Gaylord Entertainment Company Reports Third Quarter 2010
Results
- Adjusted Gaylord Hotels
(excluding Gaylord Opryland, but including the Radisson) RevPAR
increased 11.0 percent and Adjusted Gaylord Hotels Total RevPAR
increased 15.1 percent in the Third Quarter of 2010 –
– Advance group bookings remain strong –
NASHVILLE,
Tenn.--November 2, 2010--Gaylord Entertainment Co. (NYSE: GET) today
reported its financial results for the third quarter of 2010.
Highlights from the third quarter include
- Consolidated revenue decreased 20.3
percent to $158.3 million in the third quarter of 2010 from $198.5
million in the same period last year, and included the impact of the
temporary closure of Gaylord Opryland and certain of the Company’s
other Nashville-based assets due to the flood damage suffered on May 3,
2010. Adjusted Gaylord Hotels total revenue (which excludes Gaylord
Opryland, but includes the Radisson) increased 15.2 percent to $146.8
million in the third quarter of 2010 compared to $127.5 million in the
prior-year quarter. Adjusted Gaylord Hotels and adjusted hospitality
segment results exclude Gaylord Opryland, but include the Radisson for
all periods presented unless specifically noted otherwise. Adjusted
Gaylord Hotels revenue per available room1 (“RevPAR”)
increased 11.0 percent and Adjusted Gaylord Hotels total revenue per
available room2 (“Total RevPAR”) increased 15.1 percent in
the third quarter of 2010 compared to the third quarter of 2009.
Adjusted Gaylord Hotels Total RevPAR performance in the third quarter
of 2010 was impacted by increases in outside the room revenue and by
declines in attrition and cancellation fee revenues which were elevated
throughout 2009, but declined in the first nine months of 2010 as
occupancy levels recovered and demand built. Adjusted Gaylord Hotels
Total RevPAR for the third quarter of 2010 included attrition and
cancellation fees of approximately $1.6 million collected during the
quarter compared to $3.8 million collected in the prior-year quarter.
- Loss from continuing operations was
$31.8 million, or a loss of $0.67 per diluted share (based on 47.2
million weighted average shares outstanding) in the third quarter of
2010 compared to a loss from continuing operations of $6.3 million, or
$0.15 per diluted share, in the prior-year quarter (based on 41.1
million weighted average shares outstanding). Loss from continuing
operations in the third quarter of 2010 included $6.0 million in
pre-tax casualty loss expenses associated with the flood damage at the
Company’s Nashville properties, as well as $25.5 million in preopening
costs associated with efforts to reopen the Nashville properties.
Casualty loss and preopening costs have been segregated from the normal
operating costs of the Company and presented separately in the
accompanying financial information. Loss from continuing operations in
the third quarter of 2010 also included a pre-tax $2.5 million non-cash
charge to recognize compensation expense related to amendments to
certain executives’ restricted stock unit agreements. Loss from
continuing operations in the third quarter of 2009 included a pre-tax
$3.0 million non-cash charge to recognize compensation expense related
to the surrender of certain executives’ stock options.
- Adjusted EBITDA3, which
includes casualty and preopening costs, was a loss of $7.4 million in
the third quarter of 2010 compared to income of $35.9 million in the
prior-year quarter.
- Consolidated Cash Flow4
(“CCF”) decreased 46.8 percent to $21.9 million in the third quarter of
2010 compared to $41.1 million in the same period last year. CCF in the
third quarter of 2010 was reduced by a casualty loss impact of $4.8
million, as well as approximately $2.5 million in expense associated
with amendments to certain executives’ restricted stock unit
agreements.
- Gaylord Hotels (including Gaylord
Opryland) gross advance group bookings in the third quarter of 2010 for
all future periods were 433,980 room nights, a decrease of 11.9 percent
when compared to the same period last year. Net of attrition and
cancellations, advance bookings in the third quarter of 2010 for all
future periods were 240,793 room nights, a decrease of 23.3 percent
when compared to the same period last year.
Colin V. Reed, chairman and chief executive officer of Gaylord
Entertainment, stated, “The Gaylord brand continued to perform well
during the quarter. Our Adjusted Gaylord Hotels financial metrics,
which exclude Gaylord Opryland but include the Radisson, showed
improvements in RevPAR, Total RevPAR, CCF, and CCF Margin4.
These results are positive indicators that both the group customer and
the transient leisure customer are growing more confident that the
economic environment is improving.
“Our Adjusted Gaylord Hotels RevPAR and Total RevPAR
performance is especially encouraging given the fact that pricing
remains somewhat pressured in the short-term. However, we believe that
rates will begin to improve in the coming quarters as hospitality
sector conditions continue to stabilize. We also had another solid
quarter for advance bookings, as we booked 433,980 gross advance room
nights. Although this number represents a decrease compared to our
exceptionally strong third quarter last year when we booked almost
500,000 gross room nights, it does not include in-the-year for-the-year
bookings that we would have had at Gaylord Opryland if the property had
not been closed due to flood-related damage. For the first three
quarters of 2010, we have booked over 692,000 net advance group room
nights across our hotels for all future periods. This includes the
impact of the flood cancellations at Gaylord Opryland and reflects an
18 percent increase over our net production in the first three quarters
of 2009. As of September 30th, we have over 4.8 million net
room nights booked for all future years. These are strong, positive
signs of our customers’ long-term loyalty to our brand and appreciation
for the value of the unique offerings we provide.”
Segment Operating Results
Hospitality
Key components of the Company’s hospitality segment
performance in the third quarter of 2010 include:
- Adjusted Gaylord Hotels RevPAR
increased 11.0 percent to $117.66 in the third quarter of 2010 compared
to $105.99 in the prior-year quarter. Adjusted Gaylord Hotels Total
RevPAR increased 15.1 percent to $305.97 in the third quarter compared
to $265.75 in the prior-year quarter.
- Adjusted Gaylord Hotels CCF
increased 22.3 percent in the third quarter to $39.3 million compared
to $32.1 million in the prior-year quarter. Adjusted Gaylord Hotels CCF
Margin increased 160 basis points to 26.8 percent in the
third quarter of 2010 compared to 25.2 percent for the same period last
year.
- Adjusted Gaylord Hotels attrition
that occurred for groups that traveled in the third quarter of 2010 was
12.0 percent of the agreed-upon room block compared to 14.7 percent for
the same period in 2009. Adjusted Gaylord Hotels in-the-year
for-the-year cancellations in the third quarter of 2010 totaled 12,593
room nights compared to 9,692 in the same period of 2009. Adjusted
Gaylord Hotels attrition and cancellation fee collections totaled $1.6
million in the third quarter of 2010 compared to $3.8 million for the
same period in 2009.
Reed continued, “Our profitability was solid again this
quarter, with an Adjusted Gaylord Hotels CCF Margin of 26.8 percent,
which is 1.6 percentage points higher than the same period last year.
As expected, attrition and cancellation fees declined 57.1 percent,
which highlights the strength of our revenue, CCF, and CCF Margin
performance.”
At the property level, Gaylord Palms posted revenue of $34.3
million in the third quarter of 2010, a 12.9 percent increase compared
to $30.4 million in the prior-year quarter, driven primarily by an 11.0
percentage point increase in occupancy and outside the room spend. The
occupancy increase was largely driven by an increase in group business.
