GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In thousands, except per share data)
Three Months Ended Twelve Months Ended
Dec. 31
Dec. 31
------------------ ------------------
2005 2004 2005
2004
------------------ ------------------
Revenues (a)
$221,437 $188,645 $868,789 $730,827
Operating expenses:
Operating costs (a)
146,371 121,841 554,860 466,511
Selling, general and
administrative (b)
56,408 49,425 204,662 184,952
Impairment and other charges
- -
- 1,212
Restructuring charges
- 118
- 196
Preopening costs
1,676 (34) 5,005
14,205
Depreciation and amortization
21,186 20,151 83,229 77,683
------------------ ------------------
Operating (loss) income
(4,204) (2,856) 21,033 (13,932)
------------------ ------------------
Interest expense, net of amounts
capitalized
(18,720) (16,053) (73,169) (55,064)
Interest income
659 486 2,479
1,501
Unrealized (loss) gain on Viacom
stock
(4,484) 31,138 (41,554) (87,914)
Unrealized gain (loss) on
derivatives
6,472 (27,781) 35,705 56,533
Income from unconsolidated
companies
189 442 2,169
3,825
Other gains and (losses), net
634 (1,301) 6,656 1,089
------------------ ------------------
Loss before benefit from income
taxes
(19,454) (15,925) (46,681) (93,962)
Benefit for income taxes
(6,429) (7,424) (15,147) (39,709)
------------------ ------------------
Loss from continuing operations (13,025)
(8,501) (31,534) (54,253)
(Loss) income from discontinued
operations, net of taxes
(40) (399) (2,416)
615
------------------ ------------------
Net Loss
$(13,065)$ (8,900) $(33,950)$(53,638)
================== ==================
Basic net loss per share:
-------------------------
Loss from continuing
operations
$ (0.32)$ (0.21) $ (0.78)$ (1.37)
(Loss) income from
discontinued operations,
net of taxes
$ - $ (0.01) $ (0.07)$
0.02
------------------ ------------------
Net Loss
$ (0.32)$ (0.22) $ (0.85)$ (1.35)
================== ==================
Fully diluted net loss per share:
---------------------------------
Loss from continuing
operations
$ (0.32)$ (0.21) $ (0.78)$ (1.37)
(Loss) income from
discontinued operations,
net of taxes
$ - $ (0.01) $ (0.07)$
0.02
------------------ ------------------
Net Loss
$ (0.32)$ (0.22) $ (0.85)$ (1.35)
================== ==================
Weighted average common shares
for the period:
------------------------------
Basic
40,305 39,834 40,171 39,654
Fully-diluted
40,305 39,834 40,171 39,654
(a) Includes certain ResortQuest reimbursed management
contract
expenses incurred in the period of
$10,536 and $9,211 for the
three months ended December 31, 2005
and 2004, respectively, and
$42,149 and $39,396 for the twelve
months ended December 31, 2005
and 2004, respectively.
