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Gaylord Entertainment Reports 3rd Qtr Net Loss
of $3.2 million; Opening of Gaylord Texan Resort
& Convention Center Boosts Revenues
Hotel Operating Statistics

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NASHVILLE, Tenn. - Oct. 28, 2004--Gaylord Entertainment Co. (NYSE: GET) today reported third quarter results featuring higher revenues led by its newest property, Gaylord Texan Resort & Convention Center in Grapevine, Tex.

For the third quarter ended Sept. 30, 2004:

  • Consolidated revenues nearly doubled to $195.9 million from $98.1 million, and the loss from continuing operations improved to $3.8 million from $23.5 million in the same period last year with the inclusion of ResortQuest results and a strong performance from the Gaylord Texan. The loss from continuing operations was also impacted by changes in the value of the company's Viacom stock investment and related derivatives;
  • Total revenue for the hospitality segment grew 37.4 percent to $113.7 million. Advance bookings for the hospitality segment were down slightly by 5 percent versus last year's third quarter. Year-to-date bookings continue to outpace the prior year by 23 percent, positioning the company to achieve its year-end target of 1.4 million advance bookings;
  • Gaylord Hotels increased total revenue per available room(1) ("Total RevPAR") by 3.3 percent for the third quarter to $202.61. Revenue per available room(2) ("RevPAR") was $92.07;
  • The Gaylord Texan continues to receive outstanding reviews from meeting planners and guests. The Texan's third quarter RevPAR index increased to 136 percent against its competitive set, according to Smith Travel Research, versus a 123 percent RevPAR index in its first quarter of operation;
  • ResortQuest RevPAR increased 5.8 percent to $100.30 in the third quarter. However, as a result of the five hurricanes that struck the Southeast during August and September many travelers canceled or postponed vacation trips. As a result, ResortQuest operating income was negatively impacted by an estimated $3.5 million for the quarter. In addition, approximately 2,000 ResortQuest units were taken out of service due to hurricane damage. The impact of this damage will continue to be felt in the fourth quarter;
  • Adjusted EBITDA(3) in the third quarter was $21.6 million compared to $5.8 million in the prior year quarter with the inclusion of the Texan and ResortQuest in 2004 figures;
  • Consolidated Cash Flow(4) ("CCF") was $25.0 million in the quarter. This compares to $12.9 million of CCF in the prior-year period.
"It was business as usual during the quarter but for the impact of the hurricanes," said Colin V. Reed, president and chief executive officer of Gaylord Entertainment. "Our Gaylord Hotels remain strong as we are seeing positive momentum in all of our properties. Advanced bookings remain on track to reach our year-end goal of 1.4 million room nights. Profitability of our hotel properties was in line with our expectations despite the hurricanes' impact on Orlando. The Gaylord Texan also has quickly established itself as the dominant player in the Dallas-Fort Worth area in its first six months of operation, with occupancy up sharply."

Segment Operating Results

Hospitality

Key components of the company's hospitality segment for the third quarter of 2004 include:

  • Gaylord Hotels same-store RevPAR was $89.92, down 4.2 percent versus the third quarter of 2003;
  • CCF was $19.2 million for the third quarter of 2004 compared to $18.7 million for the third quarter of 2003.
"Gaylord Hotels delivered a strong quarter, highlighted by the performance of our newest property, the Gaylord Texan. Our conversations with our core customer base, group meeting planners, indicate that the entertaining environments and extraordinary service Gaylord Hotels offer make for a very compelling value proposition," said Reed.

"Additionally, one of our key metrics, Total RevPAR, continued to show improvement in the third quarter, rising to $202.61 from $196.07 in the quarter a year ago. Part of the appeal of our convention hotel model is our ability to generate outside-the-room spending through our outstanding food, beverage and entertainment offerings. And, beginning in the fourth quarter, we are now booking advance reservations for our exciting Gaylord National Resort & Convention Center project in our nation's capital region, which we expect to open in March, 2008."

At the property level, Gaylord Opryland generated RevPAR of $95.07 in the third quarter of 2004 versus $93.46 in the third quarter of 2003, a 1.7 percent increase. Occupancy increased by 1.9 percentage points to 72.6 percent. ADR was $130.89, down 1.0 percent compared to the third quarter of 2003. Total RevPAR in the quarter increased slightly to $188.67 as a result of higher food and beverage and ancillary spending.

