined
as CCF divided by revenue.
Investor Relations Contacts:
|
Media Contacts: | |
Mark Fioravanti, Senior Vice President and Chief Financial Officer
|
Brian Abrahamson, Vice President of Corporate Communications | |
Gaylord Entertainment
|
Gaylord Entertainment | |
615-316-6588
|
(615) 316-6302 | |
mfioravanti@gaylordentertainment.com
|
babrahamson@gaylordentertainment.com | |
~or~
|
~or~ | |
Patrick Chaffin, Vice President of Strategic Planning and Investor Relations
|
Josh Hochberg or Dan Zacchei | |
Gaylord Entertainment
|
Sloane & Company | |
615-316-6282
|
(212) 446-1892 or (212) 446-1882 | |
pchaffin@gaylordentertainment.com
|
jhochberg@sloanepr.com or dzacchei@sloanepr.com |
GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In thousands, except per share data)
Unaudited
(In thousands, except per share data)
Three Months Ended | Six Months Ended | |||||||||||||||
Jun. 30, | Jun. 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenues |
$ | 236,775 | $ | 183,879 | $ | 457,513 | $ | 398,360 | ||||||||
Operating expenses: |
||||||||||||||||
Operating costs |
132,746 | 104,746 | 266,624 | 235,301 | ||||||||||||
Selling, general and administrative (a) |
43,048 | 36,288 | 86,126 | 78,190 | ||||||||||||
Casualty loss |
469 | 31,347 | 468 | 31,347 | ||||||||||||
Preopening costs |
41 | 6,240 | 41 | 6,240 | ||||||||||||
Depreciation and amortization |
29,271 | 25,951 | 58,328 | 53,022 | ||||||||||||
Operating income (loss) |
31,200 | (20,693 | ) | 45,926 | (5,740 | ) | ||||||||||
Interest expense, net of amounts capitalized |
(21,377 | ) | (20,480 | ) | (42,186 | ) | (40,595 | ) | ||||||||
Interest income |
3,316 | 3,286 | 6,489 | 6,508 | ||||||||||||
Income from unconsolidated companies |
152 | 190 | 325 | 117 | ||||||||||||
Net gain on extinguishment of debt |
| 100 | | 1,299 | ||||||||||||
Other gains and (losses), net |
141 | (147 | ) | (50 | ) | (160 | ) | |||||||||
Income (loss) before income taxes |
13,432 | (37,744 | ) | 10,504 | (38,571 | ) | ||||||||||
Provision (benefit) for income taxes |
4,799 | (11,697 | ) | 3,832 | (10,722 | ) | ||||||||||
Income (loss) from continuing operations |
8,633 | (26,047 | ) | 6,672 | (27,849 | ) | ||||||||||
Income from discontinued operations, net of taxes |
4 | 3,327 | 8 | 3,279 | ||||||||||||
Net income (loss) |
$ | 8,637 | $ | (22,720 | ) | $ | 6,680 | $ | (24,570 | ) | ||||||
Basic net income (loss) per share: |
||||||||||||||||
Income (loss) from continuing operations |
$ | 0.18 | $ | (0.55 | ) | $ | 0.14 | $ | (0.59 | ) | ||||||
Income from discontinued operations, net of taxes |
| 0.07 | | 0.07 | ||||||||||||
Net income (loss) |
$ | 0.18 | $ | (0.48 | ) | $ | 0.14 | $ | (0.52 | ) | ||||||
Fully diluted net income (loss) per share: |
||||||||||||||||
Income (loss) from continuing operations |
$ | 0.17 | $ | (0.55 | ) | $ | 0.13 | $ | (0.59 | ) | ||||||
Income from discontinued operations, net of taxes |
| 0.07 | | 0.07 | ||||||||||||
Net income (loss) |
$ | 0.17 | $ | (0.48 | ) | $ | 0.13 | $ | (0.52 | ) | ||||||
Weighted average common shares for the period: |