(b) Includes non-cash lease expense of $2,118 and $1,638
for the three
months ended December 31, 2005 and
2004 and $7,032 and $6,551 for
the twelve months ended December 31,
2005 and 2004, respectively,
related to the effect of recognizing
the Gaylord Palms ground
lease expense and other property lease
expense on a straight-line
basis. Also includes non-cash expense
of $0 and $162 for the three
months ended December 31, 2005 and
2004, respectively, and $64 and
$835 for the twelve months ended December
31, 2005 and 2004,
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)
Dec. 31, Dec. 31,
2005 2004
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents - unrestricted
$ 59,798 $ 43,498
Cash and cash equivalents - restricted
24,196 42,963
Short-term investments
- 27,000
Trade receivables, net
36,366 30,873
Deferred financing costs
26,865 26,865
Deferred income taxes
8,861 10,411
Other current assets
29,852 21,066
Current assets of discontinued operations
2,649 11,337
----------- -----------
Total current assets
188,587 214,013
Property and equipment, net of accumulated
depreciation
1,404,419 1,341,808
Intangible assets, net of accumulated
amortization
27,828 25,962
Goodwill
177,998 162,792
Indefinite lived intangible assets
40,315 40,315
Investments
429,295 468,570
Estimated fair value of derivative assets
220,430 187,383
Long-term deferred financing costs
29,144 50,873
Other long-term assets
13,842 24,088
Long-term assets of discontinued operations
646 5,241
----------- -----------
Total assets
$2,532,504 $2,521,045
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt and
capital lease obligations
$ 1,825 $ 463
Accounts payable and accrued liabilities
190,952 163,927
Current liabilities of discontinued
operations
3,650 5,794
----------- -----------
Total current liabilities
196,427 170,184
Secured forward exchange contract
613,054 613,054
Long-term debt and capital lease obligations,
net of current portion
598,475 575,946
Deferred income taxes
177,652 205,682
Estimated fair value of derivative
liabilities
1,994 4,514
Other long-term liabilities
96,218 81,942
Long-term liabilities and minority interest
of discontinued operations
117 122
Stockholders' equity
848,567 869,601
----------- -----------
Total liabilities and stockholders' equity
$2,532,504 $2,521,045
=========== ===========
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 Dec. 31,
-------------------------------
2005
2004
--------------- ---------------
$ Margin $
Margin
--------------- ---------------
Consolidated
------------
Revenue
$221,437 100.0% $188,645 100.0%
Net loss
$(13,065) -5.9% $(8,900) -4.7%
Loss (income) from
discontinued operations,
net of taxes
40 0.0% 399 0.2%
(Benefit) provision for
income taxes
(6,429) -2.9% (7,424) -3.9%
Other (gains) and losses,
net
(634) -0.3% 1,301 0.7%
(Income) loss from
unconsolidated companies
(189) -0.1% (442) -0.2%
Unrealized (gain) loss on
derivatives
(6,472) -2.9% 27,781 14.7%
Unrealized loss (gain) on
Viacom stock
4,484 2.0% (31,138)-16.5%
Interest expense, net
18,061 8.2% 15,567 8.3%
--------------- ---------------
Operating (loss) income
(4,204) -1.9% (2,856) -1.5%
Depreciation & amortization 21,186
9.6% 20,151 10.7%
--------------- ---------------