Gaylord Palms generated RevPAR of $86.60 in the third quarter of 2004, compared to $103.00 in the same period of 2003. Occupancy at the Palms declined during the quarter to 62.6 percent from 70.0 percent a year ago primarily due to lower group occupancy as a result of advance booking patterns. ADR was $138.28 for the quarter, down 6.0 percent compared to the prior year due to reduced transient rates offered to hurricane evacuees in August. Total RevPAR at Gaylord Palms was $224.69 in the third quarter of 2004, a 7.8 percent decrease from the third quarter of 2003.

The Gaylord Texan generated RevPAR of $98.60 in the third quarter of 2004, with occupancy at 75.7 percent. ADR was $130.25 for the quarter. Total RevPAR at the Gaylord Texan was $236.00 in the third quarter of 2004. The Gaylord Texan's operating margins improved in the third quarter as the property began to achieve operating efficiencies.

ResortQuest

For the third quarter of 2004, ResortQuest revenues were $63.7 million and operating income was $7.7 million. ResortQuest CCF was $10.8 million for the period.
Third quarter occupancy for ResortQuest decreased 1.7 percentage points to 57.0 percent and ADR increased to $176.02 from $161.58 in the third quarter of 2003.
"Thanks to the advance planning and extraordinary efforts of many ResortQuest employees in the region, we were able to provide uninterrupted customer service through our centralized call center and quickly began to help customers rebook their vacations and owners evaluate damage to their units," said Reed. "We are taking any cancellations as an opportunity to differentiate the ResortQuest brand within the vacation rental property business by offering to re-book guests in one of our 50 premier resort destinations throughout North America. Nevertheless, we expect the damage from the hurricanes to have a continued impact in the fourth quarter due to the units that remain out of service. Therefore, we are reducing our 2004 CCF estimate for ResortQuest due to the severity of the hurricanes."

The company expects that by the end of the first quarter of 2005 it will return to service over 75 percent of the ResortQuest units impacted by the hurricanes. The number of total units under exclusive management was 18,346 for the third quarter including the units out of service.

Opry and Attractions

Opry and Attractions revenues were $18.4 million in the third quarter of 2004 compared to $15.3 million in the third quarter of 2003. The operating income in the Opry and Attractions segment was $1.0 million in the third quarter of 2004 compared to an operating income of $0.8 million in the third quarter of 2003. Opry and Attractions CCF increased to $2.3 million in the third quarter from $2.0 million in the same period a year ago.

"As part of our efforts to both capitalize on the Grand Ole Opry's tremendous brand recognition and extend its reach to new audiences, we named Cracker Barrel Old Country Store as the first presenting sponsor of the Opry," said Reed. "This agreement will generate revenue for the company in the fourth quarter and over the longer term will enable us to reach millions of Cracker Barrel customers in over 500 restaurants in 41 states. We believe there is great potential for other similar partnerships to broaden the reach of the Opry."

Corporate and Other

Corporate and Other operating loss totaled $9.4 million for the third quarter of 2004, compared to an operating loss of $11.5 million for the third quarter of 2003. Corporate and Other operating losses included non-cash charges of $1.4 million and $2.6 million for the third quarter of 2004 and 2003, respectively. These charges include items such as depreciation, amortization, impairment charges and the non-cash portion of the Gaylord Entertainment Center naming-rights agreement expense. Corporate and Other CCF was a loss of $7.3 million in the third quarter of 2004 and a loss of $7.9 million in the third quarter of 2003.

Bass Pro Shops

On July 8, 2004, Bass Pro, Inc., ("Bass Pro") redeemed the approximate 28.5 percent stake held in Bass Pro by private equity investor J. W. Childs Associates. As a result, Gaylord's ownership stake in Bass Pro increased from 19.0 percent to 26.6 percent. Consequently, Gaylord began accounting for its interest in Bass Pro using the equity method of accounting in the third quarter of 2004. The equity method accounting, through which Gaylord will account for its proportionate share of Bass Pro's income going forward, has been applied retroactively to all periods presented.
For the quarter ended Sept. 30, 2004, Gaylord's equity income from the investment was $1.6 million. For the year-to-date period, Gaylord's equity income from the Bass Pro investment was $3.4 million. For the full year of 2004 Gaylord's equity income from the Bass Pro investment is expected to be $5 to $6 million.

Bass Pro currently operates 22 stores and plans to add 14 to 16 stores over the next two years.