Average Daily Rate (“ADR”) declined 6.6 percent compared to the third
quarter of 2009, as group ADR was impacted by lower contracted rates of
groups transferred from Gaylord Opryland and the impact of the
significant growth in room supply in the Orlando market over the past
18 months. Third quarter 2010 RevPAR increased 10.5 percent to $100.75
compared to $91.19 in the prior-year quarter. Total RevPAR in the third
quarter of 2010 increased 12.9 percent to $265.00 compared to $234.75
in the prior-year quarter. CCF in the third quarter of 2010 increased
to $6.6 million compared to $5.7 million in the prior-year quarter,
resulting in a CCF Margin of 19.4 percent, an 80 basis point increase
compared to 18.6 percent in the prior-year quarter.
Gaylord Texan revenue was $44.1 million in the third quarter
of 2010, an increase of 11.6 percent from $39.5 million in the
prior-year quarter, driven by an increase in ADR and outside the room
revenue. Occupancy for the third quarter of 2010 decreased slightly by
0.3 percentage points compared to the third quarter of 2009. RevPAR in
the third quarter of 2010 increased 4.0 percent to $113.46 when
compared to $109.13 in the prior-year quarter due to the increase in
ADR. Total RevPAR increased 11.6 percent in the third quarter of 2010
to $317.34 compared to $284.38 in the prior-year quarter, driven by an
increase in food and beverage revenue. CCF increased 30.9 percent to
$14.3 million in the third quarter of 2010, versus $10.9 million in the
prior-year quarter, resulting in a 32.3 percent CCF Margin, a 480 basis
point increase over the prior-year quarter.
Gaylord National generated revenue of $67.1 million in the
third quarter of 2010, a 19.7 percent increase when compared to the
prior-year quarter of $56.0 million, due to a significant increase in
occupancy, partially offset by a decrease in ADR. Occupancy for the
third quarter of 2010 was up 16.7 percentage points to 83.3 percent
when compared to 66.6 percent in the prior-year quarter, driven by a
decrease in group attrition and the transfer of rooms from Gaylord
Opryland. The rooms transferred to Gaylord National as a result of the
flooding in Nashville in May were honored at the price originally
contracted with Gaylord Opryland and were priced lower than the
Washington, D.C. market rate. This rate differential contributed to the
5.5 percent decline in ADR. RevPAR in the third quarter of 2010
increased 18.2 percent to $144.98 when compared to $122.68 in the
prior-year quarter. Total RevPAR increased 19.7 percent to $365.29 in
the third quarter of 2010 when compared to $305.05 in the prior-year
quarter. CCF increased 20.2 percent to $18.3 million in the third
quarter of 2010 when compared to $15.2 million in the prior-year
quarter. CCF Margin was flat at 27.3 percent in the third quarter when
compared to 27.2 percent in the prior-year quarter.
Gaylord Opryland remained closed throughout the third quarter
due to flood-related damage. The property is scheduled to reopen on
November 15, 2010.
Reed continued, “While the flooding in May represented some
significant challenges for our Company and the city of Nashville as a
whole, we are proud of how our team responded. The intense efforts of
our STARS and our entire team has paid off, and after successfully
reopening the Grand Ole Opry at the end of September, we are on pace to
reopen Gaylord Opryland on time in mid-November as planned. We are also
currently anticipating that the total costs associated with the
restoration and reopening of the property will be within the original
budget projections we communicated in early June. The fact that we have
been able to accomplish this work in such a short period of time and
within our budget is a testament to the strong culture that defines our
brand, and we are looking forward to welcoming our customers back this
month to what we believe they will consider an even more extraordinary
property.”
Opry and Attractions
Opry and Attractions segment revenue decreased 33.2 percent to
$11.0 million in the third quarter of 2010, compared to $16.5 million
in the year-ago quarter. The segment’s CCF decreased to $1.1 million in
the third quarter of 2010 from $3.8 million in the prior-year quarter.
Opry and Attractions revenue and CCF in the third quarter of 2010 was
impacted by the flood damage and temporary closure of certain of
Gaylord’s Nashville assets, and a reduction in visitor volume due to
the closure of Gaylord Opryland. On September 28, 2010 the Grand Ole
Opry show and broadcast returned to its permanent location at the
rebuilt and fully-restored Grand Ole Opry House.
Corporate and Other
Corporate and Other operating loss totaled $17.3 million in
the third quarter of 2010 compared to an operating loss of $15.0
million in the same period last year. Corporate and Other CCF in the
third quarter of 2010 decreased $4.9 million to a loss of $14.1 million
compared to a loss of $9.2 million in the same period last year. Third
quarter 2010 CCF included approximately $2.5 million in expense
associated with amendments to certain executives’ restricted stock unit
agreements. For each quarter, 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.
Casualty Loss
Net casualty loss expense as a result of the flooding for the
third quarter of 2010 totaled $6.0 million. This amount included $1.2
million in non-cash impairment expense related to the write-off of
flood-damaged assets, $2.9 million in site remediation expense, $1.1
million in non-capitalized repairs, $0.5 million of other flood-related
casualty loss expense and $0.4 million of continuing costs related to
the flood-impacted businesses. Casualty loss CCF in the third quarter
of 2010 was a loss of $4.8 million.
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. With the rebuild and reopening efforts at Gaylord Opryland
nearly complete, the Company is increasing its efforts to identify and
evaluate opportunities for new unit growth.
Liquidity
As of September 30, 2010, the Company had long-term debt
outstanding, including current portion, of $1,157.3 million and
unrestricted cash of $135.9 million. At the end of the third quarter of
2010, $300 million of borrowings were undrawn under the Company’s $1.0
billion credit facility, and the lending banks had issued $8.6 million
in letters of credit, which left $291.4 million of availability under
the credit facility.
Outlook
The following business performance outlook is based on current
information as of November 2, 2010. The Company does not expect to
update the guidance provided below before next quarter’s earnings
release. However, the Company may update its full business outlook or
any portion thereof at any time for any reason.
Reed concluded, “We are encouraged by the positive signs we
continued to see across our business this quarter, particularly the
growth in outside the room revenue and improvements in RevPAR and Total
RevPAR. These are indicators that the environment is improving and our
customers are feeling more confident about spending at our properties
and taking advantage of our diverse outside the room offerings. Our
strong bookings for future years and the improvements we are seeing in
2011 and 2012 pricing also increase our confidence that our business is
well positioned as we look to the future.
“Given our performance thus far and the room nights we have
secured for the remainder of 2010, we are reiterating our consolidated
CCF guidance for $140-$158 million for full year 2010. Additionally,
the performance of our business in 2010 coupled with the bookings and
rate data currently on the books for 2011 provides a basis upon which
to issue guidance for 2011, which will include Gaylord Opryland at full
operational capacity. We are providing 2011 guidance for Adjusted
Gaylord Hotels (which excludes Gaylord Opryland, but includes the
Radisson) as a RevPAR increase of 7.5 to 9.5 percent and a Total RevPAR
increase of 6.5 to 8.5 percent year-over-year. We are providing 2011
guidance for Gaylord Opryland as a RevPAR increase of 13.0 to 15.0
percent and a Total RevPAR increase of 9.0 to 11.0 percent
year-over-year. It is important to note that the RevPAR and Total
RevPAR growth guidance for Gaylord Opryland is based on a partial year
of operation in 2010 due to the flooding in May. Shifting to CCF
guidance, as occupancy levels have continued to rise, we have been
successful in prudently managing our costs and driving solid
profitability margins. Based on our performance, we are providing full
year 2011 CCF guidance for Adjusted Gaylord Hotels (which excludes
Gaylord Opryland, but includes the Radisson) of $178-$185 million. This
includes the impact of a rooms renovation at Gaylord Palms which will
result in 39,900 room nights being out of service for 2011. For Gaylord
Opryland we are providing 2011 CCF guidance of $73-$77 million. Our
2011 CCF guidance for Opry and Attractions is $12-$14 million and
Corporate & Other guidance for CCF in 2011 is a loss of $(48)-$(46)
million.