Adjusted EBITDA
16,982 7.7% 17,295 9.2%
Pre-opening costs
1,676 0.8% (34) 0.0%
Non-cash lease expense
2,118 1.0% 1,638 0.9%
Non-cash naming rights for
Gaylord Arena
- 0.0% 162 0.1%
Impairment and other non-
cash charges
- 0.0% -
0.0%
Non-recurring ResortQuest
integration charges (1)
224 0.1% 563 0.3%
Loss on sale of business
- 0.0% 1,817 1.0%
Other gains and (losses),
net
634 0.3% (1,301) -0.7%
Gain on sale of Ryman
Auditorium parking lot
- 0.0% -
0.0%
Gain on sale of songs.com
- 0.0% -
0.0%
Loss on sale of assets
376 0.2% -
0.0%
Dividends received from
RHAC, LLC
2,417 1.1% -
0.0%
--------------- ---------------
CCF
$24,427 11.0% $20,140 10.7%
=============== ===============
Hospitality segment
-------------------
Revenue
$164,125 100.0% $136,043 100.0%
Operating income
20,969 12.8% 15,819 11.6%
Depreciation & amortization 16,148
9.8% 15,765 11.6%
Pre-opening costs
1,676 1.0% (34) 0.0%
Non-cash lease expense
1,576 1.0% 1,638 1.2%
Other gains and (losses),
net
(61) 0.0% 1
0.0%
Loss on sale of assets
376 0.2% -
0.0%
--------------- ---------------
CCF
$40,684 24.8% $33,189 24.4%
=============== ===============
ResortQuest segment
-------------------
Revenue
$41,387 100.0% $33,641 100.0%
Operating (loss) income
(13,160)-31.8% (9,581)-28.5%
Depreciation & amortization
2,616 6.3% 2,063 6.1%
Non-recurring
ResortQuest integration
charges (1)
224 0.5% 563 1.7%
Non-cash lease expense
542 1.3% -
0.0%
Loss on sale of business
- 0.0% 1,817 5.4%
Other gains and (losses),
net
(161) -0.4% (1,842) -5.5%
Dividends received from
RHAC, LLC
2,417 5.8% -
0.0%
--------------- ---------------
CCF
$(7,522)-18.2% $(6,980)-20.7%
=============== ===============
Opry and Attractions segment
----------------------------
Revenue
$15,825 100.0% $18,816 100.0%
Operating income
315 2.0% 2,342 12.4%
Depreciation & amortization
1,420 9.0% 1,297 6.9%
Impairment and other non-
cash charges
- 0.0% -
0.0%
Other gains and (losses),
net
- 0.0% (25) -0.1%
Gain on sale of Ryman
Auditorium parking lot
- 0.0% -
0.0%
--------------- ---------------
CCF
$1,735 11.0% $3,614 19.2%
=============== ===============
Corporate and Other segment
----------------------------
Revenue
$100
$145
Operating loss
(12,328) (11,436)
Depreciation & amortization
1,002 1,026
Non-cash naming rights for
Gaylord Arena
-
162
Other gains and (losses),
net
856
565
Gain on sale of songs.com
-
-
Gain on sale of assets
-
-
--------------- ---------------
CCF
$(10,470) $(9,683)
=============== ===============
Twelve Months Ended Dec. 31,
---------------------------------
2005
2004
---------------- ----------------
$ Margin $
Margin
---------------- ----------------
Consolidated
------------
Revenue
$868,789 100.0% $730,827 100.0%
Net loss
$(33,950) -3.9% $(53,638) -7.3%
Loss (income) from
discontinued operations,
net of taxes
2,416 0.3% (615) -0.1%
(Benefit) provision for
income taxes
(15,147) -1.7% (39,709) -5.4%
Other (gains) and losses,
net
(6,656) -0.8% (1,089) -0.1%
(Income) loss from
unconsolidated companies
(2,169) -0.2% (3,825) -0.5%
Unrealized (gain) loss on
derivatives
(35,705) -4.1% (56,533) -7.7%
Unrealized loss (gain) on
Viacom stock
41,554 4.8% 87,914 12.0%
Interest expense, net
70,690 8.1% 53,563 7.3%
---------------- ----------------