Liquidity

At September 30, 2004, the company had total debt outstanding of $545.7 million and unrestricted and restricted cash of $73.1 million.

Outlook

The following information is based on current information as of Oct. 28, 2004, and includes the impact from the consolidation of ResortQuest. The company does not expect to update guidance until next quarter's earnings release. However, the company may update its full business outlook or any portion thereof at any time for any reason.

"We will continue to execute upon our overall corporate strategy, and build upon our market leadership in the large group segment of the hospitality industry," said Reed. "We are reaffirming our RevPAR outlook for the remainder of this year and for 2005; however, the recent severe weather and its negative impact on travel to the affected regions has caused us to revise our full year 2004 CCF guidance down slightly."
"Given the current level of advance bookings and the continuing strength of the economy, we are optimistic that our 2005 performance will be strong," said Reed.
                                          2004             2005
Consolidated Revenue             $740 million range
Consolidated Cash Flow
 Gaylord Hotels                  $109 million range
 ResortQuest                     $ 14 million range
 Opry and Attractions            $  7 million range
 Corporate and Other            ($ 35) million range
 Consolidated CCF                $ 95 million range

Gaylord Hotels advance bookings     1.4 million

Gaylord Hotels RevPAR Growth          0-2%          High single digits
 
 

GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In thousands, except per share data)

                                Three Months Ended  Nine Months Ended
                                     Sept. 30,          Sept. 30,
                                ------------------- ------------------
                                      2004    2003      2004     2003
                                ------------------- ------------------
Revenues                          $195,924 $98,101  $556,878 $317,951
Operating expenses:
Operating costs                    130,458  63,527   354,847  191,933
Selling, general and
 administrative (a)                 43,679  24,621   139,139   79,941
 Impairment and other charges            -     856     1,212      856
 Restructuring charges                   -       -        78        -
Preopening costs                       223   3,283    14,239    7,111
Depreciation and amortization       20,311  14,567    57,781   43,444
                                ------------------- ------------------
Operating income (loss)              1,253  (8,753)  (10,418)  (5,334)
                                ------------------- ------------------
Interest expense, net of
 amounts capitalized               (14,850)(10,476)  (39,011) (31,139)
Interest income                        371     742     1,031    1,773
Unrealized gain (loss) on
 Viacom stock                      (23,766)(58,976) (119,052) (27,067)
Unrealized gain (loss) on
 derivatives                        26,317  32,976    84,314   24,016
 Income from Bass Pro
  investment                         1,587   1,491     3,383    1,806
Other gains and (losses), net          753   1,008     2,390    1,291
Income (loss) before income
 taxes and discontinued         ------------------- ------------------
 operations                         (8,335)(41,988)  (77,363) (34,654)
                                ------------------- ------------------
(Benefit) provision for income
 taxes                              (4,524)(18,490)  (32,006) (15,269)
Income (loss) from continuing
 operations before discontinued ------------------- ------------------
 operations                         (3,811)(23,498)  (45,357) (19,385)
Income from discontinued
 operations, net of taxes              619  35,150       619   36,126
Net income (loss)                  $(3,192)$11,652  $(44,738) $16,741
                                =================== ==================
Basic net income (loss) per
 share:
Income (loss) from continuing
 operations                         $(0.10) $(0.69)   $(1.15)  $(0.57)
Income from discontinued
 operations, net of taxes            $0.02   $1.03     $0.02    $1.07
                                ------------------- ------------------
Consolidated EPS                    $(0.08)  $0.34    $(1.13)   $0.50
                                =================== ==================
Fully diluted net income (loss)
 per share:
Income (loss) from continuing
 operations                         $(0.10) $(0.69)   $(1.15)  $(0.57)
Income from discontinued
 operations, net of taxes            $0.02   $1.03     $0.02    $1.07
                                ------------------- ------------------
Consolidated diluted EPS            $(0.08)  $0.34    $(1.13)   $0.50
                                =================== ==================
Weighted average common shares
 for the period:
Basic                               39,726  33,849    39,594   33,818
Fully-diluted                       39,726  33,849    39,594   33,818
 

(a) Includes non-cash lease expense of $1,638 and $1,638 for the three months ended September 30, 2004 and 2003, respectively, and $4,913 and $4,914 for the nine months ended September 30, 2004 and 2003 respectively, related to the effect of recognizing the Gaylord Palms ground lease expense on a straight-line basis. Also includes non- cash expense of $225 and $255 for the three months ended September 30, 2004 and 2003, respectively, and $673 and $765 for the nine months ended September 30, 2004 and 2003 respectively, related to the effect of recognizing the Naming Rights Agreement for the Gaylord Entertainment Center on a straight-line basis.
 
