NASHVILLE,
Tenn.--(BUSINESS WIRE)--Gaylord
Entertainment Co. (NYSE: GET) today reported its financial results for
the fourth quarter and full year ended December 31, 2009. Highlights
from the fourth quarter and full year ended December 31, 2009 include:
- Consolidated revenue
decreased 0.5 percent to $249.4 million in the fourth quarter of 2009
from $250.6 million in the same period last year. For the full year
2009, consolidated revenue decreased 5.6 percent to $879.1 million.
Hospitality segment total revenue decreased 0.8 percent to $231.0
million in the fourth quarter of 2009 compared to $232.9 million in the
prior-year quarter, and same-store hospitality revenue decreased 3.9
percent to $174.2 million. Hospitality revenue for the full year 2009
decreased 4.0 percent to $814.2 million, and same-store hospitality
revenue decreased 14.2 percent to $582.8 million. Gaylord Hotels
revenue per available room1 (“RevPAR”) and total
revenue per available room2 (“Total RevPAR”) decreased
2.7 percent and 0.8 percent, respectively, in the fourth quarter of
2009 compared to the fourth quarter of 2008. For the full year 2009,
Gaylord Hotels RevPAR and Total RevPAR decreased 10.0 percent and 9.9
percent, respectively, compared to 2008. Total RevPAR for the fourth
quarter of 2009 includes attrition and cancellation fees of
approximately $7.6 million collected during the quarter compared to
$5.7 million in fees for the prior-year quarter. For the full year
2009, attrition and cancellation fee collections totaled $27.7 million
compared to $14.5 million in the prior year.
- Loss from continuing
operations was $0.6 million, or a loss of $0.01 per diluted share
(based on 46,975,000 weighted average shares outstanding), in the
fourth quarter of 2009 compared to income from continuing operations of
$9.4 million, or $0.23 per diluted share, in the prior-year quarter
(based on 41,081,000 weighted average shares outstanding). For the full
year 2009, loss from continuing operations was $0.05 million, or $0.00
per diluted share (based on 42,490,000 weighted average shares
outstanding), compared to income from continuing operations of $4.6
million in the full year 2008, or $0.11 per diluted share (based on
41,257,000 weighted average shares outstanding). Loss from continuing
operations in the fourth quarter of 2009 included a pre-tax $6.0
million loss on the purchase and redemption of the $259.8 million
remaining principal amount outstanding of the Company’s 8.0 percent
senior notes. Income from continuing operations for the same period in
2008 included a $19.9 million pre-tax gain on the repurchase of a
portion of the Company’s 8.0 percent and 6.75 percent senior notes,
partially offset by a pre-tax $4.7 million non-cash impairment
charge related to the termination of the Chula Vista project and a
pre-tax $2.5 million non-cash impairment charge associated with
the write-off of the Company’s investment in Waipouli Holdings, LLC.
Loss from continuing operations for the full year 2009 also included
$7.9 million in pre-tax severance costs associated with the Company’s
cost-containment initiatives, a pre-tax $6.6 million non-cash
impairment charge related to the write-off of goodwill of Corporate
Magic, a reporting unit within the Company’s Opry & Attractions
segment, a pre-tax $3.0 million non-cash charge to recognize
compensation expense related to the surrender of certain executives’
stock options and $1.9 million of pre-tax costs associated with the
resolution of a potential proxy contest. These costs were offset by a
pre-tax $24.7 million gain on the repurchase of portions of the
Company’s 8.0 percent and 6.75 percent senior notes prior to the
purchase and redemption of the remaining outstanding balance of the 8.0
percent senior notes in the fourth quarter of 2009 and a pre-tax $3.6
million gain related to a payment received in connection with a tax
increment financing (“TIF”) arrangement related to the Ryman
Auditorium. Income from continuing operations for the full year 2008
also included $19.2 million in pre-tax pre-opening costs, primarily
associated with Gaylord National, and a pre-tax $12.0 million non-cash
impairment charge related to the termination of the La Cantera
acquisition.
- Adjusted EBITDA3 was $51.8 million in the
fourth quarter of 2009 compared to $38.4 million in the prior-year
quarter. For the full year 2009, Adjusted EBITDA was $165.7 million
compared to $147.2 million in the prior year.
- Consolidated Cash
Flow4 (“CCF”) increased 11.3
percent to $53.9 million in the fourth quarter of 2009 compared to
$48.4 million in the same period last year. Consolidated CCF for the
full year 2009 decreased by 4.3 percent from 2008 to $189.5 million.
Gaylord Hotels full year CCF decreased 3.9 percent to $221.0 million,
and full year same-store CCF decreased 18.3 percent to $160.7 million.
CCF for the full year 2009 included $7.4 million in severance costs, a
$3.6 million gain under the TIF arrangement related to the Ryman
Auditorium and $1.9 million in costs associated with the resolution of
a potential proxy contest as discussed above.
- Gaylord Hotels gross
advance group bookings in the fourth quarter of 2009 for all future
years was 736,736 room nights, an increase of 18.7 percent when
compared to the same period last year. Net of attrition and
cancellations, advance bookings in the fourth quarter for all future
periods were 453,093 room nights, an increase of 8.7 percent when
compared to the same period last year.
“This was
another solid quarter for our business, in what continues to be a
challenged economy,” said Colin V. Reed, chairman and chief executive
officer of Gaylord Entertainment. “We are encouraged by how our unique,
group-centric business model and our dedicated STARS have responded to
the challenges of this past year. We remained focused throughout the
year on streamlining our business and optimizing cost-cutting
efficiencies, which saved us approximately $45 million in 2009. These
savings, when combined with our aggressive collection of attrition and
cancellation fees, translated into a 26.9 percent CCF margin4 for our hotels in the
fourth quarter, and a 27.1 percent CCF margin for our hotels for the
full year 2009. Set against full year same-store revenue declines of
roughly 14 percent, we were pleased with our profitability performance.
“Advance group
bookings, which serve as a leading indicator for our business, were
encouraging in the fourth quarter of 2009. We booked more than 450,000
net room nights during the quarter and more than one million during the
full year. While net advance bookings were down year-over-year, an 8.7
percent quarter-over-quarter improvement gives us confidence that
meeting and convention groups will continue to return to our hotels in
the years to come.”
Segment
Operating Results
Hospitality
Key components
of the Company’s hospitality segment performance in the fourth quarter
and full year 2009 include:
- Same-store RevPAR
for the quarter decreased 7.1 percent to $111.76 compared to $120.36 in
the prior-year quarter. Same-store Total RevPAR for the quarter
decreased 3.9 percent to $310.51 compared to $323.03 in the prior-year
quarter. Same-store RevPAR for the full year decreased 15.6 percent
compared to the prior-year to $104.15. Same-store Total RevPAR
decreased 14.1 percent compared to the prior year to $261.81.
Same-store hotels when used herein exclude Gaylord National for all
periods presented.
- Gaylord National
RevPAR in the fourth quarter of 2009 increased 12.1 percent to $125.64
compared to $112.11 in the prior-year quarter. Gaylord National Total
RevPAR in the fourth quarter of 2009 increased 9.8 percent to $309.06
compared to $281.44 in the prior-year quarter. For the full year 2009,
Gaylord National achieved RevPAR of $133.16 and Total RevPAR of $317.54.
- Same-store CCF
increased 5.8 percent to $52.5 million for the fourth quarter compared
to $49.6 million in the prior-year quarter. Same-store CCF margin
increased 270 basis points to 30.1 percent compared to 27.4 percent in
the fourth quarter of 2008. Same-store CCF margin for the year
decreased 140 basis points to 27.6 percent compared to 29.0 percent in
2008. Full year same-store CCF and CCF margin included $2.9 million in
severance costs.