||||||||||||||||
Basic |
48,370 | 47,098 | 48,296 | 47,055 | ||||||||||||
Fully-diluted |
50,944 | 47,098 | 51,923 | 47,055 |
(a) | Includes non-cash lease expense of $1.5 million for the three months ended June 30, 2011 and 2010, and $2.9 million and $3.0 million for the six months ended June 30, 2010 and 2009, respectively, related to the effect of recognizing the Gaylord Palms ground lease expense on a straight-line basis. |
GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In thousands)
Unaudited
(In thousands)
Jun. 30, | Dec. 31, | |||||||
2011 | 2010 | |||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents unrestricted |
$ | 111,363 | $ | 124,398 | ||||
Cash and cash equivalents restricted |
1,150 | 1,150 | ||||||
Trade receivables, net |
48,977 | 31,793 | ||||||
Estimated fair value of derivative assets |
| 22 | ||||||
Deferred income taxes |
5,934 | 6,495 | ||||||
Other current assets |
47,594 | 48,992 | ||||||
Total current assets |
215,018 | 212,850 | ||||||
Property and equipment, net of accumulated depreciation |
2,197,076 | 2,201,445 | ||||||
Notes receivable, net of current portion |
143,773 | 142,651 | ||||||
Long-term deferred financing costs |
10,007 | 12,521 | ||||||
Other long-term assets |
49,780 | 51,065 | ||||||
Long-term assets of discontinued operations |
408 | 401 | ||||||
Total assets |
$ | 2,616,062 | $ | 2,620,933 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Current liabilities: |
||||||||
Current portion of long-term debt and capital lease obligations (a) |
$ | 190 | $ | 58,574 | ||||
Accounts payable and accrued liabilities |
145,110 | 175,343 | ||||||
Estimated fair value of derivative liabilities |
1,749 | 12,475 | ||||||
Current liabilities of discontinued operations |
327 | 357 | ||||||
Total current liabilities |
147,376 | 246,749 | ||||||
Long-term debt and capital lease obligations, net of current portion |
1,165,156 | 1,100,641 | ||||||
Deferred income taxes |
110,238 | 101,140 | ||||||
Other long-term liabilities |
141,290 | 142,200 | ||||||
Long-term liabilities of discontinued operations |
451 | 451 | ||||||
Stockholders equity |
1,051,551 | 1,029,752 | ||||||
Total liabilities and stockholders equity |
$ | 2,616,062 | $ | 2,620,933 | ||||
(a) | Reflects a portion of the Companys $360 million 3.75% Convertible Notes being classified as current at December 31, 2010 as a result of their convertibility at that time. These notes are not currently convertible. |
GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
Unaudited
SUPPLEMENTAL FINANCIAL RESULTS
Unaudited
(in thousands, except operating metrics)
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA)
and Consolidated Cash Flow (CCF) reconciliation:
Three Months Ended Jun. 30, | Six Months Ended Jun. 30, | |||||||||||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||||||||||||||||||
$ | Margin | $ | Margin | $ | Margin | $ | Margin | |||||||||||||||||||||||||
Consolidated |
||||||||||||||||||||||||||||||||
Revenue |