 

            GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED BALANCE SHEETS
                               Unaudited
                            (In thousands)
                                                  Sept.     December
                                                   30,         31,
                                                  2004        2003
                                               -----------  ----------
                           ASSETS
 Current assets:
 Cash and cash equivalents - unrestricted          $36,026   $120,965
 Cash and cash equivalents - restricted             37,048     37,723
 Trade receivables, net                             36,093     26,101
 Deferred financing costs                           26,865     26,865
 Deferred income taxes                              11,584      8,753
 Other current assets                               29,092     20,121
 Current assets of discontinued operations               -         19
                                               -----------  ----------
          Total current assets                     176,708    240,547
 Property and equipment, net of accumulated
  depreciation                                   1,342,059  1,297,528
 Intangible assets, net of accumulated
  amortization                                      26,504     29,505
 Goodwill                                          168,227    169,642
 Indefinite lived intangible assets                 40,591     40,591
 Investments                                       436,989    552,658
 Estimated fair value of derivative assets         214,328    146,278
 Long-term deferred financing costs                 54,013     75,154
 Other long-term assets                             28,323     29,107
                                               -----------  ----------

   Total assets                                 $2,487,742 $2,581,010
                                               ===========  ==========
 
 
 

            LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Current portion of long-term debt and capital
  lease obligations                                 $8,394     $8,584
 Accounts payable and accrued liabilities          150,457    154,952
 Current liabilities of discontinued
  operations                                         1,687      2,930
                                               -----------  ----------
          Total current liabilities                160,538    166,466

 Secured forward exchange contract                 613,054    613,054
 Long-term debt and capital lease obligations,
  net of current portion                           537,273    540,175
 Deferred income taxes                             217,266    252,502
 Estimated fair value of derivative liabilities      2,625     21,969
 Other long-term liabilities                        82,613     79,226
 Other long-term liabilities of discontinued
  operations                                             -        825
 Stockholders' equity                              874,373    906,793
                                               -----------  ----------

 Total liabilities and stockholders' equity     $2,487,742 $2,581,010
                                               ===========  ==========

            GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
                    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 Sept. 30,
                                             2004          2003
                                             $    Margin   $    Margin
                                         -------- ------ ------ ------
Consolidated
Revenue                                  $195,924 100.0%$98,101 100.0%

Net income (loss)                         $(3,192) -1.6%$11,652  11.9%
Income from discontinued operations,
 net of taxes                                (619) -0.3%(35,150)-35.8%
(Benefit) provision for income taxes       (4,524) -2.3%(18,490)-18.8%
Other (gains) and losses, net                (753) -0.4% (1,008) -1.0%
 Income from Bass Pro investment           (1,587) -0.8% (1,491) -1.5%
Unrealized (gain) loss on derivatives     (26,317)-13.4%(32,976)-33.6%
Unrealized (gain) loss on Viacom stock     23,766  12.1% 58,976  60.1%
Interest expense, net                      14,479   7.4%  9,734   9.9%
Operating income (loss)                    $1,253   0.6%$(8,753) -8.9%
Depreciation & amortization                20,311  10.4% 14,567  14.8%
Adjusted EBITDA                           $21,564  11.0% $5,814   5.9%
Pre-opening costs                             223   0.1%  3,283   3.3%
Non-cash lease expense                      1,638   0.8%  1,638   1.7%
Non-cash naming rights for Gaylord Arena      225   0.1%    255   0.3%
Impairment and other non-cash charges           -   0.0%    856   0.9%
Non-recurring ResortQuest integration
 charges                                      598   0.3%    N/A   N/A
Other gains and (losses), net                 753   0.4%  1,008   1.0%
CCF                                       $25,001  12.8%$12,854  13.1%
                                         =============================

Hospitality segment
Revenue                                  $113,725 100.0%$82,797 100.0%
Operating income                            1,992   1.8%  1,932   2.3%
Depreciation & amortization                15,387  13.5% 11,833  14.3%
Pre-opening costs                             223   0.2%  3,283   4.0%
Non-cash lease expense                      1,638   1.4%  1,638   2.0%
Other gains and (losses), net                   4   0.0%      7   0.0%
CCF                                       $19,244  16.9%$18,693  22.6%
                                         =============================