- Gaylord National CCF
increased 15.0 percent to $9.7 million in the fourth quarter compared
to $8.4 million in the prior-year quarter, and generated $60.3 million
in CCF for the full year 2009. Gaylord National CCF margin increased 70
basis points to 17.0 percent compared to 16.3 percent in the fourth
quarter of 2008. Gaylord National CCF margin for the year increased 640
basis points to 26.0 percent compared to 19.6 percent in 2008.
Full-year Gaylord National CCF and CCF margin included $0.5 million in
severance costs.
- Same-store attrition
that occurred for groups that traveled in the fourth quarter of 2009
was 10.6 percent of the agreed upon room block compared to 14.1 percent
for the same period in 2008 and 9.9 percent in the third quarter of
2009. Same-store in-the-year, for-the-year cancellations in the fourth
quarter totaled approximately 6,278 room nights compared to 15,332 in
the same period of 2008 and 14,375 in the third quarter of 2009.
Same-store in-the-year, for-the-year cancellations for the full year
2009 totaled approximately 116,735 compared to 74,673 in the prior
year. Gaylord Hotels attrition and cancellation fee collections totaled
$7.6 million in the fourth quarter of 2009 compared to $5.7 million for
the same period in 2008 and $4.3 million in the third quarter of 2009.
For the full year 2009, attrition and cancellation fee collections
totaled $27.7 million compared to $14.5 million in the prior year.
Reed
continued, “We continued to see tangible signs of stabilization in our
business in the fourth quarter. Attrition and cancellation levels
continue to normalize. The 10.6 percent same-store attrition we
experienced in the fourth quarter is a significant improvement over
14.1 percent in the fourth quarter of 2008. Our average group room rate
booked in 2009 for 2010 has been slightly better than the average room
rate actualized in 2009, a sign that travel and convention budgets are
potentially beginning to return to historical levels. Additionally, our
holiday programs drove incremental business in the fourth quarter and
demonstrated that leisure consumer demand is stabilizing.”
At the
property level, Gaylord Opryland generated revenue of $82.7 million in
the fourth quarter of 2009, a 4.2 percent decrease compared to $86.4
million in the prior-year quarter, due primarily to a decline in
average daily rate (“ADR”). Full year 2009 revenue of $247.1 million
represented a 16.7 percent decrease compared to $296.7 million in 2008.
Occupancy for the quarter increased 1.8 percentage points compared to
the prior-year quarter and decreased 9.4 percentage points for the full
year. Fourth quarter RevPAR decreased 7.1 percent to $116.72 compared
to $125.61 in the same period last year. Total RevPAR decreased 4.2
percent to $312.30 in the fourth quarter of 2009 compared to $326.12 in
the prior-year quarter. For the full year 2009, RevPAR and Total RevPAR
decreased 16.4 percent and 16.9 percent to $99.74 and $235.10,
respectively. CCF increased 5.4 percent to $25.3 million for the fourth
quarter, versus $24.0 million in the prior-year quarter. For the
quarter, CCF margin increased 280 basis points over the prior-year
quarter to 30.6 percent. Full year 2009 CCF decreased 26.2 percent to
$62.5 million primarily due to the decline in occupancy driven by the
economic recession. Full year CCF and CCF margin included $1.6 million
in severance costs. Despite the 16.7 percent decline in full year
revenue, CCF margin for the year was 25.3 percent, a decline of only
330 basis points compared to 2008.
Gaylord Palms
posted revenue of $41.7 million in the fourth quarter of 2009, a 3.0
percent decrease compared to $43.0 million in the prior-year quarter
driven primarily by a decrease in occupancy. Full year 2009 revenue of
$157.2 million represented a 13.0 percent decrease compared to $180.8
million in 2008. Occupancy for the quarter was down 4.6 percentage
points compared to the prior-year quarter, and was down 10.3 percentage
points for the full year. Fourth quarter RevPAR decreased 4.4 percent
to $115.47 compared to $120.81 in the prior-year quarter. Total RevPAR
in the fourth quarter decreased 3.0 percent to $322.50 compared to
$332.51 in the prior-year quarter. For the full year, RevPAR decreased
14.4 percent to $118.01 and Total RevPAR decreased 12.8 percent to
$306.34. In the fourth quarter, CCF increased to $11.1 million compared
to $10.8 million in the prior-year quarter, resulting in a CCF margin
of 26.7 percent, a 150 basis point increase compared to 25.2 percent in
the prior-year quarter. For the full year, CCF decreased 15.0 percent
to $44.7 million compared to $52.6 million in 2008. Full year CCF and
CCF margin included $0.6 million in severance costs. Despite the 13.0
percent decline in full year revenue, CCF margin for the year was 28.4
percent, a decline of only 70 basis points.
Gaylord Texan
revenue was $47.9 million in the fourth quarter of 2009, a decrease of
3.4 percent from $49.6 million in the prior-year quarter, driven
primarily by a decline in ADR. For the full year, revenue decreased
11.1 percent to $171.4 million from $192.7 million in 2008, driven by
declines in occupancy and ADR. Occupancy for the fourth quarter was up
2.1 percentage points compared to the fourth quarter of 2008 and for
the full year was down 5.7 percentage points. RevPAR in the fourth
quarter decreased 8.8 percent to $109.37 when compared to $119.87 in
the prior-year quarter due to the decline in ADR as industry rate
pressure continued. Total RevPAR decreased 3.4 percent to $344.48
compared to $356.66 in the prior-year quarter. For the year, RevPAR
decreased 15.0 percent to $109.49 from $128.77 in 2008. Total RevPAR
for the full year decreased 10.8 percent to $310.74 compared to $348.46
in 2008. CCF increased 10.3 percent to $15.0 million in the fourth
quarter of 2009, versus $13.6 million in the prior-year quarter,
resulting in a 31.3 percent CCF margin, a 390 basis point increase from
the prior-year quarter. Full year CCF and CCF margin included $0.6
million in severance costs. Despite the 11.1 percent decline in full
year revenue, CCF for the full year decreased only 9.1 percent to $51.3
million. CCF margin for the full year 2009 was 29.9 percent, a 60 basis
point increase compared to the prior-year.
Gaylord
National generated revenue of $56.8 million in the fourth quarter of
2009, a 9.8 percent increase when compared to the prior-year quarter.
Revenue for the full year was $231.3 million. RevPAR in the fourth
quarter increased 12.1 percent to $125.64 when compared to the
prior-year quarter. For the full year 2009, RevPAR was $133.16. Total
RevPAR increased 9.8 percent to $309.06 in the fourth quarter when
compared to the prior-year quarter. Total RevPAR for the full year 2009
was $317.54. CCF increased 15.0 percent to $9.7 million in the fourth
quarter when compared to the prior-year quarter. CCF margin increased
70 basis points in the fourth quarter when compared to the prior-year
quarter. For the full year, CCF was $60.3 million and CCF margin was
26.0 percent, a 640 basis points increase when compared to the prior
year. Full year CCF and CCF margin included $0.5 million in severance
costs.
Reed
continued, “The Gaylord National continued to gain momentum this
quarter despite a challenging economy and at times, challenging weather
conditions that made travel in and around Washington, D.C. very
difficult. We continue to grow our revenue base and improve our
operations, which we believe will translate into additional growth in
2010.”
Development
Update
Gaylord
Entertainment’s 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.
Opry and
Attractions
Opry and
Attractions segment revenue increased 4.4 percent to $18.4 million in
the fourth quarter of 2009, compared to $17.7 million in the year-ago
quarter. For the full year, revenue decreased to $64.9 million compared
to $82.1 million in 2008. The segment’s CCF increased to $3.2 million
in the fourth quarter of 2009 from $1.7 million in the prior-year
quarter. Full year CCF increased by 15.4 percent to $12.5 million
compared to 2008. Full year CCF and CCF margin included $0.5 million in
severance costs and a $3.6 million gain recorded from the TIF payment
related to the Ryman Auditorium.