“As the Grand Ole Opry House successfully reopened on
September 28, 2010 and we are tracking well against both our budget and
our rebuild schedule to successfully reopen Gaylord Opryland on
November 15, 2010, we are also reiterating guidance for these and our
other flood-damaged Nashville assets.”
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Full Year
2011 Guidance
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Consolidated Cash Flow
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Adjusted Gaylord
Hotels |
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$178 – 185
Million |
Gaylord Opryland |
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$73 – 77 Million |
Opry and
Attractions |
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$12 – 14 Million |
Corporate
and Other |
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$(48
– 46) Million |
Totals |
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$215 – 230
Million |
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Adjusted Gaylord Hotels
RevPAR |
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7.5%
- 9.5% |
Adjusted Gaylord Hotels
Total RevPAR |
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6.5%
- 8.5% |
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Gaylord Opryland RevPAR
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13.0%
- 15.0% |
Gaylord Opryland Total
RevPAR |
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9.0%
- 11.0% |
Note: Adjusted Gaylord Hotels in the guidance table
above excludes Gaylord Opryland, but includes the Radisson;
additionally the guidance above assumes 39,900 room nights out of
service in 2011 due to the renovation of rooms at Gaylord Palms and
14,240 room nights out of service in 2011 due to the renovation of
rooms at the Radisson located in Nashville.
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 at www.gaylordentertainment.com. To listen to the
live call, please go to the Investor Relations section of the website
(Investor Relations/Presentations, Earnings, and Webcasts) at least 15
minutes prior to the call to register, download and install any
necessary audio software. For those who cannot listen to the live
broadcast, a replay will be available shortly after the call and will
run for at least 30 days.
About Gaylord Entertainment
Gaylord Entertainment (NYSE: GET), a leading hospitality and
entertainment company based in Nashville, Tenn., owns and operates
Gaylord Hotels (www.gaylordhotels.com), its network of upscale,
meetings-focused resorts, and the Grand Ole Opry (www.opry.com), the weekly showcase of country
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 the flood damage to Gaylord Opryland and
our other Nashville-area Gaylord facilities, which include significant
revenue losses and costs associated with the hotel closure and the
rebuilding effort, which, in the aggregate, will exceed the coverage
under the Company’s insurance policies; risks inherent in the
construction process, including significant financial commitments, the
risk of fluctuations in the costs of materials and labor and diversion
of management time and attention; effects of the hotel closure
including the possible loss of experienced employees, the loss of
customer goodwill, uncertainty of future hotel bookings and other
negative factors yet to be determined, and risks associated with
compliance with the Company’s $1.0 billion credit facility; 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, 2009 and our Quarterly
Reports on Form 10-Q for the fiscal quarters ended March 31, 2010 and
June 30, 2010. 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.
1 The Company calculates revenue per available
room (“RevPAR”) for its hotels by dividing room sales by room nights
available to guests for the period.
2 The Company calculates total revenue per
available room (“Total RevPAR”) for its hotels by dividing the sum of
room sales, food & beverage, and other ancillary services revenue
by room nights available to guests for the period.
3 Adjusted EBITDA (defined as earnings before
interest, taxes, depreciation, amortization, as well as certain unusual
items) is a non-GAAP financial measure which is used herein because we
believe it allows for a more complete analysis of operating performance
by presenting an analysis of operations separate from the earnings
impact of capital transactions and without certain items that do not
impact our ongoing operations such as gains on the sale of assets and
purchases of our debt. In accordance with generally accepted accounting
principles, these items are not included in determining our operating
income. The information presented should not be considered as an
alternative to any measure of performance as promulgated under
accounting principles generally accepted in the United States (such as
operating income, net income, or cash from operations), nor should it
be considered as an indicator of overall financial performance.
Adjusted EBITDA does not fully consider the impact of investing or
financing transactions, as it specifically excludes depreciation and
interest charges, which should also be considered in the overall
evaluation of our results of operations. Our method of calculating
Adjusted EBITDA may be different from the method used by other
companies and therefore comparability may be limited. A reconciliation
of Adjusted EBITDA to net (loss) income is presented in the
Supplemental Financial Results contained in this press release.
4 As discussed in footnote 3 above, Adjusted