$ | 236,775 | 100.0 | % | $ | 183,879 | 100.0 | % | $ | 457,513 | 100.0 | % | $ | 398,360 | 100.0 | % | ||||||||||||||||
Net income (loss) |
$ | 8,637 | 3.6 | % | $ | (22,720 | ) | -12.4 | % | $ | 6,680 | 1.5 | % | $ | (24,570 | ) | -6.2 | % | ||||||||||||||
Income from discontinued operations, net of taxes |
(4 | ) | 0.0 | % | (3,327 | ) | -1.8 | % | (8 | ) | 0.0 | % | (3,279 | ) | -0.8 | % | ||||||||||||||||
Provision (benefit) for income taxes |
4,799 | 2.0 | % | (11,697 | ) | -6.4 | % | 3,832 | 0.8 | % | (10,722 | ) | -2.7 | % | ||||||||||||||||||
Other (gains) and losses, net |
(141 | ) | -0.1 | % | 147 | 0.1 | % | 50 | 0.0 | % | 160 | 0.0 | % | |||||||||||||||||||
Net gain on extinguishment of debt |
| 0.0 | % | (100 | ) | -0.1 | % | | 0.0 | % | (1,299 | ) | -0.3 | % | ||||||||||||||||||
Income from unconsolidated companies |
(152 | ) | -0.1 | % | (190 | ) | -0.1 | % | (325 | ) | -0.1 | % | (117 | ) | 0.0 | % | ||||||||||||||||
Interest expense, net |
18,061 | 7.6 | % | 17,194 | 9.4 | % | 35,697 | 7.8 | % | 34,087 | 8.6 | % | ||||||||||||||||||||
Operating income (loss) |
31,200 | 13.2 | % | (20,693 | ) | -11.3 | % | 45,926 | 10.0 | % | (5,740 | ) | -1.4 | % | ||||||||||||||||||
Depreciation & amortization |
29,271 | 12.4 | % | 25,951 | 14.1 | % | 58,328 | 12.7 | % | 53,022 | 13.3 | % | ||||||||||||||||||||
Adjusted EBITDA |
60,471 | 25.5 | % | 5,258 | 2.9 | % | 104,254 | 22.8 | % | 47,282 | 11.9 | % | ||||||||||||||||||||
Preopening costs |
41 | 0.0 | % | 6,240 | 3.4 | % | 41 | 0.0 | % | 6,240 | 1.6 | % | ||||||||||||||||||||
Impairment charges |
| 0.0 | % | 41,541 | 22.6 | % | | 0.0 | % | 41,541 | 10.4 | % | ||||||||||||||||||||
Other non-cash expenses |
1,453 | 0.6 | % | 1,479 | 0.8 | % | 2,906 | 0.6 | % | 2,958 | 0.7 | % | ||||||||||||||||||||
Stock option expense |
798 | 0.3 | % | 756 | 0.4 | % | 1,595 | 0.3 | % | 1,455 | 0.4 | % | ||||||||||||||||||||
Other gains and (losses), net |
141 | 0.1 | % | (147 | ) | -0.1 | % | (50 | ) | 0.0 | % | (160 | ) | 0.0 | % | |||||||||||||||||
(Gain) loss on sales of assets |
(141 | ) | -0.1 | % | 261 | 0.1 | % | 50 | 0.0 | % | 274 | 0.1 | % | |||||||||||||||||||
CCF |
$ | 62,763 | 26.5 | % | $ | 55,388 | 30.1 | % | $ | 108,796 | 23.8 | % | $ | 99,590 | 25.0 | % | ||||||||||||||||
Adjusted Hospitality segment (excludes Gaylord Opryland and Other, includes Nashville Radisson) (a) |
||||||||||||||||||||||||||||||||
Revenue |
$ | 145,102 | 100.0 | % | $ | 151,682 | 100.0 | % | $ | 294,134 | 100.0 | % | $ | 300,755 | 100.0 | % | ||||||||||||||||
Operating income |
23,369 | 16.1 | % | 29,289 | 19.3 | % | 47,110 | 16.0 | % | 52,930 | 17.6 | % | ||||||||||||||||||||
Depreciation & amortization |
17,384 | 12.0 | % | 16,838 | 11.1 | % | 34,601 | 11.8 | % | 34,031 | 11.3 | % | ||||||||||||||||||||
Preopening costs |
41 | 0.0 | % | | 0.0 | % | 41 | 0.0 | % | | 0.0 | % | ||||||||||||||||||||
Other non-cash expenses |
1,453 | 1.0 | % | 1,479 | 1.0 | % | 2,906 | 1.0 | % | 2,958 | 1.0 | % | ||||||||||||||||||||
Stock option expense |
167 | 0.1 | % | 220 | 0.1 | % | 354 | 0.1 | % | 426 | 0.1 | % | ||||||||||||||||||||