Corporate
and Other
Corporate and
Other operating loss totaled $14.9 million in the fourth quarter of
2009 compared to an operating loss of $19.2 million in the same period
last year. For the full year, the segment reported an operating loss of
$60.4 million compared to an operating loss of $71.3 million in the
prior-year. Corporate and Other CCF in the fourth quarter of 2009
declined 0.9 percent to a loss of $11.4 million compared to a loss of
$11.3 million in the same period last year. For the full year, CCF
declined 2.9 percent to a loss of $44.0 million compared to a loss of
$42.8 million in 2008. Full year CCF and CCF margin included $3.6
million in severance costs and $1.9 million in costs associated with
the resolution of a potential proxy contest. For the full year, the
difference between Corporate and Other operating loss and Corporate and
Other CCF was primarily due to depreciation and amortization expense
and non-cash stock option expense, which included $3.0 million non-cash
charge to recognize compensation expense related to the surrender of
certain executives’ stock options.
Liquidity
As of December
31, 2009, the Company had long-term debt outstanding, including current
portion, of $1,178.7 million and unrestricted and restricted cash of
$181.2 million. At the end of the fourth quarter of 2009, $300.0
million of borrowings were undrawn under the Company’s $1.0 billion
credit facility, and the lending banks had issued $9.8 million in
letters of credit, which left $290.2 million of availability under the
credit facility. During the quarter, the Company purchased and redeemed
the $259.8 million remaining principal amount outstanding of its 8.0
percent senior notes due 2013 for a total payment of $267.0 million,
using net proceeds from previously announced financing transactions
completed in the third quarter of 2009.
Outlook
Reed
concluded, “As we look towards 2010, we have been encouraged by signs
of market stabilization including lower attrition and cancellation
rates and solid advance bookings. That said, it is difficult to have
total visibility into what remains an unpredictable political and
economic environment. We have closely examined our business and the
factors that could impact it moving forward and continue to believe
that top line demand will likely be flat in 2010, though there is
potential during the year for RevPAR growth to enter positive
territory. We do expect to see labor and benefit cost increases in
2010, as well as the full impact of our completed union contract at
Gaylord National. All of these cost increases will combine to impact
profitability. As always, we will remain prudent in how we manage our
business including capital expenditures.
“For the full
year 2010, we are anticipating Gaylord Hotels RevPAR to range from a
decline of 2.0 percent to an increase of 1.0 percent compared to full
year 2009. We anticipate Gaylord Hotels Total RevPAR to range from a
decline of 1.0 percent to an increase of 2.0 percent compared to the
full year 2009. We are also providing Gaylord Hotels CCF guidance of
$210-$226 million. For the Opry and Attractions segment, we are placing
CCF guidance at $10-$12 million, and for our Corporate and Other
segment we are guiding CCF performance of a loss of $44-$41 million. As
such, we expect our total CCF performance to be in the range of
$176-$197 million.”
|
|
|
|
|
2010
Guidance |
Consolidated
Cash Flow |
|
|
|
|
|
Gaylord
Hotels |
|
|
|
$210
– 226 Million |
|
Opry
and Attractions |
|
|
|
$10
– 12 Million |
|
Corporate
and Other |
|
|
|
$(44
– 41) Million |
Totals |
|
|
|
$176
– 197 Million |
|
|
|
|
|
Gaylord
Hotels RevPAR |
|
|
|
(2)%
- 1% |
Gaylord
Hotels Total RevPAR |
|
|
|
(1)%
- 2% |
Webcast
and Replay
Gaylord
Entertainment will hold a conference call to discuss this release today
at 10 a.m. ET. Investors can listen to the conference call over the
Internet atwww.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 music’s finest performers for more than 80
consecutive years. The Company's 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 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. 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 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 Company’s
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,
2008 and our Quarterly Reports on From 10-Q for the fiscal quarters
ended March 31, 2009, June 30, 2009 and September 30, 2009. 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 hospitality
segment by dividing room sales by room nights available to guests for
the period.
2The 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.
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 (loss) income 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 Company’s 6.75 percent senior notes) is a
non-GAAP financial measure which also excludes the impact of
pre-opening costs, impairment charges, the non-cash portion of the
Florida ground lease expense, stock option expense, the non-cash gains
and losses on the termination of certain interest rate swaps and 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
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