EBITDA is used herein as essentially operating (loss)/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 preopening costs, impairment charges,
the non-cash portion of the Florida ground lease expense, stock option
expense, the non-cash gains and losses on the disposal of certain fixed
assets, and adds (subtracts) other gains (losses). The Consolidated
Cash Flow measure is one of the principal tools used by management in
evaluating the operating performance of the 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 (or
hotel) 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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Three
Months Ended |
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Nine
Months Ended |
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Sep. 30, |
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Sep. 30, |
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2010 |
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2009 |
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2010 |
|
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2009 |
Revenues |
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|
|
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$
|
158,272
|
|
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$
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198,513
|
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$
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556,632
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$
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626,253
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Operating
expenses: |
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Operating costs |
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98,498
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121,895
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333,799
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377,834
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Selling, general
and administrative (a) |
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35,648
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40,723
|
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113,838
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|
127,027
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Casualty loss |
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6,014
|
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-
|
|
|
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37,361
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-
|
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Preopening costs |
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|
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25,474
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|
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|
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-
|
|
|
|
|
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31,714
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-
|
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Depreciation
and amortization |
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|
|
|
|
|
25,254
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|
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|
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|
29,476
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|
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78,276
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86,184
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Operating
(loss) income |
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|
(32,616
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)
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|
6,419
|
|
|
|
|
|
(38,356
|
)
|
|
|
|
|
35,208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net of amounts capitalized |
|
|
|
|
|
|
(20,334
|
)
|
|
|
|
|
(18,676
|
)
|
|
|
|
|
(60,929
|
)
|
|
|
|
|
(55,505
|
)
|
Interest income |
|
|
|
|
|
|
3,344
|
|
|
|
|
|
3,382
|
|
|
|
|
|
9,852
|
|
|
|
|
|
11,411
|
|
Income from
unconsolidated companies |
|
|
|
|
|
|
-
|
|
|
|
|
|
30
|
|
|
|
|
|
117
|
|
|
|
|
|
147
|
|
Net gain on
extinguishment of debt |
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
1,299
|
|
|
|
|
|
24,726
|
|
Other
gains and (losses), net |
|
|
|
|
|
|
377
|
|
|
|
|
|
(84
|
)
|
|
|
|
|
217
|
|
|
|
|
|
3,420
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income
before provision for income taxes |
|
|
|
|
|
|
(49,229
|
)
|
|
|
|
|
(8,929
|
)
|
|
|
|
|
(87,800
|
)
|
|
|
|
|
19,407
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Benefit)
provision for income taxes |
|
|
|
|
|
|
(17,403
|
)
|
|
|
|
|
(2,656
|
)
|
|
|
|
|
(28,125
|
)
|
|
|
|
|
11,758
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income
from continuing operations |
|
|
|
|
|
|
(31,826
|
)
|
|
|
|
|
(6,273
|
)
|
|
|
|
|
(59,675
|
)
|
|
|
|
|
7,649
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from discontinued operations, net of taxes |
|
|
|
|
|
|
46
|
|
|
|
|
|
(6,628
|
)
|
|
|
|
|
3,325
|
|
|
|
|
|
(7,072
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss) income |
|
|
|
|
|
$
|
(31,780
|
)
|
|
|
|
$
|
(12,901
|
)
|
|
|
|
$
|
(56,350
|
)
|
|
|
|
$
|
577
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net
(loss) income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income
from continuing operations |
|
|
|
|
|
$
|
(0.67
|
)
|
|
|
|
$
|
(0.15
|
)
|
|
|
|
$
|
(1.27
|
)
|
|
|
|
$
|
0.19
|
|
(Loss)
income from discontinued operations, net of taxes |