Other gains and (losses), net |
(5 | ) | 0.0 | % | (229 | ) | -0.2 | % | (5 | ) | 0.0 | % | (247 | ) | -0.1 | % | ||||||||||||||||
Loss on sales of assets |
5 | 0.0 | % | 229 | 0.2 | % | 5 | 0.0 | % | 247 | 0.1 | % | ||||||||||||||||||||
CCF |
$ | 42,414 | 29.2 | % | $ | 47,826 | 31.5 | % | $ | 85,012 | 28.9 | % | $ | 90,345 | 30.0 | % | ||||||||||||||||
Gaylord Opryland (a) |
||||||||||||||||||||||||||||||||
Revenue |
$ | 73,064 | 100.0 | % | $ | 20,963 | 100.0 | % | $ | 133,374 | 100.0 | % | $ | 75,632 | 100.0 | % | ||||||||||||||||
Operating income (loss) |
18,325 | 25.1 | % | (5,579 | ) | -26.6 | % | 24,050 | 18.0 | % | 1,106 | 1.5 | % | |||||||||||||||||||
Depreciation & amortization |
7,906 | 10.8 | % | 5,561 | 26.5 | % | 15,962 | 12.0 | % | 11,541 | 15.3 | % | ||||||||||||||||||||
Preopening costs |
| 0.0 | % | 6,079 | 29.0 | % | | 0.0 | % | 6,079 | 8.0 | % | ||||||||||||||||||||
Stock option expense |
85 | 0.1 | % | 40 | 0.2 | % | 182 | 0.1 | % | 154 | 0.2 | % | ||||||||||||||||||||
Other gains and (losses), net |
(73 | ) | -0.1 | % | | 0.0 | % | (214 | ) | -0.2 | % | 1 | 0.0 | % | ||||||||||||||||||
Loss (gain) on sales of assets |
73 | 0.1 | % | | 0.0 | % | 214 | 0.2 | % | (1 | ) | 0.0 | % | |||||||||||||||||||
CCF |
$ | 26,316 | 36.0 | % | $ | 6,101 | 29.1 | % | $ | 40,194 | 30.1 | % | $ | 18,880 | 25.0 | % | ||||||||||||||||
Other Hospitality (a) |
||||||||||||||||||||||||||||||||
Revenue |
$ | 7 | 100.0 | % | $ | 275 | 100.0 | % | $ | 7 | 100.0 | % | $ | 228 | 100.0 | % | ||||||||||||||||
Operating (loss) income |
(22 | ) | -314.3 | % | 220 | 80.0 | % | (34 | ) | -485.7 | % | 140 | 61.4 | % | ||||||||||||||||||
Depreciation & amortization |
1 | 14.3 | % | 44 | 16.0 | % | 3 | 42.9 | % | 90 | 39.5 | % | ||||||||||||||||||||
Other gains and (losses), net |
216 | 3085.7 | % | | 0.0 | % | 216 | 3085.7 | % | | 0.0 | % | ||||||||||||||||||||
Gain on sales of assets |
(216 | ) | -3085.7 | % | | 0.0 | % | (216 | ) | -3085.7 | % | | 0.0 | % | ||||||||||||||||||
CCF |
$ | (21 | ) | -300.0 | % | $ | 264 | 96.0 | % | $ | (31 | ) | -442.9 | % | $ | 230 | 100.9 | % | ||||||||||||||
Opry and Attractions segment (a) |
||||||||||||||||||||||||||||||||
Revenue |
$ | 18,569 | 100.0 | % | $ | 10,930 | 100.0 | % | $ | 29,936 | 100.0 | % | $ | 21,691 | 100.0 | % | ||||||||||||||||
Operating income |
3,866 | 20.8 | % | 857 | 7.8 | % | 3,223 | 10.8 | % | 93 | 0.4 | % | ||||||||||||||||||||
Depreciation & amortization |
1,340 | 7.2 | % | 1,058 | 9.7 | % | 2,672 | 8.9 | % | 2,420 | 11.2 | % | ||||||||||||||||||||
Preopening costs |
| 0.0 | % | 161 | 1.5 | % | | 0.0 | % | 161 | 0.7 | % | ||||||||||||||||||||
Stock option expense |
29 | 0.2 | % | 19 | 0.2 | % | 72 | 0.2 | % | 65 | 0.3 | % | ||||||||||||||||||||
Other gains and (losses), net |
2 | 0.0 | % | (32 | ) | -0.3 | % | | 0.0 | % | (32 | ) | -0.1 | % | ||||||||||||||||||
(Gain) loss on sales of assets |
(2 | ) | 0.0 | % | 32 | 0.3 | % | | 0.0 | % | 32 | 0.1 | % | |||||||||||||||||||
CCF |