(loss) income or segment operating (loss) income is included as part of
the Supplemental Financial Results contained in this press release. CCF
margin is defined as CCF divided by revenue.
GAYLORD
ENTERTAINMENT COMPANY AND SUBSIDIARIES |
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
Unaudited |
(In
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended |
|
|
Twelve
Months Ended |
|
|
|
|
Dec.
31, |
|
|
Dec.
31, |
|
|
|
|
|
2009 |
|
|
|
|
2008 |
|
|
|
|
2009 |
|
|
|
|
2008 |
|
Revenues |
|
|
|
$ |
249,446 |
|
|
|
$ |
250,632 |
|
|
|
$ |
879,121 |
|
|
|
$ |
930,869 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs |
|
|
|
|
151,302 |
|
|
|
|
156,447 |
|
|
|
|
531,257 |
|
|
|
|
566,366 |
|
Selling,
general and administrative (a) |
|
|
|
|
46,324 |
|
|
|
|
48,590 |
|
|
|
|
175,550 |
|
|
|
|
178,809 |
|
Impairment
charges (b) |
|
|
|
|
- |
|
|
|
|
7,233 |
|
|
|
|
6,586 |
|
|
|
|
19,264 |
|
Preopening
costs |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
19,190 |
|
Depreciation
and amortization |
|
|
|
|
30,392 |
|
|
|
|
29,946 |
|
|
|
|
116,592 |
|
|
|
|
109,774 |
|
Operating
income |
|
|
|
|
21,428 |
|
|
|
|
8,416 |
|
|
|
|
49,136 |
|
|
|
|
37,466 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amounts capitalized |
|
|
|
|
(21,087 |
) |
|
|
|
(20,024 |
) |
|
|
|
(76,592 |
) |
|
|
|
(64,069 |
) |
Interest
income |
|
|
|
|
3,676 |
|
|
|
|
4,106 |
|
|
|
|
15,087 |
|
|
|
|
12,689 |
|
Loss
from unconsolidated companies |
|
|
|
|
(152 |
) |
|
|
|
(453 |
) |
|
|
|
(5 |
) |
|
|
|
(746 |
) |
(Loss)
gain on extinguishment of debt |
|
|
|
|
(6,049 |
) |
|
|
|
19,862 |
|
|
|
|
18,677 |
|
|
|
|
19,862 |
|
Other
gains and (losses), net |
|
|
|
|
(573 |
) |
|
|
|
(501 |
) |
|
|
|
2,847 |
|
|
|
|
453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)
income before (benefit) provision for income taxes |
|
|
|
|
(2,757 |
) |
|
|
|
11,406 |
|
|
|
|
9,150 |
|
|
|
|
5,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Benefit)
provision for income taxes |
|
|
|
|
(2,118 |
) |
|
|
|
1,991 |
|
|
|
|
9,197 |
|
|
|
|
1,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)
income from continuing operations |
|
|
|
|
(639 |
) |
|
|
|
9,415 |
|
|
|
|
(47 |
) |
|
|
|
4,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from discontinued operations, net of taxes |
|
|
|
|
39 |
|
|
|
|
(1,012 |
) |
|
|
|
24 |
|
|
|
|
(245 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss) income |
|
|
|
$ |
(600 |
) |
|
|
$ |
8,403 |
|
|
|
$ |
(23 |
) |
|
|
$ |
4,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net (loss) income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)
income from continuing operations |
|
|
|
$ |
(0.01 |
) |
|
|
$ |
0.23 |
|
|
|
$ |
(0.00 |
) |
|
|
$ |
0.11 |
|
Loss
from discontinued operations, net of taxes |
|
|
|
|
- |
|
|
|
|
(0.02 |
) |
|
|
|
- |
|
|
|
|
- |
|
Net
(loss) income |
|
|
|
$ |
(0.01 |
) |
|
|
$ |
0.21 |
|
|
|
$ |
(0.00 |
) |
|
|
$ |
0.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fully diluted net (loss) income
per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from continuing
operations
|
|
|
|
$ |
(0.01 |
) |
|
|
$ |
0.23 |
|
|
|
$ |
(0.00 |
) |
|
|
$ |
0.11 |
|
Loss
from discontinued operations, net of taxes |
|
|
|
|
- |
|
|
|
|
(0.03 |
) |
|
|
|
- |
|
|
|
|
- |
|
Net
(loss) income |
|
|
|
$ |
(0.01 |
) |
|
|
$ |
0.20 |
|
|
|
$ |
(0.00 |
) |
|
|
$ |
0.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares for
the period (c):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
46,975 |
|
|
|
|
40,882 |
|
|
|
|
42,490 |
|
|
|
|
40,943 |
|
Fully-diluted |
|
|
|
|
46,975 |
|
|
|
|
41,081 |
|
|
|
|
42,490 |
|
|
|
|
41,257 |
|
(a) |
Includes
non-cash lease expense of $1.5 million for the three months ended
December 31, 2009 and 2008, and $6.0 million and $6.1 million for the
twelve months ended December 31, 2009 and 2008, respectively, related
to the effect of recognizing the Gaylord Palms ground lease expense on
a straight-line basis. Includes a pre-tax $3.0 million non-cash charge
for the twelve months ended December 31, 2009 to recognize compensation
expense related to the surrender of certain executives' stock options. |
|
|
(b) |
Represents
a non-recurring $6.6 million impairment charge related to the goodwill
of a reporting unit within our Opry and Attractions segment for the
twelve months ended December 31, 2009, a non-recurring $4.7 million
impairment charge related to the termination of our Chula Vista project
and a non-recurring $2.5 million impairment charge associated with the
write-off of our investment in Waipouli Holdings, LLC for the three
months and twelve months ended December 31, 2008, and a non-recurring
$12.0 million impairment charge related to the termination of an
agreement to purchase the Westin La Cantera Resort for the twelve
months ended December 31, 2008. |
|
|
(c) |
Reflects
6,000,000 shares of common stock issued in a public offering in the
third quarter of 2009. |
|
GAYLORD
ENTERTAINMENT COMPANY AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS |
Unaudited |
(In
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec.
31, |
|
|
|
Dec.
31, |
|
|
|
|
|
2009 |
|
|
|
2008 |
ASSETS |
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents - unrestricted |