ResortQuest segment
Revenue                                   $63,730 100.0%    N/A   N/A
Operating income                            7,743  12.1%    N/A   N/A
Depreciation & amortization                 2,481   3.9%    N/A   N/A
Non-recurring ResortQuest integration
 charges                                      598   0.9%    N/A   N/A
Other gains and (losses), net                  16   0.0%    N/A   N/A
CCF                                       $10,838  17.0%    N/A   N/A
                                         =============================
 

Opry and Attractions segment
Revenue                                   $18,352 100.0%$15,259 100.0%
Operating income (loss)                       967   5.3%    825   5.4%
Depreciation & amortization                 1,292   7.0%  1,215   8.0%
Impairment and other non-cash charges           -   0.0%      -     -
Other gains and (losses), net                   2   0.0%    (10) -0.1%
CCF                                        $2,261  12.3% $2,030  13.3%
                                         =============================

Corporate and Other segment
Revenue                                      $117           $45
Operating loss                             (9,449)      (11,510)
Depreciation & amortization                 1,151         1,519
Impairment and other non-cash charges           0           856
Non-cash naming rights for Gaylord Arena      225           255
Other gains and (losses), net                 731         1,011
CCF                                       $(7,342)      $(7,869)
                                         =============================
 

                                           Nine Months Ended Sept. 30,
                                       -------------------------------
                                             2004            2003
                                           $    Margin    $     Margin
                                       -------- ------ -------- ------
 Consolidated
 Revenue                               $556,878 100.0% $317,951 100.0%

 Net income (loss)                     $(44,738) -8.0%  $16,741   5.3%
 Income from discontinued operations,
  net of taxes                             (619) -0.1%  (36,126)-11.4%
 (Benefit) provision for income taxes   (32,006) -5.7%  (15,269) -4.8%
 Other (gains) and losses, net           (2,390) -0.4%   (1,291) -0.4%
  Income from Bass Pro investment        (3,383) -0.6%   (1,806) -0.6%
 Unrealized (gain) loss on derivatives  (84,314)-15.1%  (24,016) -7.6%
 Unrealized (gain) loss on Viacom stock 119,052  21.4%   27,067   8.5%
 Interest expense, net                   37,980   6.8%   29,366   9.2%
                                       --------------- ---------------
 Operating income (loss)               $(10,418) -1.9%  $(5,334) -1.7%
 Depreciation & amortization             57,781  10.4%   43,444  13.7%
                                       --------------- ---------------
 Adjusted EBITDA                        $47,363   8.5%  $38,110  12.0%
 Pre-opening costs                       14,239   2.6%    7,111   2.2%
 Non-cash lease expense                   4,913   0.9%    4,914   1.5%
 Non-cash naming rights for Gaylord
  Arena                                     673   0.1%      765   0.2%
 Impairment and other non-cash charges    1,212   0.2%      856   0.3%
 Non-recurring ResortQuest integration
  charges                                 2,504   0.4%      N/A   N/A
 Other gains and (losses), net            2,390   0.4%    1,291   0.4%
                                       --------------- ---------------
 CCF                                    $73,294  13.2%  $53,047  16.7%
                                       =============== ===============

 Hospitality segment
 Revenue                               $337,008 100.0% $272,502 100.0%
 Operating income                        13,501   4.0%   27,511  10.1%
 Depreciation & amortization             42,756  12.7%   34,991  12.8%
 Pre-opening costs                       14,239   4.2%    7,111   2.6%
 Non-cash lease expense                   4,913   1.5%    4,914   1.8%
 Other gains and (losses), net             (107)  0.0%      (20)  0.0%
                                       --------------- ---------------
 CCF                                    $75,302  22.3%  $74,507  27.3%
                                       =============== ===============

 ResortQuest segment
 Revenue                               $171,878 100.0%      N/A   N/A
 Operating income                        10,598   6.2%      N/A   N/A
 Depreciation & amortization              7,396   4.3%      N/A   N/A
 Non-recurring ResortQuest integration
  charges                                 2,504   1.5%      N/A   N/A
 Other gains and (losses), net               72   0.0%      N/A   N/A
                                       --------------- ---------------
 CCF                                    $20,570  12.0%      N/A   N/A
                                       =============== ===============
 