$ | 5,235 | 28.2 | % | $ | 2,095 | 19.2 | % | $ | 5,967 | 19.9 | % | $ | 2,739 | 12.6 | % | ||||||||||||||||
Corporate and Other segment (a) |
||||||||||||||||||||||||||||||||
Revenue |
$ | 33 | $ | 29 | $ | 62 | $ | 54 | ||||||||||||||||||||||||
Operating loss |
(13,869 | ) | (14,133 | ) | (27,955 | ) | (28,662 | ) | ||||||||||||||||||||||||
Depreciation & amortization |
2,640 | 2,450 | 5,090 | 4,940 | ||||||||||||||||||||||||||||
Stock option expense |
517 | 404 | 987 | 737 | ||||||||||||||||||||||||||||
Other gains and (losses), net |
1 | | (47 | ) | 4 | |||||||||||||||||||||||||||
(Gain) loss on sales of assets |
(1 | ) | | 47 | (4 | ) | ||||||||||||||||||||||||||
CCF |
$ | (10,712 | ) | $ | (11,279 | ) | $ | (21,878 | ) | $ | (22,985 | ) | ||||||||||||||||||||
Casualty Loss (a) |
||||||||||||||||||||||||||||||||
Casualty loss |
$ | (469 | ) | $ | (81,347 | ) | $ | (468 | ) | $ | (81,347 | ) | ||||||||||||||||||||
Insurance proceeds |
| 50,000 | | 50,000 | ||||||||||||||||||||||||||||
Operating loss |
(469 | ) | (31,347 | ) | (468 | ) | (31,347 | ) | ||||||||||||||||||||||||
Impairment charges |
| 41,541 | | 41,541 | ||||||||||||||||||||||||||||
Stock option expense |
| 73 | | 73 | ||||||||||||||||||||||||||||
Other gains and (losses), net |
| 114 | | 114 | ||||||||||||||||||||||||||||
CCF |
$ | (469 | ) | $ | 10,381 | $ | (468 | ) | $ | 10,381 | ||||||||||||||||||||||
(a) | Individual segments exclude effect of Casualty Loss, which is shown separately |
GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
Unaudited
(in thousands, except operating metrics)
SUPPLEMENTAL FINANCIAL RESULTS
Unaudited
(in thousands, except operating metrics)
Three Months Ended Jun. 30, | Six Months Ended Jun. 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
HOSPITALITY OPERATING METRICS: |
||||||||||||||||
Adjusted Hospitality Segment (excludes Gaylord Opryland and Other, includes Nashville Radisson) |
||||||||||||||||
Occupancy |
71.9 | % | 72.4 | % | 71.0 | % | 71.6 | % | ||||||||
Average daily rate (ADR) |
$ | 181.68 | $ | 181.34 | $ | 180.63 | $ | 179.21 | ||||||||
RevPAR |
$ | 130.62 | $ | 131.23 | $ | 128.32 | $ | 128.27 | ||||||||
OtherPAR |
$ | 179.38 | $ | 188.33 | $ | 189.87 | $ | 190.29 | ||||||||
Total RevPAR |
$ | 310.00 | $ | 319.56 | $ | 318.19 | $ | 318.56 | ||||||||
Revenue |
$ | 145,102 | $ | 151,682 | $ | 294,134 | $ | 300,755 | ||||||||
CCF |
$ | 42,414 | $ | 47,826 | $ | 85,012 | $ | 90,345 | ||||||||
CCF Margin |
29.2 | % | 31.5 | % | 28.9 | % | 30.0 | % | ||||||||
Gaylord Opryland (a) |
||||||||||||||||
Occupancy |
75.8 | % | 71.9 | % | 72.2 | % | 65.0 | % | ||||||||
Average daily rate (ADR) |
$ | 159.83 | $ | 150.38 | $ | 149.17 | $ | 145.15 | ||||||||
RevPAR |
$ | 121.08 | $ | 108.14 | $ | 107.71 | $ | 94.41 | ||||||||
OtherPAR |
$ | 157.80 | $ | 126.75 | $ | 148.24 | $ | 122.70 | ||||||||
Total RevPAR |
$ | 278.88 | $ | 234.89 | $ | 255.95 | $ | 217.11 | ||||||||
Revenue |
$ | 73,064 | $ | 20,963 | $ | 133,374 | $ | 75,632 | ||||||||
CCF |
$ | 26,316 | $ | 6,101 | $ | 40,194 | $ | 18,880 | ||||||||
CCF Margin |