|
|
|
|
|
|
-
|
|
|
|
|
|
(0.16
|
)
|
|
|
|
|
0.07
|
|
|
|
|
|
(0.18
|
)
|
Net
(loss) income |
|
|
|
|
|
$
|
(0.67
|
)
|
|
|
|
$
|
(0.31
|
)
|
|
|
|
$
|
(1.20
|
)
|
|
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fully
diluted net (loss) income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income
from continuing operations |
|
|
|
|
|
$
|
(0.67
|
)
|
|
|
|
$
|
(0.15
|
)
|
|
|
|
$
|
(1.27
|
)
|
|
|
|
$
|
0.19
|
|
(Loss)
income from discontinued operations, net of taxes |
|
|
|
|
|
|
-
|
|
|
|
|
|
(0.16
|
)
|
|
|
|
|
0.07
|
|
|
|
|
|
(0.18
|
)
|
Net
(loss) income |
|
|
|
|
|
$
|
(0.67
|
)
|
|
|
|
$
|
(0.31
|
)
|
|
|
|
$
|
(1.20
|
)
|
|
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares for the period (b):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
47,173
|
|
|
|
|
|
41,091
|
|
|
|
|
|
47,095
|
|
|
|
|
|
40,979
|
|
Fully-diluted |
|
|
|
|
|
|
47,173
|
|
|
|
|
|
41,091
|
|
|
|
|
|
47,095
|
|
|
|
|
|
41,209
|
|
|
|
|
(a) |
|
Includes non-cash
lease expense of $1.5 million for the three months ended September 30,
2010 and 2009, respectively, and $4.4 million and $4.5 million for the
nine months ended September 30, 2010 and 2009, respectively, related to
the effect of recognizing the Gaylord Palms ground lease expense on a
straight-line basis. |
|
|
|
(b) |
|
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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sep. 30,
|
|
|
|
Dec. 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
|
2009 |
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents - unrestricted |
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
|
135,946
|
|
|
|
$
|
|
180,029
|
Cash and cash
equivalents - restricted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,150
|
|
|
|
|
|
1,150
|
Trade
receivables, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,381
|
|
|
|
|
|
39,864
|
Income tax
receivable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,458
|
|
|
|
|
|
28,796
|
Deferred income
taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,328
|
|
|
|
|
|
2,525
|
Other current
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
57,015
|
|
|
|
|
|
50,768
|
Current
assets of discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63
|
|
|
|
|
|
2,444
|
Total current
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
273,341
|
|
|
|
|
|
305,576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net of accumulated depreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,152,502
|
|
|
|
|
|
2,149,782
|
Notes receivable,
net of current portion |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
139,873
|
|
|
|
|
|
142,311
|
Long-term
deferred financing costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,860
|
|
|
|
|
|
18,081
|
Other long-term
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46,825
|
|
|
|
|
|
44,858
|
Long-term
assets of discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
388
|
|
|
|
|
|
415
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
|
2,626,789
|
|
|
|
$
|
|
2,661,023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY |
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion
of long-term debt and capital lease obligations |
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
|
1,222
|
|
|
|
$
|
|
1,814
|
Accounts payable
and accrued liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
173,148
|
|
|
|
|
|
148,660
|
Estimated fair
value of derivative liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,368
|
|
|
|
|
|
-
|
Current
liabilities of discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
483
|
|
|
|
|
|
3,872
|
Total current
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
192,221
|
|
|
|
|
|
154,346
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
and capital lease obligations, net of current portion |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,156,039
|
|
|
|
|
|
1,176,874
|
Deferred income
taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
112,249
|
|
|
|
|
|
100,590
|
Estimated fair
value of derivative liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
55
|
|
|
|
|
|
25,661
|
Other long-term
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
129,093
|
|
|
|
|
|
124,377
|
Long-term
liabilities of discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
451
|
|
|
|
|
|
491
|
Stockholders'
equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,036,681
|
|
|
|
|
|
1,078,684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
|
2,626,789
|
|
|
|
$
|
|
2,661,023
|
|
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 Sep. 30, |
|
|
Nine Months Ended Sep. 30, |
|
|
|
2010 |
|
|
|
2009 |
|
|
|
2010 |
|
|
|
2009 |
|
|
|
|
|
|
$
|
|
|
|
Margin |
|
|
|
|
$
|
|
|
|
Margin |
|
|
|
|
$
|
|
|
|
Margin |
|
|
|
|
$
|
|
|
|
Margin |
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
$
|
|
158,272
|
|
|
|
100.0
|
%
|
|
|
$
|
|
198,513
|
|
|
|
100.0
|
%
|
|
|
$
|
|
556,632
|
|
|
|
100.0
|
%
|
|
|
$
|
|
626,253
|
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income |
|
|
$
|
|
(31,780
|
)
|
|
|
-20.1
|
%
|
|
|
$
|
|
(12,901
|
)
|
|
|
-6.5
|
%
|
|
|
$
|
|
(56,350
|
)
|
|
|
-10.1
|
%
|
|
|
$
|
|
577
|
|
|
|
0.1
|
%
|
(Income) loss
from discontinued operations, net of taxes |
|
|
|
|
(46
|
)
|
|
|
0.0
|
%
|
|
|
|
|
6,628
|
|
|
|
3.3
|
%
|
|
|
|
|
(3,325
|
)
|
|
|
-0.6
|
%
|
|
|
|
|
7,072
|
|
|
|
1.1
|
%
|
(Benefit)
provision for income taxes |
|
|
|
|
(17,403
|
)
|
|
|
-11.0
|
%
|
|
|
|
|
(2,656
|
)
|
|
|
-1.3
|
%
|
|
|
|
|
(28,125
|
)
|
|
|
-5.1
|
%
|
|
|
|
|
11,758
|
|
|
|
1.9
|
%
|
Other (gains) and