|
|
|
|
$ |
180,033 |
|
|
|
$ |
1,043 |
Cash
and cash equivalents - restricted |
|
|
|
|
|
1,150 |
|
|
|
|
1,165 |
Trade
receivables, net |
|
|
|
|
|
40,917 |
|
|
|
|
49,114 |
Deferred
income taxes |
|
|
|
|
|
2,525 |
|
|
|
|
6,266 |
Other
current assets |
|
|
|
|
|
80,888 |
|
|
|
|
50,793 |
Current
assets of discontinued operations |
|
|
|
|
|
63 |
|
|
|
|
197 |
Total
current assets |
|
|
|
|
|
305,576 |
|
|
|
|
108,578 |
|
|
|
|
|
|
|
|
|
|
Property
and equipment, net of accumulated depreciation |
|
|
|
|
|
2,149,814 |
|
|
|
|
2,227,574 |
Notes
receivable, net of current portion |
|
|
|
|
|
142,311 |
|
|
|
|
146,866 |
Intangible
assets, net of accumulated amortization |
|
|
|
|
|
108 |
|
|
|
|
121 |
Goodwill |
|
|
|
|
|
329 |
|
|
|
|
6,915 |
Indefinite
lived intangible assets |
|
|
|
|
|
1,480 |
|
|
|
|
1,480 |
Investments |
|
|
|
|
|
128 |
|
|
|
|
1,131 |
Estimated
fair value of derivative assets |
|
|
|
|
|
- |
|
|
|
|
6,235 |
Long-term
deferred financing costs |
|
|
|
|
|
18,081 |
|
|
|
|
18,888 |
Other
long-term assets |
|
|
|
|
|
43,196 |
|
|
|
|
42,591 |
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
|
|
|
$ |
2,661,023 |
|
|
|
$ |
2,560,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY |
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
|
Current
portion of long-term debt and capital lease obligations |
|
|
|
|
$ |
1,814 |
|
|
|
$ |
1,904 |
Accounts
payable and accrued liabilities |
|
|
|
|
|
151,863 |
|
|
|
|
168,155 |
Estimated
fair value of derivative liabilities |
|
|
|
|
|
- |
|
|
|
|
1,606 |
Current
liabilities of discontinued operations |
|
|
|
|
|
669 |
|
|
|
|
1,329 |
Total
current liabilities |
|
|
|
|
|
154,346 |
|
|
|
|
172,994 |
|
|
|
|
|
|
|
|
|
|
Long-term
debt and capital lease obligations, net of current portion |
|
|
|
|
|
1,176,874 |
|
|
|
|
1,260,997 |
Deferred
income taxes |
|
|
|
|
|
100,590 |
|
|
|
|
62,656 |
Estimated
fair value of derivative liabilities |
|
|
|
|
|
25,661 |
|
|
|
|
28,489 |
Other
long-term liabilities |
|
|
|
|
|
124,421 |
|
|
|
|
131,578 |
Long-term
liabilities of discontinued operations |
|
|
|
|
|
447 |
|
|
|
|
446 |
Stockholders'
equity |
|
|
|
|
|
1,078,684 |
|
|
|
|
903,219 |
|
|
|
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
|
|
|
|
$ |
2,661,023 |
|
|
|
$ |
2,560,379 |
|
GAYLORD
ENTERTAINMENT COMPANY AND SUBSIDIARIES |
SUPPLEMENTAL
FINANCIAL RESULTS |
Unaudited |
(in
thousands) |
|
|
Adjusted Earnings Before
Interest, Taxes, Depreciation and
Amortization ("Adjusted
EBITDA") and Consolidated Cash
Flow ("CCF")
reconciliation:
|
|
|
|
Three
Months Ended Dec. 31, |
|
|
Twelve
Months Ended Dec. 31, |
|
|
|
|
2009 |
|
|
|
2008 |
|
|
|
2009
|
|
|
|
2008 |
|
|
|
|
|
|
$ |
|
|
|
Margin |
|
|
|
$ |
|
|
|
Margin |
|
|
|
$ |
|
|
|
Margin |
|
|
|
$ |
|
|
|
Margin |
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
$ |
249,446 |
|
|
|
100.0 |
% |
|
|
$ |
250,632 |
|
|
|
100.0 |
% |
|
|
$ |
879,121 |
|
|
|
100.0 |
% |
|
|
$ |
930,869 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss) income |
|
|
|
$ |
(600 |
) |
|
|
-0.2 |
% |
|
|
$ |
8,403 |
|
|
|
3.4 |
% |
|
|
$ |
(23 |
) |
|
|
0.0 |
% |
|
|
$ |
4,364 |
|
|
|
0.5 |
% |
(Income)
loss from discontinued operations, net of taxes |
|
|
|
|
(39 |
) |
|
|
0.0 |
% |
|
|
|
1,012 |
|
|
|
0.4 |
% |
|
|
|
(24 |
) |
|
|
0.0 |
% |
|
|
|
245 |
|
|
|
0.0 |
% |
(Benefit)
provision for income taxes |
|
|
|
|
(2,118 |
) |
|
|
-0.8 |
% |
|
|
|
1,991 |
|
|
|
0.8 |
% |
|
|
|
9,197 |
|
|
|
1.0 |
% |
|
|
|
1,046 |
|
|
|
0.1 |
% |
Other
(gains) and losses, net |
|
|
|
|
573 |
|
|
|
0.2 |
% |
|
|
|
501 |
|
|
|
0.2 |
% |
|
|
|
(2,847 |
) |
|
|
-0.3 |
% |
|
|
|
(453 |
) |
|
|
0.0 |
% |
Loss
(gain) on extinguishment of debt |
|
|
|
|
6,049 |
|
|
|
2.4 |
% |
|
|
|
(19,862 |
) |
|
|
-7.9 |
% |
|
|
|
(18,677 |
) |
|
|
-2.1 |
% |
|
|
|
(19,862 |
) |
|
|
-2.1 |
% |
Loss
from unconsolidated companies |
|
|
|
|
152 |
|
|
|
0.1 |
% |
|
|
|
453 |
|
|
|
0.2 |
% |
|
|
|
5 |
|
|
|
0.0 |
% |
|
|
|
746 |
|
|
|
0.1 |
% |
Interest
expense, net |
|
|
|
|
17,411 |
|
|
|
7.0 |
% |
|
|
|
15,918 |
|
|
|
6.4 |
% |
|
|
|
61,505 |
|
|
|
7.0 |
% |
|
|
|
51,380 |
|
|
|
5.5 |
% |
Operating
income |
|
|
|
|
21,428 |
|
|
|
8.6 |
% |
|
|
|
8,416 |
|
|
|
3.4 |
% |
|
|
|
49,136 |
|
|
|
5.6 |
% |
|
|
|
37,466 |
|
|
|
4.0 |
% |
Depreciation
& amortization |
|
|
|
|
30,392 |
|
|
|
12.2 |
% |
|
|
|
29,946 |
|
|
|
11.9 |
% |
|
|
|
116,592 |
|
|
|
13.3 |
% |
|
|
|
109,774 |
|
|
|
11.8 |
% |
Adjusted
EBITDA |
|
|
|
|
51,820 |
|
|
|
20.8 |
% |
|
|
|
38,362 |
|
|
|
15.3 |
% |
|
|
|
165,728 |
|
|
|
18.9 |
% |
|
|
|
147,240 |
|
|
|
15.8 |
% |
Pre-opening
costs |
|
|
|
|
- |
|
|
|
0.0 |
% |
|
|
|
- |
|
|
|
0.0 |
% |
|
|
|
- |
|
|
|
0.0 |
% |
|
|
|
19,190 |
|
|
|
2.1 |
% |
Impairment
charges |
|
|
|
|
- |
|
|
|
0.0 |
% |
|
|
|
7,233 |
|
|
|
2.9 |
% |
|
|
|
6,586 |
|
|
|
0.7 |
% |
|
|
|
19,264 |
|
|
|
2.1 |
% |
Other
non-cash expenses |
|
|
|
|
1,503 |
|
|
|
0.6 |
% |
|
|
|
1,530 |
|
|
|
0.6 |
% |
|
|
|
6,017 |
|
|
|
0.7 |
% |
|
|
|
6,120 |
|
|
|
0.7 |
% |
Stock
option expense |
|
|
|
|
608 |
|
|
|
0.2 |
% |
|
|
|
1,655 |
|
|
|
0.7 |
% |
|
|
|
7,625 |
|
|
|
0.9 |
% |
|
|
|
6,604 |
|
|
|
0.7 |
% |
Other
gains and (losses), net |