 Opry and Attractions segment
 Revenue                                $47,749 100.0%  $45,310 100.0%
 Operating income (loss)                 (2,006) -4.2%     (610) -1.3%
 Depreciation & amortization              3,918   8.2%    3,851   8.5%
 Impairment and other non-cash charges    1,212   2.5%        -     -
 Other gains and (losses), net                5   0.0%      (10) -0.1%
                                       --------------- ---------------
 CCF                                     $3,129   6.6%   $3,231   7.1%
                                       =============== ===============

 Corporate and Other segment
 Revenue                                   $243            $139
 Operating loss                         (32,511)        (32,235)
 Depreciation & amortization              3,711           4,602
 Impairment and other non-cash charges        0             856
 Non-cash naming rights for Gaylord
  Arena                                     673             765
 Other gains and (losses), net            2,420           1,321
                                       --------------- ---------------
 CCF                                   $(25,707)       $(24,691)
                                       =============== ===============
 

N/A - Not Applicable.  ResortQuest was acquired November 20, 2003.

            GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
                    SUPPLEMENTAL FINANCIAL RESULTS
                               Unaudited
               (in thousands, except operating metrics)

                                ------------------ -------------------
                                  Three  Months    Nine Months Ended
                                  Ended Sept. 30         Sept. 30
                                ------------------ -------------------
                                    2004     2003      2004      2003
                                --------- -------- --------- ---------

HOSPITALITY OPERATING METRICS:
Gaylord Hospitality Segment

Occupancy                           70.8%    70.5%     71.1%     73.1%
Average daily rate (ADR)         $130.03  $133.26   $140.88   $142.87
RevPAR                            $92.07   $93.90   $100.12   $104.42
OtherPAR                         $110.54  $102.17   $119.77   $113.08
Total RevPAR                     $202.61  $196.07   $219.89   $217.50

Revenue                         $113,725  $82,797  $336,993  $272,502
CCF                              $19,244  $18,693   $75,302   $74,507
CCF Margin                          16.9%    22.6%     22.3%     27.3%

Gaylord Opryland

Occupancy                           72.6%    70.7%     69.8%     72.2%
Average daily rate (ADR)         $130.89  $132.25   $136.38   $135.16
RevPAR                            $95.07   $93.46    $95.17    $97.64
OtherPAR                          $93.60   $92.99    $94.76    $95.03
Total RevPAR                     $188.67  $186.45   $189.93   $192.67

Revenue                          $50,008  $49,420  $149,911  $151,498
CCF                              $10,896  $11,826   $33,679   $37,634
CCF Margin                          21.8%    23.9%     22.5%     24.8%

Gaylord Palms

Occupancy                           62.6%    70.0%     75.6%     76.2%
Average daily rate (ADR)         $138.28  $147.17   $165.63   $169.57
RevPAR                            $86.60  $103.00   $125.20   $129.28
OtherPAR                         $138.09  $140.58   $179.93   $172.43
Total RevPAR                     $224.69  $243.58   $305.13   $301.71

Revenue                          $29,064  $31,507  $117,551  $115,806
CCF                               $3,852   $6,382   $33,140   $35,551
CCF Margin                          13.3%    20.3%     28.2%     30.7%

Gaylord Texan

Occupancy                           75.7%       -      69.9%        -
Average daily rate (ADR)         $130.25       $-   $132.74        $-
RevPAR                            $98.60       $-    $92.82        $-
OtherPAR                         $137.40       $-   $140.29        $-
Total RevPAR                     $236.00       $-   $233.11        $-

Revenue                          $32,808        -   $64,107         -
CCF                               $3,853        -    $7,006         -
CCF Margin                          11.7%       -      10.9%        -

Nashville Radisson

Occupancy                           67.0%    70.7%     66.1%     66.5%
Average daily rate (ADR)          $84.08   $79.01    $83.29    $80.35
RevPAR                            $56.37   $55.83    $55.05    $53.40
OtherPAR                           $9.83   $11.25    $10.29     $9.44
Total RevPAR                      $66.20   $67.08    $65.34    $62.84

Revenue                           $1,845   $1,870    $5,424    $5,198
CCF                                 $643     $485    $1,477    $1,322
CCF Margin                          34.9%    25.9%     27.2%     25.4%
 

Gaylord Hospitality Segment ("Same Store", excludes the Gaylord Texan)