losses, net |
|
|
|
|
(377
|
)
|
|
|
-0.2
|
%
|
|
|
|
|
84
|
|
|
|
0.0
|
%
|
|
|
|
|
(217
|
)
|
|
|
0.0
|
%
|
|
|
|
|
(3,420
|
)
|
|
|
-0.5
|
%
|
Net gain on
extinguishment of debt |
|
|
|
|
-
|
|
|
|
0.0
|
%
|
|
|
|
|
-
|
|
|
|
0.0
|
%
|
|
|
|
|
(1,299
|
)
|
|
|
-0.2
|
%
|
|
|
|
|
(24,726
|
)
|
|
|
-3.9
|
%
|
Income from
unconsolidated companies |
|
|
|
|
-
|
|
|
|
0.0
|
%
|
|
|
|
|
(30
|
)
|
|
|
0.0
|
%
|
|
|
|
|
(117
|
)
|
|
|
0.0
|
%
|
|
|
|
|
(147
|
)
|
|
|
0.0
|
%
|
Interest
expense, net |
|
|
|
|
16,990
|
|
|
|
10.7
|
%
|
|
|
|
|
15,294
|
|
|
|
7.7
|
%
|
|
|
|
|
51,077
|
|
|
|
9.2
|
%
|
|
|
|
|
44,094
|
|
|
|
7.0
|
%
|
Operating
(loss) income |
|
|
|
|
(32,616
|
)
|
|
|
-20.6
|
%
|
|
|
|
|
6,419
|
|
|
|
3.2
|
%
|
|
|
|
|
(38,356
|
)
|
|
|
-6.9
|
%
|
|
|
|
|
35,208
|
|
|
|
5.6
|
%
|
Depreciation
& amortization |
|
|
|
|
25,254
|
|
|
|
16.0
|
%
|
|
|
|
|
29,476
|
|
|
|
14.8
|
%
|
|
|
|
|
78,276
|
|
|
|
14.1
|
%
|
|
|
|
|
86,184
|
|
|
|
13.8
|
%
|
Adjusted EBITDA
|
|
|
|
|
(7,362
|
)
|
|
|
-4.7
|
%
|
|
|
|
|
35,895
|
|
|
|
18.1
|
%
|
|
|
|
|
39,920
|
|
|
|
7.2
|
%
|
|
|
|
|
121,392
|
|
|
|
19.4
|
%
|
Pre-opening costs
|
|
|
|
|
25,474
|
|
|
|
16.1
|
%
|
|
|
|
|
-
|
|
|
|
0.0
|
%
|
|
|
|
|
31,714
|
|
|
|
5.7
|
%
|
|
|
|
|
-
|
|
|
|
0.0
|
%
|
Impairment
charges |
|
|
|
|
1,192
|
|
|
|
0.8
|
%
|
|
|
|
|
-
|
|
|
|
0.0
|
%
|
|
|
|
|
42,733
|
|
|
|
7.7
|
%
|
|
|
|
|
-
|
|
|
|
0.0
|
%
|
Other non-cash
expenses |
|
|
|
|
1,480
|
|
|
|
0.9
|
%
|
|
|
|
|
1,504
|
|
|
|
0.8
|
%
|
|
|
|
|
4,438
|
|
|
|
0.8
|
%
|
|
|
|
|
4,514
|
|
|
|
0.7
|
%
|
Stock option
expense |
|
|
|
|
664
|
|
|
|
0.4
|
%
|
|
|
|
|
3,746
|
|
|
|
1.9
|
%
|
|
|
|
|
2,119
|
|
|
|
0.4
|
%
|
|
|
|
|
6,994
|
|
|
|
1.1
|
%
|
Other gains and
(losses), net |
|
|
|
|
377
|
|
|
|
0.2
|
%
|
|
|
|
|
(84
|
)
|
|
|
0.0
|
%
|
|
|
|
|
217
|
|
|
|
0.0
|
%
|
|
|
|
|
3,420
|
|
|
|
0.5
|
%
|
Loss on
sales of assets |
|
|
|
|
65
|
|
|
|
0.0
|
%
|
|
|
|
|
84
|
|
|
|
0.0
|
%
|
|
|
|
|
339
|
|
|
|
0.1
|
%
|
|
|
|
|
139
|
|
|
|
0.0
|
%
|
CCF
|
|
|
$
|
|
21,890
|
|
|
|
13.8
|
%
|
|
|
$
|
|
41,145
|
|
|
|
20.7
|
%
|
|
|
$
|
|
121,480
|
|
|
|
21.8
|
%
|
|
|
$
|
|
136,459
|
|
|
|
21.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Hospitality segment (excludes Gaylord Opryland and Other, includes
Nashville Radisson) (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
$
|
|
146,828
|
|
|
|
100.0
|
%
|
|
|
$
|
|
127,503
|
|
|
|
100.0
|
%
|
|
|
$
|
|
447,582
|
|
|
|
100.0
|
%
|
|
|
$
|
|
418,801
|
|
|
|
100.0
|
%
|
Operating
income |
|
|
|
|
20,605
|
|
|
|
14.0
|
%
|
|
|
|
|
10,861
|
|
|
|
8.5
|
%
|
|
|
|
|
73,536
|
|
|
|
16.4
|
%
|
|
|
|
|
59,695
|
|
|
|
14.3
|
%
|
Depreciation
& amortization |
|
|
|
|
16,968
|
|
|
|
11.6
|
%
|
|
|
|
|
19,576
|
|
|
|
15.4
|
%
|
|
|
|
|
50,999
|
|
|
|
11.4
|
%
|
|
|
|
|
56,821
|
|
|
|
13.6
|
%
|
Other non-cash
expenses |
|
|
|
|
1,480
|
|
|
|
1.0
|
%
|
|
|
|
|
1,504
|
|
|
|
1.2
|
%
|
|
|
|
|
4,438
|
|
|
|
1.0
|
%
|
|
|
|
|
4,514
|
|
|
|
1.1
|
%
|
Stock option
expense |
|
|
|
|
236
|
|
|
|
0.2
|
%
|
|
|
|
|
189
|
|
|
|
0.1
|
%
|
|
|
|
|
662
|
|
|
|
0.1
|
%
|
|
|
|
|
729
|
|
|
|
0.2
|
%
|
Other gains and
(losses), net |
|
|
|
|
-
|
|
|
|
0.0
|
%
|
|
|
|
|
(7
|
)
|
|
|
0.0
|
%
|
|
|
|
|
(247
|
)
|
|
|
-0.1
|
%
|
|
|
|
|
(149
|
)
|
|
|
0.0
|
%
|
Loss on sales of assets
|
|
|
|
|
-
|
|
|
|
0.0
|
%
|
|
|
|
|
7
|
|
|
|
0.0
|
%
|
|
|
|
|
247
|
|
|
|
0.1
|
%
|
|
|
|
|
42
|
|
|
|
0.0
|
%
|
CCF
|
|
|
$
|
|
39,289
|
|
|
|
26.8
|
%
|
|
|
$
|
|
32,130
|
|
|
|
25.2
|
%
|
|
|
$
|
|
129,635
|
|
|
|
29.0
|
%
|
|
|
$
|
|
121,652
|
|
|
|
29.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Palms, Texan and National (excludes Gaylord Opryland, Nashville
Radisson and Other) (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
$
|
|
145,474
|
|
|
|
100.0
|
%
|
|
|
$
|
|
125,914
|
|
|
|
100.0
|
%
|
|
|
$
|
|
443,224
|
|
|
|
100.0
|
%
|
|
|
$
|
|
413,551
|
|
|
|
100.0
|
%
|
Operating
income |
|
|
|
|
20,657
|
|
|
|
14.2
|
%
|
|
|
|
|
10,663
|
|
|
|
8.5
|
%
|
|
|
|
|
73,288
|
|
|
|
16.5
|
%
|
|
|
|
|
58,989
|
|
|
|
14.3
|
%
|
Depreciation
& amortization |
|
|
|
|
16,815
|
|
|
|
11.6
|
%
|
|
|
|
|
19,412
|
|
|
|
15.4
|
%
|
|
|
|
|
50,529
|
|
|
|
11.4
|
%
|
|
|
|
|
56,332
|
|
|
|
13.6
|
%
|
Other non-cash
expenses |
|
|
|
|
1,480
|
|
|
|
1.0
|
%
|
|
|
|
|
1,504
|
|
|
|
1.2
|
%
|
|
|
|
|
4,438
|
|
|
|
1.0
|
%
|
|
|
|
|
4,514
|
|
|
|
1.1
|
%
|
Stock option
expense |
|
|
|
|
236
|
|
|
|
0.2
|
%
|
|
|
|
|
189
|
|
|
|
0.2
|
%
|
|
|
|
|
662
|
|
|
|
0.1
|
%
|
|
|
|
|
729
|
|
|
|
0.2
|
%
|
Other gains and
(losses), net |
|
|
|
|
-
|
|
|
|
0.0
|
%
|
|
|
|
|
(7
|
)
|
|
|
0.0
|
%
|
|
|
|
|
(247
|
)
|
|
|
-0.1
|
%
|
|
|
|
|
(149
|
)
|
|
|
0.0
|
%
|
Loss on
sales of assets |
|
|
|
|
-
|
|
|
|
0.0
|
%
|
|
|
|
|
7
|
|
|
|
0.0
|
%
|
|
|
|
|
247
|
|
|
|
0.1
|
%
|
|
|
|
|
42
|
|
|
|
0.0
|
%
|
CCF
|
|
|
$
|
|
39,188
|
|
|
|
26.9
|
%
|
|
|
$
|
|
31,768
|
|
|
|
25.2
|
%
|
|
|
$
|
|
128,917
|
|
|
|
29.1
|
%
|
|
|
$
|
|
120,457
|
|
|
|
29.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Opryland (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
$
|
|
10
|
|
|
|
100.0
|
%
|
|
|
$
|
|
54,495
|
|
|
|
100.0
|
%
|
|
|
$
|
|
75,642
|
|
|
|
100.0
|
%
|
|
|
$
|
|
164,334
|
|
|
|
100.0
|
%
|
Operating
(loss) income |
|
|
|
|
(28,604
|
)
|
|
|
n/a
|
|
|
|
|
|
8,101
|
|
|
|
14.9
|
%
|
|
|
|
|
(27,498
|
)
|
|
|
-36.4
|
%
|
|
|
|
|
18,429
|
|
|
|
11.2
|
%
|
Depreciation
& amortization |
|
|
|
|
4,862
|
|
|
|
n/a
|
|
|
|
|
|
6,164
|
|
|
|
11.3
|
%
|
|
|
|
|
16,403
|
|
|
|
21.7
|
%
|
|
|
|
|
18,351
|
|
|
|
11.2
|
%
|
Pre-opening costs
|
|
|
|
|
23,752
|
|
|
|
n/a
|
|
|
|
|
|
-