36.0 | % | 29.1 | % | 30.1 | % | 25.0 | % | ||||||||
Gaylord Palms |
||||||||||||||||
Occupancy |
73.8 | % | 72.3 | % | 76.0 | % | 73.2 | % | ||||||||
Average daily rate (ADR) |
$ | 165.32 | $ | 162.29 | $ | 165.70 | $ | 169.62 | ||||||||
RevPAR |
$ | 122.02 | $ | 117.27 | $ | 125.95 | $ | 124.21 | ||||||||
OtherPAR |
$ | 173.00 | $ | 178.46 | $ | 201.14 | $ | 194.68 | ||||||||
Total RevPAR |
$ | 295.02 | $ | 295.73 | $ | 327.09 | $ | 318.89 | ||||||||
Revenue |
$ | 37,747 | $ | 37,837 | $ | 83,239 | $ | 81,154 | ||||||||
CCF |
$ | 10,301 | $ | 10,438 | $ | 25,516 | $ | 25,054 | ||||||||
CCF Margin |
27.3 | % | 27.6 | % | 30.7 | % | 30.9 | % | ||||||||
Gaylord Texan |
||||||||||||||||
Occupancy |
76.2 | % | 72.1 | % | 74.3 | % | 72.4 | % | ||||||||
Average daily rate (ADR) |
$ | 172.15 | $ | 165.58 | $ | 180.88 | $ | 167.13 | ||||||||
RevPAR |
$ | 131.24 | $ | 119.31 | $ | 134.38 | $ | 121.04 | ||||||||
OtherPAR |
$ | 201.05 | $ | 210.96 | $ | 216.82 | $ | 216.39 | ||||||||
Total RevPAR |
$ | 332.29 | $ | 330.27 | $ | 351.20 | $ | 337.43 | ||||||||
Revenue |
$ | 45,690 | $ | 45,412 | $ | 96,050 | $ | 92,283 | ||||||||
CCF |
$ | 14,560 | $ | 14,935 | $ | 32,517 | $ | 30,898 | ||||||||
CCF Margin |
31.9 | % | 32.9 | % | 33.9 | % | 33.5 | % | ||||||||
Gaylord National |
||||||||||||||||
Occupancy |
67.9 | % | 75.2 | % | 66.1 | % | 72.9 | % | ||||||||
Average daily rate (ADR) |
$ | 211.25 | $ | 215.83 | $ | 199.97 | $ | 204.61 | ||||||||
RevPAR |
$ | 143.39 | $ | 162.38 | $ | 132.11 | $ | 149.15 | ||||||||
OtherPAR |
$ | 186.46 | $ | 205.34 | $ | 178.64 | $ | 194.95 | ||||||||
Total RevPAR |
$ | 329.85 | $ | 367.72 | $ | 310.75 | $ | 344.10 | ||||||||
Revenue |
$ | 59,914 | $ | 66,791 | $ | 112,268 | $ | 124,314 | ||||||||
CCF |
$ | 17,236 | $ | 22,033 | $ | 26,901 | $ | 33,777 | ||||||||
CCF Margin |
28.8 | % | 33.0 | % | 24.0 | % | 27.2 | % | ||||||||
Nashville Radisson |
||||||||||||||||
Occupancy |
66.6 | % | 55.5 | % | 60.9 | % | 51.0 | % | ||||||||
Average daily rate (ADR) |
$ | 102.90 | $ | 90.52 | $ | 97.39 | $ | 89.48 | ||||||||
RevPAR |
$ | 68.53 | $ | 50.20 | $ | 59.35 | $ | 45.67 | ||||||||
OtherPAR |
$ | 14.97 | $ | 9.31 | $ | 14.03 | $ | 9.11 | ||||||||
Total RevPAR |
$ | 83.50 | $ | 59.51 | $ | 73.38 | $ | 54.78 | ||||||||
Revenue |
$ | 1,751 | $ | 1,642 | $ | 2,577 | $ | 3,004 | ||||||||
CCF |
$ | 317 | $ | 420 | $ | 78 | $ | 616 | ||||||||
CCF Margin |
18.1 | % | 25.6 | % | 3.0 | % | 20.5 | % | ||||||||
Other Hospitality (b) |
||||||||||||||||
Occupancy |
0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||
Average daily rate (ADR) |
$ | | $ | | $ | | $ | | ||||||||
RevPAR |
$ | | $ | | $ | | $ | | ||||||||
OtherPAR |
$ | | $ | | $ | | $ | | ||||||||
Total RevPAR |
$ | | $ | | $ | | $ | | ||||||||
Revenue |
$ | 7 | $ | 275 | $ | 7 | $ | 228 | ||||||||
CCF |
$ | (21 | ) | $ | 264 | $ | (31 | ) | $ | 230 | ||||||
CCF Margin |
-300.0 | % | 96.0 | % | -442.9 | % | 100.9 | % |
(a) | Gaylord Opryland 2010 statistics are through May 2, 2010. | |
(b) | Includes other hospitality revenue and expense. |