|
|
|
|
(573 |
) |
|
|
-0.2 |
% |
|
|
|
(501 |
) |
|
|
-0.2 |
% |
|
|
|
2,847 |
|
|
|
0.3 |
% |
|
|
|
453 |
|
|
|
0.0 |
% |
Gain
on termination of interest rate swap |
|
|
|
|
- |
|
|
|
0.0 |
% |
|
|
|
- |
|
|
|
0.0 |
% |
|
|
|
- |
|
|
|
0.0 |
% |
|
|
|
(1,276 |
) |
|
|
-0.1 |
% |
Loss
on sales of assets |
|
|
|
|
574 |
|
|
|
0.2 |
% |
|
|
|
159 |
|
|
|
0.1 |
% |
|
|
|
713 |
|
|
|
0.1 |
% |
|
|
|
416 |
|
|
|
0.0 |
% |
CCF |
|
|
|
$ |
53,932 |
|
|
|
21.6 |
% |
|
|
$ |
48,438 |
|
|
|
19.3 |
% |
|
|
$ |
189,516 |
|
|
|
21.6 |
% |
|
|
$ |
198,011 |
|
|
|
21.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
$ |
230,981 |
|
|
|
100.0 |
% |
|
|
$ |
232,940 |
|
|
|
100.0 |
% |
|
|
$ |
814,154 |
|
|
|
100.0 |
% |
|
|
$ |
848,332 |
|
|
|
100.0 |
% |
Operating
income |
|
|
|
|
34,321 |
|
|
|
14.9 |
% |
|
|
|
27,162 |
|
|
|
11.7 |
% |
|
|
|
112,172 |
|
|
|
13.8 |
% |
|
|
|
103,139 |
|
|
|
12.2 |
% |
Depreciation
& amortization |
|
|
|
|
26,030 |
|
|
|
11.3 |
% |
|
|
|
26,500 |
|
|
|
11.4 |
% |
|
|
|
101,444 |
|
|
|
12.5 |
% |
|
|
|
97,229 |
|
|
|
11.5 |
% |
Pre-opening
costs |
|
|
|
|
- |
|
|
|
0.0 |
% |
|
|
|
- |
|
|
|
0.0 |
% |
|
|
|
- |
|
|
|
0.0 |
% |
|
|
|
19,190 |
|
|
|
2.3 |
% |
Impairment
charges |
|
|
|
|
- |
|
|
|
0.0 |
% |
|
|
|
2,499 |
|
|
|
1.1 |
% |
|
|
|
- |
|
|
|
0.0 |
% |
|
|
|
2,499 |
|
|
|
0.3 |
% |
Other
non-cash expenses |
|
|
|
|
1,503 |
|
|
|
0.7 |
% |
|
|
|
1,530 |
|
|
|
0.7 |
% |
|
|
|
6,017 |
|
|
|
0.7 |
% |
|
|
|
6,120 |
|
|
|
0.7 |
% |
Stock
option expense |
|
|
|
|
288 |
|
|
|
0.1 |
% |
|
|
|
498 |
|
|
|
0.2 |
% |
|
|
|
1,466 |
|
|
|
0.2 |
% |
|
|
|
1,990 |
|
|
|
0.2 |
% |
Other
losses, net |
|
|
|
|
(522 |
) |
|
|
-0.2 |
% |
|
|
|
(224 |
) |
|
|
-0.1 |
% |
|
|
|
(725 |
) |
|
|
-0.1 |
% |
|
|
|
(322 |
) |
|
|
0.0 |
% |
Loss
on sales of assets |
|
|
|
|
521 |
|
|
|
0.2 |
% |
|
|
|
52 |
|
|
|
0.0 |
% |
|
|
|
617 |
|
|
|
0.1 |
% |
|
|
|
85 |
|
|
|
0.0 |
% |
CCF |
|
|
|
$ |
62,141 |
|
|
|
26.9 |
% |
|
|
$ |
58,017 |
|
|
|
24.9 |
% |
|
|
$ |
220,991 |
|
|
|
27.1 |
% |
|
|
$ |
229,930 |
|
|
|
27.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitality segment (Same Store -
excludes Gaylord National)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
$ |
174,228 |
|
|
|
100.0 |
% |
|
|
$ |
181,258 |
|
|
|
100.0 |
% |
|
|
$ |
582,813 |
|
|
|
100.0 |
% |
|
|
$ |
679,108 |
|
|
|
100.0 |
% |
Operating
income |
|
|
|
|
33,494 |
|
|
|
19.2 |
% |
|
|
|
27,043 |
|
|
|
14.9 |
% |
|
|
|
86,093 |
|
|
|
14.8 |
% |
|
|
|
113,547 |
|
|
|
16.7 |
% |
Depreciation
& amortization |
|
|
|
|
17,243 |
|
|
|
9.9 |
% |
|
|
|
18,290 |
|
|
|
10.1 |
% |
|
|
|
67,532 |
|
|
|
11.6 |
% |
|
|
|
72,464 |
|
|
|
10.7 |
% |
Pre-opening
costs |
|
|
|
|
- |
|
|
|
0.0 |
% |
|
|
|
- |
|
|
|
0.0 |
% |
|
|
|
- |
|
|
|
0.0 |
% |
|
|
|
702 |
|
|
|
0.1 |
% |
Impairment
charges |
|
|
|
|
- |
|
|
|
0.0 |
% |
|
|
|
2,499 |
|
|
|
1.4 |
% |
|
|
|
- |
|
|
|
0.0 |
% |
|
|
|
2,499 |
|
|
|
0.4 |
% |
Other
non-cash expenses |
|
|
|
|
1,503 |
|
|
|
0.9 |
% |
|
|
|
1,530 |
|
|
|
0.8 |
% |
|
|
|
6,017 |
|
|
|
1.0 |
% |
|
|
|
6,120 |
|
|
|
0.9 |
% |
Stock
option expense |
|
|
|
|
240 |
|
|
|
0.1 |
% |
|
|
|
428 |
|
|
|
0.2 |
% |
|
|
|
1,199 |
|
|
|
0.2 |
% |
|
|
|
1,686 |
|
|
|
0.2 |
% |
Other
losses, net |
|
|
|
|
(301 |
) |
|
|
-0.2 |
% |
|
|
|
(219 |
) |
|
|
-0.1 |
% |
|
|
|
(497 |
) |
|
|
-0.1 |
% |
|
|
|
(317 |
) |
|
|
0.0 |
% |
Loss
on sales of assets |
|
|
|
|
300 |
|
|
|
0.2 |
% |
|
|
|
47 |
|
|
|
0.0 |
% |
|
|
|
389 |
|
|
|
0.1 |
% |
|
|
|
80 |
|
|
|
0.0 |
% |
CCF |
|
|
|
$ |
52,479 |
|
|
|
30.1 |
% |
|
|
$ |
49,618 |
|
|
|
27.4 |
% |
|
|
$ |
160,733 |
|
|
|
27.6 |
% |
|
|
$ |
196,781 |
|
|
|
29.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord National
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
$ |
56,753 |
|
|
|
100.0 |
% |
|
|
$ |
51,682 |
|
|
|
100.0 |
% |
|
|
$ |
231,341 |
|
|
|
100.0 |
% |
|
|
$ |
169,224 |
|
|
|
100.0 |
% |
Operating
income (loss) |
|
|
|
|
827 |
|
|
|
1.5 |
% |
|
|
|
119 |
|
|
|
0.2 |
% |
|
|
|
26,079 |
|
|
|
11.3 |
% |
|
|
|
(10,408 |
) |
|
|
-6.2 |
% |
Depreciation
& amortization |
|
|
|
|
8,787 |
|
|
|
15.5 |
% |
|
|
|
8,210 |
|
|
|
15.9 |
% |
|
|
|
33,912 |
|
|
|
14.7 |
% |
|
|
|
24,765 |
|
|
|
14.6 |
% |
Pre-opening
costs |
|
|
|
|
- |
|
|
|
0.0 |
% |
|
|
|
- |
|
|
|
0.0 |
% |
|
|
|
- |
|
|
|
0.0 |
% |
|
|
|
18,488 |
|
|
|
10.9 |
% |
Stock
option expense |
|
|
|
|
48 |
|
|
|
0.1 |
% |
|
|
|
70 |
|
|
|
0.1 |
% |
|
|
|
267 |
|
|
|
0.1 |
% |
|
|
|
304 |
|
|
|
0.2 |
% |
Other
losses, net |
|
|
|
|
(221 |
) |
|
|
-0.4 |
% |
|
|
|
(5 |
) |
|
|
0.0 |
% |
|
|
|
(228 |
) |
|
|
-0.1 |
% |
|
|
|
(5 |
) |
|
|
0.0 |
% |
Loss
on sales of assets |
|
|
|
|
221 |
|
|
|
0.4 |
% |
|
|
|
5 |
|
|
|
0.0 |
% |
|
|
|
228 |
|
|
|
0.1 |
% |
|
|
|
5 |
|
|
|
0.0 |
% |
CCF |
|
|
|
$ |
9,662 |
|
|
|
17.0 |
% |
|
|
$ |
8,399 |
|
|
|
16.3 |
% |
|
|
$ |
60,258 |
|
|
|
26.0 |
% |
|
|
$ |
33,149 |
|
|
|
19.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opry and Attractions segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
$ |
18,443 |
|
|
|
100.0 |
% |
|
|
$ |
17,665 |
|
|
|
100.0 |
% |
|
|
$ |
64,875 |
|
|
|
100.0 |
% |
|
|
$ |
82,125 |
|
|
|
100.0 |
% |
Operating
income (loss) |
|
|
|
|
1,979 |
|
|
|
10.7 |