|
|
|
|
0.0
|
%
|
|
|
|
|
29,831
|
|
|
|
39.4
|
%
|
|
|
|
|
-
|
|
|
|
0.0
|
%
|
Stock option
expense |
|
|
|
|
-
|
|
|
|
0.0
|
%
|
|
|
|
|
106
|
|
|
|
0.2
|
%
|
|
|
|
|
154
|
|
|
|
0.2
|
%
|
|
|
|
|
449
|
|
|
|
0.3
|
%
|
Other gains and
(losses), net |
|
|
|
|
(7
|
)
|
|
|
-70.0
|
%
|
|
|
|
|
-
|
|
|
|
0.0
|
%
|
|
|
|
|
(6
|
)
|
|
|
0.0
|
%
|
|
|
|
|
-
|
|
|
|
0.0
|
%
|
Loss on
sales of assets |
|
|
|
|
7
|
|
|
|
70.0
|
%
|
|
|
|
|
-
|
|
|
|
0.0
|
%
|
|
|
|
|
6
|
|
|
|
0.0
|
%
|
|
|
|
|
-
|
|
|
|
0.0
|
%
|
CCF
|
|
|
$
|
|
10
|
|
|
|
100.0
|
%
|
|
|
$
|
|
14,371
|
|
|
|
26.4
|
%
|
|
|
$
|
|
18,890
|
|
|
|
25.0
|
%
|
|
|
$
|
|
37,229
|
|
|
|
22.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Hospitality (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
$
|
|
396
|
|
|
|
100.0
|
%
|
|
|
$
|
|
23
|
|
|
|
100.0
|
%
|
|
|
$
|
|
625
|
|
|
|
100.0
|
%
|
|
|
$
|
|
38
|
|
|
|
100.0
|
%
|
Operating
income (loss) |
|
|
|
|
339
|
|
|
|
85.6
|
%
|
|
|
|
|
(139
|
)
|
|
|
-604.3
|
%
|
|
|
|
|
478
|
|
|
|
76.5
|
%
|
|
|
|
|
(273
|
)
|
|
|
-718.4
|
%
|
Depreciation
& amortization |
|
|
|
|
36
|
|
|
|
9.1
|
%
|
|
|
|
|
136
|
|
|
|
591.3
|
%
|
|
|
|
|
126
|
|
|
|
20.2
|
%
|
|
|
|
|
242
|
|
|
|
636.8
|
%
|
Other gains and
(losses), net |
|
|
|
|
-
|
|
|
|
0.0
|
%
|
|
|
|
|
(62
|
)
|
|
|
-269.6
|
%
|
|
|
|
|
-
|
|
|
|
0.0
|
%
|
|
|
|
|
(54
|
)
|
|
|
-142.1
|
%
|
Loss on
sales of assets |
|
|
|
|
-
|
|
|
|
0.0
|
%
|
|
|
|
|
62
|
|
|
|
269.6
|
%
|
|
|
|
|
-
|
|
|
|
0.0
|
%
|
|
|
|
|
54
|
|
|
|
142.1
|
%
|
CCF
|
|
|
$
|
|
375
|
|
|
|
94.7
|
%
|
|
|
$
|
|
(3
|
)
|
|
|
-13.0
|
%
|
|
|
$
|
|
604
|
|
|
|
96.6
|
%
|
|
|
$
|
|
(31
|
)
|
|
|
-81.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opry and
Attractions segment (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
$
|
|
11,011
|
|
|
|
100.0
|
%
|
|
|
$
|
|
16,472
|
|
|
|
100.0
|
%
|
|
|
$
|
|
32,702
|
|
|
|
100.0
|
%
|
|
|
$
|
|
43,010
|
|
|
|
100.0
|
%
|
Operating
(loss) income |
|
|
|
|
(1,630
|
)
|
|
|
-14.8
|
%
|
|
|
|
|
2,643
|
|
|
|
16.0
|
%
|
|
|
|
|
(1,537
|
)
|
|
|
-4.7
|
%
|
|
|
|
|
2,863
|
|
|
|
6.7
|
%
|
Depreciation
& amortization |
|
|
|
|
1,019
|
|
|
|
9.3
|
%
|
|
|
|
|
1,121
|
|
|
|
6.8
|
%
|
|
|
|
|
3,439
|
|
|
|
10.5
|
%
|
|
|
|
|
3,494
|
|
|
|
8.1
|
%
|
Pre-opening costs
|
|
|
|
|
1,722
|
|
|
|
15.6
|
%
|
|
|
|
|
-
|
|
|
|
0.0
|
%
|
|
|
|
|
1,883
|
|
|
|
5.8
|
%
|
|
|
|
|
-
|
|
|
|
0.0
|
%
|
Stock option
expense |
|
|
|
|
7
|
|
|
|
0.1
|
%
|
|
|
|
|
57
|
|
|
|
0.3
|
%
|
|
|
|
|
72
|
|
|
|
0.2
|
%
|
|
|
|
|
190
|
|
|
|
0.4
|
%
|
Other gains and
(losses), net |
|
|
|
|
-
|
|
|
|
0.0
|
%
|
|
|
|
|
2
|
|
|
|
0.0
|
%
|
|
|
|
|
(32
|
)
|
|
|
-0.1
|
%
|
|
|
|
|
3,613
|
|
|
|
8.4
|
%
|
(Gain)
loss on sales of assets |
|
|
|
|
-
|
|
|
|
0.0
|
%
|
|
|
|
|
(2
|
)
|
|
|
0.0
|
%
|
|
|
|
|
32
|
|
|
|
0.1
|
%
|
|
|
|
|
(2
|
)
|
|
|
0.0
|
%
|
CCF
|
|
|
$
|
|
1,118
|
|
|
|
10.2
|
%
|
|
|
$
|
|
3,821
|
|
|
|
23.2
|
%
|
|
|
$
|
|
3,857
|
|
|
|
11.8
|
%
|
|
|
$
|
|
10,158
|
|
|
|
23.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
and Other segment (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
$
|
|
27
|
|
|
|
|
|
|
$
|
|
20
|
|
|
|
|
|
|
$
|
|
81
|
|
|
|
|
|
|
$
|
|
70
|
|
|
|
|
Operating loss
|
|
|
|
|
(17,312
|
)
|
|
|
|
|
|
|
|
(15,047
|
)
|
|
|
|
|
|
|
|
(45,974
|
)
|
|
|
|
|
|
|
|
(45,506
|
)
|
|
|
|
Depreciation
& amortization |
|
|
|
|
2,369
|
|
|
|
|
|
|
|
|
2,479
|
|
|
|
|
|
|
|
|
7,309
|
|
|
|
|
|
|
|
|
7,276
|
|
|
|
|
Stock option
expense |
|
|
|
|
411
|
|
|
|
|
|
|
|
|
3,394
|
|
|
|
|
|
|
|
|
1,148
|
|
|
|
|
|
|
|
|
5,626
|
|
|
|
|
Other gains and
(losses), net |
|
|
|
|
376
|
|
|
|
|
|
|
|
|
(17
|
)
|
|
|
|
|
|
|
|
380
|
|
|
|
|
|
|
|
|
10
|
|
|
|
|
Loss on
sales of assets |
|
|
|
|
58
|
|
|
|
|
|
|
|
|
17
|
|
|
|
|
|
|
|
|
54
|
|
|
|
|
|
|
|
|
45
|
|
|
|
|
CCF
|
|
|
$
|
|
(14,098
|
)
|
|
|
|
|
|
$
|
|
(9,174
|
)
|
|
|
|
|
|
$
|
|
(37,083
|
)
|
|
|
|
|
|
$
|
|
(32,549
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casualty
Loss (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casualty loss
expense |
|
|
$
|
|
(6,014
|
)
|
|
|
|
|
|
$
|
|
-
|
|
|
|
|
|
|
$
|
|
(87,361
|
)
|
|
|
|
|
|
$
|
|
-
|
|
|
|
|
Insurance
proceeds |
|
|
|
|
-
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
50,000
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
Operating loss
|
|
|
|
|
(6,014
|
)
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
(37,361
|
)
|
|
|
|
|
|
|
|
-
|
|
|
|
|
Impairment
charges |
|
|
|
|
1,192
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
42,733
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
Stock option
expense |
|
|
|
|
10
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
83
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
Other
gains and (losses), net |
|
|
|
|
8
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
122
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
CCF
|
|
|
$
|
|
(4,804
|
)
|
|
|
|
|
|
$
|
|
-
|
|
|
|
|
|
|
$
|
|
5,577
|
|
|
|
|
|
|
$
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
Individual segments exclude effect of Casualty Loss, which is shown
separately |
|
GAYLORD
ENTERTAINMENT COMPANY AND SUBSIDIARIES |
SUPPLEMENTAL
FINANCIAL RESULTS |
Unaudited
|
(in
thousands, except operating metrics) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Sep. 30, |
|
|
Nine Months Ended Sep. 30, |
|
|
|
|
2010 |
|
|
2009 |
|
|
2010 |
|
|
2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOSPITALITY
OPERATING METRICS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Hospitality Segment (excludes Gaylord Opryland and Other, includes