Gaylord Entertainment Company and Subsidiaries
Reconciliation of Forward-Looking Statements
Unaudited
(in thousands)
Reconciliation of Forward-Looking Statements
Unaudited
(in thousands)
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA)
and Consolidated Cash Flow (CCF) reconciliation:
ORIGINAL GUIDANCE RANGE | REVISED GUIDANCE RANGE | |||||||||||||||
FULL YEAR 2011 | FULL YEAR 2011 | |||||||||||||||
Low | High | Low | High | |||||||||||||
Adjusted Gaylord Hotels |
||||||||||||||||
Estimated Operating Income/(Loss) |
$ | 102,000 | $ | 105,300 | $ | 94,000 | $ | 97,300 | ||||||||
Estimated Depreciation & Amortization |
69,400 | 72,000 | 69,400 | 72,000 | ||||||||||||
Estimated Adjusted EBITDA |
$ | 171,400 | $ | 177,300 | $ | 163,400 | $ | 169,300 | ||||||||
Estimated Pre-Opening Costs |
0 | 0 | 0 | 0 | ||||||||||||
Estimated Non-Cash Lease Expense |
5,800 | 6,000 | 5,800 | 6,000 | ||||||||||||
Estimated Stock Option Expense |
800 | 1,200 | 800 | 1,200 | ||||||||||||
Estimated Gains/(Losses), Net |
0 | 500 | 0 | 500 | ||||||||||||
Estimated CCF |
$ | 178,000 | $ | 185,000 | $ | 170,000 | $ | 177,000 | ||||||||
Low | High | Low | High | |||||||||||||
Gaylord Opryland |
||||||||||||||||
Estimated Operating Income/(Loss) |
$ | 46,000 | $ | 47,400 | $ | 54,000 | $ | 55,400 | ||||||||
Estimated Depreciation & Amortization |
26,850 | 28,600 | 26,850 | 28,600 | ||||||||||||
Estimated Adjusted EBITDA |
$ | 72,850 | $ | 76,000 | $ | 80,850 | $ | 84,000 | ||||||||
Estimated Pre-Opening Costs |
0 | 0 | 0 | 0 | ||||||||||||
Estimated Non-Cash Lease Expense |
0 | 0 | 0 | 0 | ||||||||||||
Estimated Stock Option Expense |
150 | 650 | 150 | 650 | ||||||||||||
Estimated Gains/(Losses), Net |
0 | 350 | 0 | 350 | ||||||||||||
Estimated CCF |
$ | 73,000 | $ | 77,000 | $ | 81,000 | $ | 85,000 | ||||||||
Opry and Attractions segment | ||||||||||||||||
Estimated Operating Income/(Loss) |
$ | 7,000 | $ | 8,300 | $ | 7,000 | $ | 8,300 | ||||||||
Estimated Depreciation & Amortization |
4,900 | 5,400 | 4,900 | 5,400 | ||||||||||||
Estimated Adjusted EBITDA |
$ | 11,900 | $ | 13,700 | $ | 11,900 | $ | 13,700 | ||||||||
Estimated Pre-Opening Costs |
0 | 0 | 0 | 0 | ||||||||||||
Estimated Stock Option Expense |
100 | 250 | 100 | 250 | ||||||||||||
Estimated Gains/(Losses), Net |
0 | 50 | 0 | 50 | ||||||||||||
Estimated CCF |
$ | 12,000 | $ | 14,000 | $ | 12,000 | $ | 14,000 | ||||||||
Corporate and Other segment | ||||||||||||||||
Estimated Operating Income/(Loss) |
($63,500 | ) | ($60,500 | ) | ($63,500 | ) | ($60,500 | ) | ||||||||
Estimated Depreciation & Amortization |
13,500 | 13,000 | 13,500 | 13,000 | ||||||||||||
Estimated Adjusted EBITDA |
($50,000 | ) | ($47,500 | ) | ($50,000 | ) | ($47,500 | ) | ||||||||
Estimated Stock Option Expense |
1,800 | 1,500 | 1,800 | 1,500 | ||||||||||||
Estimated Gains/(Losses), Net |
200 | 0 | 200 | 0 | ||||||||||||
Estimated CCF |
($48,000 | ) | ($46,000 | ) | ($48,000 | ) | ($46,000 | ) | ||||||||
Note: Adjusted Gaylord Hotels excludes Gaylord Opryland, but includes the Radisson