% |
|
|
|
503 |
|
|
|
2.8 |
% |
|
|
|
(2,658 |
) |
|
|
-4.1 |
% |
|
|
|
5,641 |
|
|
|
6.9 |
% |
Depreciation
& amortization |
|
|
|
|
1,189 |
|
|
|
6.4 |
% |
|
|
|
1,165 |
|
|
|
6.6 |
% |
|
|
|
4,699 |
|
|
|
7.2 |
% |
|
|
|
4,894 |
|
|
|
6.0 |
% |
Impairment
charges |
|
|
|
|
- |
|
|
|
0.0 |
% |
|
|
|
- |
|
|
|
0.0 |
% |
|
|
|
6,586 |
|
|
|
10.2 |
% |
|
|
|
- |
|
|
|
0.0 |
% |
Stock
option expense |
|
|
|
|
56 |
|
|
|
0.3 |
% |
|
|
|
81 |
|
|
|
0.5 |
% |
|
|
|
269 |
|
|
|
0.4 |
% |
|
|
|
302 |
|
|
|
0.4 |
% |
Other
gains and (losses), net |
|
|
|
|
1 |
|
|
|
0.0 |
% |
|
|
|
(71 |
) |
|
|
-0.4 |
% |
|
|
|
3,614 |
|
|
|
5.6 |
% |
|
|
|
(90 |
) |
|
|
-0.1 |
% |
Loss
(gain) on sales of assets |
|
|
|
|
- |
|
|
|
0.0 |
% |
|
|
|
71 |
|
|
|
0.4 |
% |
|
|
|
(2 |
) |
|
|
0.0 |
% |
|
|
|
90 |
|
|
|
0.1 |
% |
CCF |
|
|
|
$ |
3,225 |
|
|
|
17.5 |
% |
|
|
$ |
1,749 |
|
|
|
9.9 |
% |
|
|
$ |
12,508 |
|
|
|
19.3 |
% |
|
|
$ |
10,837 |
|
|
|
13.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
$ |
22 |
|
|
|
|
|
|
$ |
27 |
|
|
|
|
|
|
$ |
92 |
|
|
|
|
|
|
$ |
412 |
|
|
|
|
Operating
loss |
|
|
|
|
(14,872 |
) |
|
|
|
|
|
|
(19,249 |
) |
|
|
|
|
|
|
(60,378 |
) |
|
|
|
|
|
|
(71,314 |
) |
|
|
|
Depreciation
& amortization |
|
|
|
|
3,173 |
|
|
|
|
|
|
|
2,281 |
|
|
|
|
|
|
|
10,449 |
|
|
|
|
|
|
|
7,651 |
|
|
|
|
Impairment
charges |
|
|
|
|
- |
|
|
|
|
|
|
|
4,734 |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
16,765 |
|
|
|
|
Stock
option expense |
|
|
|
|
264 |
|
|
|
|
|
|
|
1,076 |
|
|
|
|
|
|
|
5,890 |
|
|
|
|
|
|
|
4,312 |
|
|
|
|
Other
gains and (losses), net |
|
|
|
|
(52 |
) |
|
|
|
|
|
|
(206 |
) |
|
|
|
|
|
|
(42 |
) |
|
|
|
|
|
|
865 |
|
|
|
|
Gain
on termination of interest rate swap |
|
|
|
|
- |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
(1,276 |
) |
|
|
|
Loss
on sales of assets |
|
|
|
|
53 |
|
|
|
|
|
|
|
36 |
|
|
|
|
|
|
|
98 |
|
|
|
|
|
|
|
241 |
|
|
|
|
CCF |
|
|
|
$ |
(11,434 |
) |
|
|
|
|
|
$ |
(11,328 |
) |
|
|
|
|
|
$ |
(43,983 |
) |
|
|
|
|
|
$ |
(42,756 |
) |
|
|
|
|
GAYLORD
ENTERTAINMENT COMPANY AND SUBSIDIARIES |
SUPPLEMENTAL
FINANCIAL RESULTS |
Unaudited |
(in
thousands, except operating metrics) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended Dec. 31, |
|
|
Twelve
Months Ended Dec. 31, |
|
|
|
|
|
|
|
|
2009 |
|
|
|
2008 |
|
|
|
2009 |
|
|
|
2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOSPITALITY OPERATING METRICS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Hospitality Segment (a)
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
|
|
|
|
|
70.1% |
|
|
|
68.3% |
|
|
|
65.8% |
|
|
|
72.2% |
Average
daily rate (ADR) |
|
|
|
|
|
|
$ |
164.42 |
|
|
$ |
173.30 |
|
|
$ |
169.23 |
|
|
$ |
171.36 |
RevPAR |
|
|
|
|
|
|
$ |
115.18 |
|
|
$ |
118.33 |
|
|
$ |
111.30 |
|
|
$ |
123.69 |
OtherPAR |
|
|
|
|
|
|
$ |
194.97 |
|
|
$ |
194.45 |
|
|
$ |
164.25 |
|
|
$ |
182.05 |
Total
RevPAR |
|
|
|
|
|
|
$ |
310.15 |
|
|
$ |
312.78 |
|
|
$ |
275.55 |
|
|
$ |
305.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
$ |
230,981 |
|
|
$ |
232,940 |
|
|
$ |
814,154 |
|
|
$ |
848,332 |
CCF |
|
|
|
|
|
|
$ |
62,141 |
|
|
$ |
58,017 |
|
|
$ |
220,991 |
|
|
$ |
229,930 |
CCF
Margin |
|
|
|
|
|
|
|
26.9% |
|
|
|
24.9% |
|
|
|
27.1% |
|
|
|
27.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Opryland (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
|
|
|
|
|
78.4% |
|
|
|
76.6% |
|
|
|
66.5% |
|
|
|
75.9% |
Average
daily rate (ADR) |
|
|
|
|
|
|
$ |
148.93 |
|
|
$ |
163.95 |
|
|
$ |
150.07 |
|
|
$ |
157.30 |
RevPAR |
|
|
|
|
|
|
$ |
116.72 |
|
|
$ |
125.61 |
|
|
$ |
99.74 |
|
|
$ |
119.32 |
OtherPAR |
|
|
|
|
|
|
$ |
195.58 |
|
|
$ |
200.51 |
|
|
$ |
135.36 |
|
|
$ |
163.58 |
Total
RevPAR |
|
|
|
|
|
|
$ |
312.30 |
|
|
$ |
326.12 |
|
|
$ |
235.10 |
|
|
$ |
282.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
$ |
82,719 |
|
|
$ |
86,380 |
|
|
$ |
247,053 |
|
|
$ |
296,666 |
CCF |
|
|
|
|
|
|
$ |
25,286 |
|
|
$ |
23,992 |
|
|
$ |
62,515 |
|
|
$ |
84,722 |
CCF
Margin |
|
|
|
|
|
|
|
30.6% |
|
|
|
27.8% |
|
|
|
25.3% |
|
|
|
28.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Palms
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
|
|
|
|
|
68.0% |
|
|
|
72.6% |
|
|
|
67.0% |
|
|
|
77.3% |
Average
daily rate (ADR) |
|
|
|
|
|
|
$ |
169.69 |
|
|
$ |
166.31 |
|
|
$ |
176.13 |
|
|
$ |
178.42 |
RevPAR |
|
|
|
|
|
|
$ |
115.47 |
|
|
$ |
120.81 |
|
|
$ |
118.01 |
|
|
$ |
137.93 |
OtherPAR |
|
|
|
|
|
|
$ |
207.03 |
|
|
$ |
211.70 |
|
|
$ |
188.33 |
|
|
$ |
213.37 |
Total
RevPAR |
|
|
|
|
|
|
$ |
322.50 |
|
|
$ |
332.51 |
|
|
$ |
306.34 |
|
|
$ |
351.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
$ |
41,716 |
|
|
$ |
43,011 |
|
|
$ |
157,209 |
|
|
$ |
180,777 |
CCF |
|
|
|
|
|
|
$ |
11,139 |
|
|
$ |
10,838 |
|
|
$ |
44,717 |
|
|
$ |
52,592 |
CCF
Margin |
|
|
|
|
|
|
|
26.7% |
|
|
|
25.2% |
|
|
|
28.4% |
|
|
|
29.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Texan
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
|
|
|
|
|
68.9% |
|
|
|
66.8% |
|
|
|
66.3% |
|
|
|
72.0% |
Average
daily rate (ADR) |
|
|
|
|
|
|
$ |
158.70 |
|
|
$ |
179.55 |
|
|
$ |
165.13 |
|
|
$ |
178.88 |
RevPAR |
|
|
|
|
|
|
$ |
109.37 |
|
|
$ |
119.87 |
|
|
$ |
109.49 |
|