Operating (loss) income
21,033 2.4% (13,932) -1.9%
Depreciation & amortization
83,229 9.6% 77,683 10.6%
---------------- ----------------
Adjusted EBITDA
104,262 12.0% 63,751 8.7%
Pre-opening costs
5,005 0.6% 14,205 1.9%
Non-cash lease expense
7,032 0.8% 6,551 0.9%
Non-cash naming rights for
Gaylord Arena
64 0.0% 835
0.1%
Impairment and other non-
cash charges
- 0.0% 1,212 0.2%
Non-recurring ResortQuest
integration charges (1)
2,040 0.2% 3,067 0.4%
Loss on sale of business
- 0.0% 1,817 0.2%
Other gains and (losses),
net
6,656 0.8% 1,089 0.1%
Gain on sale of Ryman
Auditorium parking lot
(2,077) -0.2% -
0.0%
Gain on sale of songs.com
(926) -0.1% -
0.0%
Loss on sale of assets
192 0.0% -
0.0%
Dividends received from
RHAC, LLC
2,844 0.3% -
0.0%
---------------- ----------------
CCF
$125,092 14.4% $92,527 12.7%
================ ================
Hospitality segment
-------------------
Revenue
$576,927 100.0% $473,051 100.0%
Operating income
67,700 11.7% 29,320 6.2%
Depreciation & amortization
63,188 11.0% 58,521 12.4%
Pre-opening costs
5,005 0.9% 14,205 3.0%
Non-cash lease expense
6,490 1.1% 6,551 1.4%
Other gains and (losses),
net
(536) -0.1% (106) 0.0%
Loss on sale of assets
578 0.1% -
0.0%
---------------- ----------------
CCF
$142,425 24.7% $108,491 22.9%
================ ================
ResortQuest segment
-------------------
Revenue
$224,253 100.0% $190,823 100.0%
Operating (loss) income
(7,290) -3.3% 359 0.2%
Depreciation & amortization
10,645 4.7% 9,210 4.8%
Non-recurring
ResortQuest integration
charges (1)
2,040 0.9% 3,067 1.6%
Non-cash lease expense
542 0.2% -
0.0%
Loss on sale of business
- 0.0% 1,817 1.0%
Other gains and (losses),
net
718 0.3% (1,770) -0.9%
Dividends received from
RHAC, LLC
2,844 1.3% -
0.0%
---------------- ----------------
CCF
$9,499 4.2% $12,683 6.6%
================ ================
Opry and Attractions segment
----------------------------
Revenue
$67,097 100.0% $66,565 100.0%
Operating income
1,889 2.8% 336
0.5%
Depreciation & amortization
5,347 8.0% 5,215 7.8%
Impairment and other non-
cash charges
- 0.0% 1,212 1.8%
Other gains and (losses),
net
1,886 2.8% (20) 0.0%
Gain on sale of Ryman
Auditorium parking lot
(2,077) -3.1% -
0.0%
---------------- ----------------
CCF
$7,045 10.5% $6,743 10.1%
================ ================
Corporate and Other segment
----------------------------
Revenue
$512
$388
Operating loss
(41,266) (43,947)
Depreciation & amortization
4,049 4,737
Non-cash naming rights for
Gaylord Arena
64
835
Other gains and (losses),
net
4,588 2,985
Gain on sale of songs.com
(926)
-
Gain on sale of assets
(386)
-
---------------- ----------------
CCF
$(33,877) $(35,390)
================ ================
(1) Under the terms of Gaylord's bond indentures and credit
facility,
non recurring costs and expenses related
to the merger of
ResortQuest and Gaylord Entertainment
in Nov. 2003 are excluded
from the calculation of Consolidated
Cash Flow ("CCF").
Non-recurring ResortQuest integration
charges include severance
payments, rebranding expenses, technology
integration charges and
other related non-recurring expenses
related to the merger, not to
exceed a total of $10 million.
GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
Unaudited