Occupancy                           69.2%    70.5%     71.3%     73.1%
Average daily rate (ADR)         $129.95  $133.26   $142.63   $142.87
RevPAR                            $89.92   $93.90   $101.72   $104.42
OtherPAR                         $101.70  $102.17   $115.27   $113.08
Total RevPAR                     $191.62  $196.07   $216.99   $217.50

Revenue                          $80,917  $82,797  $272,886  $272,502
CCF                              $15,391  $18,693   $68,296   $74,507
CCF Margin                          19.0%    22.6%     25.0%     27.3%

RESORTQUEST OPERATING METRICS:
ResortQuest Segment

Occupancy                           57.0%    58.7%     56.0%     54.3%
ADR                              $176.02  $161.58   $151.39   $145.43
RevPAR                           $100.30   $94.80    $84.71    $79.02
Total Units                       18,346   19,354    18,346    19,354
 
 

            GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
             RECONCILIATION OF FORWARD-LOOKING STATEMENTS
                               Unaudited
               (in thousands, except operating metrics)
Consolidated Cash Flow ("CCF") reconciliation:                Guidance
                                                             Full Year
                                                               2004 
                                                                 $
Consolidated
Estimated Operating income (loss)                            $(13,400)
Estimated Depreciation & amortization                          78,700 
Estimated Pre-opening costs                                    14,600 
Estimated Non-cash lease expense                                6,600 
Estimated Non-cash naming rights for Gaylord Arena              1,000 
Estimated  Non-cash impairment                                  1,200 
Estimated Non-recurring merger costs                            3,400 
Estimated Gains and (losses), net                               2,900 
Estimated CCF                                                 $95,000 

Hospitality segment
Estimated Operating income (loss)                              29,200
Estimated Depreciation & amortization                          58,700
Estimated Pre-opening costs                                    14,600
Estimated Non-cash lease expense                                6,600
Estimated Gains and (losses), net                                (100)
Estimated CCF                                                $109,000
                                                             =========

ResortQuest segment
-------------------
Estimated Operating income (loss)                                 800
Estimated Depreciation & amortization                           9,800
Estimated Non-recurring merger costs                            3,400
Estimated Gains and (losses), net                                   -
                                                             ---------
Estimated CCF                                                 $14,000
                                                             =========
 

Opry and Attractions segment
----------------------------
Estimated Operating income (loss)                                 600
Estimated Depreciation & amortization                           5,200
Estimated  Non-cash impairment                                  1,200
Estimated Gains and (losses), net                                   -
                                                             ---------
Estimated CCF                                                  $7,000
                                                             =========

Corporate and Other segment
---------------------------
Estimated Operating income (loss)                             (44,000)
Estimated Depreciation & amortization                           5,000
Estimated Non-cash naming rights for Gaylord Arena              1,000
Estimated Gains and (losses), net                               3,000
                                                             ---------
Estimated CCF                                                $(35,000)
 

About Gaylord Entertainment
Gaylord Entertainment (NYSE: GET), a leading hospitality and entertainment company based in Nashville, Tenn., owns and operates three industry-leading brands - Gaylord Hotels (www.gaylordhotels.com), its network of upscale, meetings-focused resorts, ResortQuest (www.resortquest.com), the nation's largest vacation rental property management company, and the Grand Ole Opry (www.opry.com), the weekly showcase of country music's finest performers for 79 consecutive years. The company's entertainment brands and properties include the Radisson Hotel Opryland, Ryman Auditorium, General Jackson Showboat, Springhouse Links, Wildhorse Saloon and WSM-AM. For more information about the company, visit www.gaylordentertainment.com.

This press release contains statements as to the company's 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. 

   

 
Contact:

Gaylord Entertainment
David Kloeppel
615-316-6101
dkloeppel@gaylordentertainment.com
www.gaylordentertainment.com
 

Also See: The 1,500 room Gaylord National Resort & Convention Center on the Potomac to Open in March 2008, Will Be Largest Largest Hotel and Convention Center in the Washington DC Area / September 2004
Gaylord Entertainment Reports 2nd Qtr Net Loss of $23.3 million; The Gaylord Texan Resort & Convention Center Opens During 2nd Qtr / Hotel Operating Statistics / July 2004
The $480 million Gaylord Texan Resort & Convention Center Expected to be a Convention Juggernaut; Already Projecting 80% Occupancy in 2005 / March 2004
Gaylord Texan Resort & Convention Center Puts Dallas, Fort Worth, Houston and Austin on Notice That It's A Player / June 2004


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