|
$ |
128.77 |
OtherPAR |
|
|
|
|
|
|
$ |
235.11 |
|
|
$ |
236.79 |
|
|
$ |
201.25 |
|
|
$ |
219.69 |
Total
RevPAR |
|
|
|
|
|
|
$ |
344.48 |
|
|
$ |
356.66 |
|
|
$ |
310.74 |
|
|
$ |
348.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
$ |
47,887 |
|
|
$ |
49,579 |
|
|
$ |
171,357 |
|
|
$ |
192,706 |
CCF |
|
|
|
|
|
|
$ |
14,966 |
|
|
$ |
13,568 |
|
|
$ |
51,251 |
|
|
$ |
56,384 |
CCF
Margin |
|
|
|
|
|
|
|
31.3% |
|
|
|
27.4% |
|
|
|
29.9% |
|
|
|
29.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord National (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
|
|
|
|
|
61.2% |
|
|
|
54.3% |
|
|
|
64.4% |
|
|
|
61.6% |
Average
daily rate (ADR) |
|
|
|
|
|
|
$ |
205.39 |
|
|
$ |
206.55 |
|
|
$ |
206.86 |
|
|
$ |
202.72 |
RevPAR |
|
|
|
|
|
|
$ |
125.64 |
|
|
$ |
112.11 |
|
|
$ |
133.16 |
|
|
$ |
124.84 |
OtherPAR |
|
|
|
|
|
|
$ |
183.42 |
|
|
$ |
169.33 |
|
|
$ |
184.38 |
|
|
$ |
184.25 |
Total
RevPAR |
|
|
|
|
|
|
$ |
309.06 |
|
|
$ |
281.44 |
|
|
$ |
317.54 |
|
|
$ |
309.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
$ |
56,753 |
|
|
$ |
51,682 |
|
|
$ |
231,341 |
|
|
$ |
169,224 |
CCF |
|
|
|
|
|
|
$ |
9,662 |
|
|
$ |
8,399 |
|
|
$ |
60,258 |
|
|
$ |
33,149 |
CCF
Margin |
|
|
|
|
|
|
|
17.0% |
|
|
|
16.3% |
|
|
|
26.0% |
|
|
|
19.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nashville Radisson and Other (c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
|
|
|
|
|
64.5% |
|
|
|
68.6% |
|
|
|
60.0% |
|
|
|
66.9% |
Average
daily rate (ADR) |
|
|
|
|
|
|
$ |
92.09 |
|
|
$ |
103.25 |
|
|
$ |
91.71 |
|
|
$ |
101.37 |
RevPAR |
|
|
|
|
|
|
$ |
59.38 |
|
|
$ |
70.84 |
|
|
$ |
55.03 |
|
|
$ |
67.79 |
OtherPAR |
|
|
|
|
|
|
$ |
11.74 |
|
|
$ |
13.95 |
|
|
$ |
10.37 |
|
|
$ |
14.28 |
Total
RevPAR |
|
|
|
|
|
|
$ |
71.12 |
|
|
$ |
84.79 |
|
|
$ |
65.40 |
|
|
$ |
82.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
$ |
1,906 |
|
|
$ |
2,288 |
|
|
$ |
7,194 |
|
|
$ |
8,959 |
CCF |
|
|
|
|
|
|
$ |
1,088 |
|
|
$ |
1,220 |
|
|
$ |
2,250 |
|
|
$ |
3,083 |
CCF
Margin |
|
|
|
|
|
|
|
57.1% |
|
|
|
53.3% |
|
|
|
31.3% |
|
|
|
34.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord Hospitality Segment
"Same Store" (excludes Gaylord National) (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
|
|
|
|
|
73.0% |
|
|
|
72.9% |
|
|
|
66.2% |
|
|
|
74.8% |
Average
daily rate (ADR) |
|
|
|
|
|
|
$ |
153.19 |
|
|
$ |
165.20 |
|
|
$ |
157.25 |
|
|
$ |
165.01 |
RevPAR |
|
|
|
|
|
|
$ |
111.76 |
|
|
$ |
120.36 |
|
|
$ |
104.15 |
|
|
$ |
123.40 |
OtherPAR |
|
|
|
|
|
|
$ |
198.75 |
|
|
$ |
202.67 |
|
|
$ |
157.66 |
|
|
$ |
181.52 |
Total
RevPAR |
|
|
|
|
|
|
$ |
310.51 |
|
|
$ |
323.03 |
|
|
$ |
261.81 |
|
|
$ |
304.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
$ |
174,228 |
|
|
$ |
181,258 |
|
|
$ |
582,813 |
|
|
$ |
679,108 |
CCF |
|
|
|
|
|
|
$ |
52,479 |
|
|
$ |
49,618 |
|
|
$ |
160,733 |
|
|
$ |
196,781 |
CCF
Margin |
|
|
|
|
|
|
|
30.1% |
|
|
|
27.4% |
|
|
|
27.6% |
|
|
|
29.0% |
|
(a)
Excludes 5,171 room nights that were taken out of service during the
twelve months ended December 31, 2008 as a result of the rooms
renovation program at Gaylord Opryland. |
|
|
(b)
Excludes 1,408 room nights that were not in service during the twelve
months ended December 31, 2008 as these rooms were not released from
construction at the opening of Gaylord National. |
|
|
(c)
Includes other hospitality revenue and expense. |
|
Gaylord
Entertainment Company and Subsidiaries |
Reconciliation
of Forward-Looking Statements |
Unaudited |
(in
thousands) |
|
|
|
|
|
|
|
Adjusted
Earnings Before Interest, Taxes, Depreciation and Amortization
("Adjusted EBITDA") |
and
Consolidated Cash Flow ("CCF") reconciliation: |
|
|
|
|
|
|
|
|
|
|
GUIDANCE
RANGE |
|
|
|
FULL
YEAR 2010 |
Hospitality Segment
|
|
|
Low |
|
|
High |
Estimated
Operating Income/(Loss) |
|
|
$ |
110,500 |
|
|
|
$ |
123,400 |
|
Estimated
Depreciation & Amortization |
|
|
|
92,300 |
|
|
|
|
94,500 |
|
Estimated
Adjusted EBITDA |
|
|
$ |
202,800 |
|
|
|
$ |
217,900 |
|
Estimated
Pre-Opening Costs |
|
|
|
0 |
|
|
|
|
0 |
|
Estimated
Non-Cash Lease Expense |
|
|
|
5,800 |
|
|
|
|
6,000 |
|
Estimated
Stock Option Expense |
|
|
|
1,400 |
|
|
|
|
1,600 |
|
Estimated
Gains/(Losses), Net |
|
|
|
0 |
|
|
|
|
500 |
|
Estimated
CCF |
|
|
$ |
210,000 |
|
|
|
$ |
226,000 |
|
|
|
|
|
|
|
|
Opry and Attractions segment
|
|
|
|
|
|
|
Estimated
Operating Income/(Loss) |
|
|
$ |
6,000 |
|
|
|
$ |
7,150 |
|
Estimated
Depreciation & Amortization |
|
|
|
3,900 |
|
|
|
|
4,500 |
|
Estimated
Adjusted EBITDA |
|
|
$ |
9,900 |
|
|
|
$ |
11,650 |
|
Estimated
Stock Option Expense |
|
|
|
100 |
|
|
|
|
300 |
|
Estimated
Gains/(Losses), Net |
|
|
|
0 |
|
|
|
|
50 |
|
Estimated
CCF |
|
|
$ |
10,000 |
|
|
|
$ |
12,000 |
|
|
|
|
|
|
|
|
Corporate and Other segment
|
|
|
|
|
|
|
Estimated
Operating Income/(Loss) |
|
|
|
($54,800 |
) |
|
|
|
($53,400 |
) |
Estimated
Depreciation & Amortization |
|
|
|
9,800 |
|
|
|
|
10,900 |
|
Estimated
Adjusted EBITDA |
|
|
|
($45,000 |
) |
|
|
|
($42,500 |
) |
Estimated
Stock Option Expense |
|
|
|
1,000 |
|
|
|
|
1,300 |
|
Estimated
Gains/(Losses), Net |
|
|
|
0 |
|
|
|
|
200 |
|
Estimated
CCF |
|
|
|
($44,000 |
) |
|
|
|
($41,000 |
) |
|