(in thousands, except operating metrics)
-------------------- --------------------
Three Months Ended Twelve Months Ended
Dec. 31,
Dec. 31,
-------------------- --------------------
2005 2004
2005 2004
--------- --------- --------- ---------
HOSPITALITY OPERATING METRICS:
Gaylord Hospitality Segment (1)
-------------------------------
Occupancy
74.6% 70.1%
73.9% 70.8%
Average daily rate (ADR) $155.79 $147.58
$149.73 $142.65
RevPAR
$116.29 $103.39 $110.65
$100.99
OtherPAR
$179.25 $138.99 $152.00
$124.92
Total RevPAR
$295.54 $242.38 $262.65
$225.91
Revenue
$164,125 $136,043 $576,927 $473,051
CCF
$40,684 $33,189 $142,425 $108,491
CCF Margin
24.8% 24.4%
24.7% 22.9%
Gaylord Opryland (1)
--------------------
Occupancy
80.2% 72.8%
75.4% 70.5%
Average daily rate (ADR) $150.43 $146.63
$139.43 $139.04
RevPAR
$120.60 $106.69 $105.14
$98.06
OtherPAR
$173.06 $114.02 $128.22
$99.59
Total RevPAR
$293.66 $220.71 $233.36
$197.65
Revenue
$76,297 $58,499 $238,495 $208,410
CCF
$20,150 $16,828 $54,911
$50,507
CCF Margin
26.4% 28.8%
23.0% 24.2%
Gaylord Palms
-------------
Occupancy
68.9% 69.0%
74.1% 73.9%
Average daily rate (ADR) $170.56 $161.28
$170.48 $164.61
RevPAR
$117.57 $111.22 $126.32
$121.69
OtherPAR
$189.79 $179.19 $196.26
$179.74
Total RevPAR
$307.36 $290.41 $322.58
$301.43
Revenue
$39,757 $37,565 $165,547 $155,116
CCF
$8,503 $8,202 $45,333
$41,342
CCF Margin
21.4% 21.8%
27.4% 26.7%
Gaylord Texan
-------------
Occupancy
69.7% 65.8%
71.7% 68.5%
Average daily rate (ADR) $168.21 $149.67
$162.03 $138.19
RevPAR
$117.30 $98.41 $116.20
$94.70
OtherPAR
$214.71 $174.63 $183.00
$151.82
Total RevPAR
$332.01 $273.04 $299.20
$246.52
Revenue
$46,155 $37,956 $165,015 $102,063
CCF
$10,971 $7,490 $39,652
$14,496
CCF Margin
23.8% 19.7%
24.0% 14.2%
Nashville Radisson and Other (2)
---------------------------------
Occupancy
74.2% 70.9%
70.0% 67.3%
Average daily rate (ADR) $87.78
$85.29 $87.51 $83.70
RevPAR
$65.12 $60.47 $61.27
$56.33
OtherPAR
$11.10 $12.08 $11.78
$10.82
Total RevPAR
$76.22 $72.55 $73.05
$67.15
Revenue
$1,916 $2,023 $7,870
$7,462
CCF
$1,060 $669
$2,529 $2,146
CCF Margin
55.3% 33.1%
32.1% 28.8%
Gaylord Hospitality Segment ("Same Store", excludes the
Gaylord Texan
for Twelve Months Ended December 31) (1)
---------------------------------------------------------------------
Occupancy
74.6% 70.1%
74.6% 71.4%
Average daily rate (ADR) $155.79 $147.58
$145.77 $143.71
RevPAR
$116.29 $103.39 $108.79
$102.54
OtherPAR
$179.25 $138.99 $141.62
$118.29
Total RevPAR
$295.54 $242.38 $250.41
$220.83
Revenue
$164,125 $136,043 $411,912 $370,988
CCF
$40,684 $33,189 $102,773
$93,995
CCF Margin
24.8% 24.4%
25.0% 25.3%
RESORTQUEST OPERATING METRICS:
ResortQuest Segment (3)
------------------------
Occupancy
41.5% 43.9%
53.1% 54.4%
ADR
$129.35 $120.77 $157.26
$148.64
RevPAR
$53.68 $53.04 $83.56
$80.82
Total Units
16,353 15,358 16,353
15,358
(1) Excludes 5,056 and 28,997 room nights that were taken
out of
service during the three months and
twelve months ended December
31, 2005, respectively, as a result
of the rooms renovation
program at Gaylord Opryland.
(2) Includes other hospitality revenue and expense
(3) Excludes units in discontinued markets and units out
of service,
including units damaged by hurricanes.
GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
RECONCILIATION OF FORWARD-LOOKING STATEMENTS
Unaudited
(in thousands, except operating metrics)
Adjusted Earnings Before Interest, Taxes, Depreciation
and
Amortization ("Adjusted EBITDA") and Consolidated
Cash Flow ("CCF")
reconciliation:
Guidance Range
(Full Year 2006)
Low High
--------- ---------
Consolidated
------------
Estimated Operating income (loss)
$36,800 $47,800
Estimated Depreciation & amortization
90,100 90,100
--------- ---------
Estimated Adjusted EBITDA
$126,900 $137,900
Estimated Pre-opening costs
6,000 6,000
Estimated Non-cash lease expense
6,600 6,600
Estimated Gains and (losses), net
12,500 12,500
--------- ---------
Estimated CCF
$152,000 $163,000
========= =========
Hospitality segment
-------------------
Estimated Operating income (loss)
$78,200 $81,200
Estimated Depreciation & amortization
66,000 66,000
--------- ---------
Estimated Adjusted EBITDA
$144,200 $147,200
Estimated Pre-opening costs
6,000 6,000
Estimated Non-cash lease expense
6,600 6,600
Estimated Gains and (losses), net
1,200 1,200
--------- ---------
Estimated CCF
$158,000 $161,000
========= =========
ResortQuest segment
-------------------
Estimated Operating income (loss)
$4,100 $9,100
Estimated Depreciation & amortization
12,800 12,800
--------- ---------
Estimated Adjusted EBITDA
$16,900 $21,900
Estimated Gains and (losses), net
4,100 4,100
--------- ---------
Estimated CCF
$21,000 $26,000
========= =========
Opry and Attractions segment
----------------------------
Estimated Operating income (loss)
$4,200 $5,200
Estimated Depreciation & amortization
5,600 5,600
--------- ---------
Estimated Adjusted EBITDA
$9,800 $10,800
Estimated Gains and (losses), net
200 200
--------- ---------
Estimated CCF
$10,000 $11,000
========= =========
Corporate and Other segment
---------------------------
Estimated Operating income (loss)
$(49,700) $(47,700)
Estimated Depreciation &
amortization
5,700 5,700
--------- ---------
Estimated Adjusted EBITDA
$(44,000) $(42,000)
Estimated Gains and (losses), net
7,000 7,000
--------- ---------
Estimated CCF
$(37,000) $(35,000)
========= =========
(1) The company calculates total revenue per available
room ("Total RevPAR") by dividing the sum of room sales, food & beverage,
and other ancillary services revenue by room nights available to guests
for the period, excluding guest rooms taken out of service as result of
Gaylord Opryland's room renovation program during 2005.
(2) The company calculates revenue per available room
("RevPAR") for its hospitality segment by dividing room sales by room nights
available to guests for the period, excluding guest rooms taken out of
service as a result of Gaylord Opryland's room renovation program during
2005. The company calculates revenue per available room ("RevPAR") for
its ResortQuest segment by dividing gross lodging revenues by room nights
available to guests for the period. The company's ResortQuest segment revenue
represents a portion of the gross lodging revenues based on the services
provided by ResortQuest. ResortQuest segment revenue and operating expenses
include certain reimbursed management contract expenses incurred in the
period of $10.5 million and $9.2 million for the three months ended December
31, 2005 and 2004, respectively.
(3) Adjusted EBITDA is used herein as essentially operating
income plus depreciation and amortization (refer to footnote 4 below).
Consolidated Cash Flow (which is used in this release as that term is defined
in the Indentures governing the company's 8% and 6.75% senior notes) also
excludes the impact of pre-opening costs, the non-cash portion of the naming
rights and Florida ground lease expense, impairment and other charges,
non-recurring ResortQuest integration charges which when added to other
expenses related to the merger do not exceed $10 million, the non-cash
gain on the sale of the songs.com domain name, the Ryman Auditorium parking
lot and other fixed assets and adds (subtracts) other gains (losses) and
dividends received from our minority investment in RHAC, L.L.C., which
owns the Aston Waikiki Beach hotel. The Consolidated Cash Flow measure
is one of the principal tools used by management in evaluating the operating
performance of the company's 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 or segment operating
income is included as part of the Supplemental Financial Results contained
in this press release.
(4) Adjusted EBITDA (defined as earnings before interest,
taxes, depreciation, amortization, as well as certain unusual items) 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 the effect of the changes
in fair value of the Viacom stock we own and changes in the fair value
of the derivative associated with our secured forward exchange contract
and gains on the sale of assets. In accordance with generally accepted
accounting principles, the changes in fair value of the Viacom stock and
derivatives are not included in determining our operating income (loss).
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 is presented in the Supplemental Financial Results contained in
this press release. |