Nashville Radisson)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
|
|
|
74.7%
|
|
|
|
|
66.2%
|
|
|
|
|
72.6%
|
|
|
|
|
65.4%
|
Average daily
rate (ADR) |
|
|
|
$
|
|
157.57
|
|
|
$
|
|
160.08
|
|
|
$
|
|
171.71
|
|
|
$
|
|
181.77
|
RevPAR |
|
|
|
$
|
|
117.66
|
|
|
$
|
|
105.99
|
|
|
$
|
|
124.69
|
|
|
$
|
|
118.80
|
OtherPAR |
|
|
|
$
|
|
188.31
|
|
|
$
|
|
159.76
|
|
|
$
|
|
189.63
|
|
|
$
|
|
175.34
|
Total RevPAR |
|
|
|
$
|
|
305.97
|
|
|
$
|
|
265.75
|
|
|
$
|
|
314.32
|
|
|
$
|
|
294.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
$
|
|
146,828
|
|
|
$
|
|
127,503
|
|
|
$
|
|
447,582
|
|
|
$
|
|
418,801
|
CCF |
|
|
|
$
|
|
39,289
|
|
|
$
|
|
32,130
|
|
|
$
|
|
129,635
|
|
|
$
|
|
121,652
|
CCF Margin |
|
|
|
|
|
26.8%
|
|
|
|
|
25.2%
|
|
|
|
|
29.0%
|
|
|
|
|
29.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Palms, Texan and National (excludes Gaylord Opryland, Nashville
Radisson and Other)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
|
|
|
76.5%
|
|
|
|
|
66.6%
|
|
|
|
|
74.1%
|
|
|
|
|
65.8%
|
Average daily
rate (ADR) |
|
|
|
$
|
|
160.37
|
|
|
$
|
|
164.33
|
|
|
$
|
|
175.18
|
|
|
$
|
|
186.72
|
RevPAR |
|
|
|
$
|
|
122.63
|
|
|
$
|
|
109.50
|
|
|
$
|
|
129.75
|
|
|
$
|
|
122.83
|
OtherPAR |
|
|
|
$
|
|
199.22
|
|
|
$
|
|
169.12
|
|
|
$
|
|
200.71
|
|
|
$
|
|
185.53
|
Total RevPAR |
|
|
|
$
|
|
321.85
|
|
|
$
|
|
278.62
|
|
|
$
|
|
330.46
|
|
|
$
|
|
308.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
$
|
|
145,474
|
|
|
$
|
|
125,914
|
|
|
$
|
|
443,224
|
|
|
$
|
|
413,551
|
CCF |
|
|
|
$
|
|
39,188
|
|
|
$
|
|
31,768
|
|
|
$
|
|
128,917
|
|
|
$
|
|
120,457
|
CCF Margin |
|
|
|
|
|
26.9%
|
|
|
|
|
25.2%
|
|
|
|
|
29.1%
|
|
|
|
|
29.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Opryland (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
|
|
|
0.0%
|
|
|
|
|
66.5%
|
|
|
|
|
65.0%
|
|
|
|
|
62.4%
|
Average daily
rate (ADR) |
|
|
|
$
|
|
-
|
|
|
$
|
|
142.46
|
|
|
$
|
|
145.15
|
|
|
$
|
|
150.55
|
RevPAR |
|
|
|
$
|
|
-
|
|
|
$
|
|
94.69
|
|
|
$
|
|
94.41
|
|
|
$
|
|
94.01
|
OtherPAR |
|
|
|
$
|
|
-
|
|
|
$
|
|
111.05
|
|
|
$
|
|
122.73
|
|
|
$
|
|
115.08
|
Total RevPAR |
|
|
|
$
|
|
-
|
|
|
$
|
|
205.74
|
|
|
$
|
|
217.14
|
|
|
$
|
|
209.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
$
|
|
10
|
|
|
$
|
|
54,495
|
|
|
$
|
|
75,642
|
|
|
$
|
|
164,334
|
CCF |
|
|
|
$
|
|
10
|
|
|
$
|
|
14,371
|
|
|
$
|
|
18,890
|
|
|
$
|
|
37,229
|
CCF Margin |
|
|
|
|
|
100.0%
|
|
|
|
|
26.4%
|
|
|
|
|
25.0%
|
|
|
|
|
22.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Palms
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
|
|
|
71.0%
|
|
|
|
|
60.0%
|
|
|
|
|
72.5%
|
|
|
|
|
66.6%
|
Average daily
rate (ADR) |
|
|
|
$
|
|
141.86
|
|
|
$
|
|
151.94
|
|
|
$
|
|
160.46
|
|
|
$
|
|
178.35
|
RevPAR |
|
|
|
$
|
|
100.75
|
|
|
$
|
|
91.19
|
|
|
$
|
|
116.31
|
|
|
$
|
|
118.87
|
OtherPAR |
|
|
|
$
|
|
164.25
|
|
|
$
|
|
143.56
|
|
|
$
|
|
184.42
|
|
|
$
|
|
182.02
|
Total RevPAR |
|
|
|
$
|
|
265.00
|
|
|
$
|
|
234.75
|
|
|
$
|
|
300.73
|
|
|
$
|
|
300.89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
$
|
|
34,279
|
|
|
$
|
|
30,365
|
|
|
$
|
|
115,433
|
|
|
$
|
|
115,493
|
CCF |
|
|
|
$
|
|
6,642
|
|
|
$
|
|
5,660
|
|
|
$
|
|
31,696
|
|
|
$
|
|
33,578
|
CCF Margin |
|
|
|
|
|
19.4%
|
|
|
|
|
18.6%
|
|
|
|
|
27.5%
|
|
|
|
|
29.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
Texan
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
|
|
|
72.5%
|
|
|
|
|
72.8%
|
|
|
|
|
72.5%
|
|
|
|
|
65.4%
|
Average daily
rate (ADR) |
|
|
|
$
|
|
156.39
|
|
|
$
|
|
149.86
|
|
|
$
|
|
163.51
|
|
|
$
|
|
167.41
|
RevPAR |
|
|
|
$
|
|
113.46
|
|
|
$
|
|
109.13
|
|
|
$
|
|
118.48
|
|
|
$
|
|
109.53
|
OtherPAR |
|
|
|
$
|
|
203.88
|
|
|
$
|
|
175.25
|
|
|
$
|
|
212.18
|
|
|
$
|
|
189.84
|
Total RevPAR |
|
|
|
$
|
|
317.34
|
|
|
$
|
|
284.38
|
|
|
$
|
|
330.66
|
|
|
$
|
|
299.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
$
|
|
44,115
|
|
|
$
|
|
39,532
|
|
|
$
|
|
136,398
|
|
|
$
|
|
123,470
|
CCF |
|
|
|
$
|
|
14,250
|
|
|
$
|
|
10,887
|
|
|
$
|
|
45,148
|
|
|
$
|
|
36,285
|
CCF Margin |
|
|
|
|
|
32.3%
|
|
|
|
|
27.5%
|
|
|
|
|
33.1%
|
|
|
|
|
29.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaylord
National
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
|
|
|
83.3%
|
|
|
|
|
66.6%
|
|
|
|
|
76.4%
|
|
|
|
|
65.4%
|
Average daily
rate (ADR) |
|
|
|
$
|
|
174.12
|
|
|
$
|
|
184.17
|
|
|
$
|
|
193.41
|
|
|
$
|
|
207.33
|
RevPAR |
|
|
|
$
|
|
144.98
|
|
|
$
|
|
122.68
|
|
|
$
|
|
147.74
|
|
|
$
|
|
135.69
|
OtherPAR |
|
|
|
$
|
|
220.31
|
|
|
$
|
|
182.37
|
|
|
$
|
|
203.50
|
|
|
$
|
|
184.71
|
Total RevPAR |
|
|
|
$
|
|
365.29
|
|
|
$
|
|
305.05
|
|
|
$
|
|
351.24
|
|
|
$
|
|
320.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
$
|
|
67,079
|
|
|
$
|
|
56,016
|
|
|
$
|
|
191,393
|
|
|
$
|
|
174,588
|
CCF |
|
|
|
$
|
|
18,296
|
|
|
$
|
|
15,223
|
|
|
$
|
|
52,073
|
|
|
$
|
|
50,596
|
CCF Margin |
|
|
|
|
|
27.3%
|
|
|
|
|
27.2%
|
|
|
|
|
27.2%
|
|
|
|
|
29.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nashville
Radisson
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
|
|
|
45.6%
|
|
|
|
|
59.3%
|
|
|
|
|
49.2%
|
|
|
|
|
58.5%
|
Average daily
rate (ADR) |
|
|
|
$
|
|
81.26
|
|
|
$
|
|
82.58
|
|
|
$
|
|
86.92
|
|
|
$
|
|
91.57
|
RevPAR |
|
|
|
$
|
|
37.03
|
|
|
$
|
|
48.98
|
|
|
$
|
|
42.76
|
|
|
$
|
|
53.56
|
OtherPAR |
|
|
|
$
|
|
11.56
|
|
|
$
|
|
8.06
|
|
|
$
|
|
9.93
|
|
|
$
|
|
9.91
|
Total RevPAR |
|
|
|
$
|
|
48.59
|
|
|
$
|
|
57.04
|
|
|
$
|
|
52.69
|
|
|
$
|
|
63.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
$
|
|
1,355
|
|
|
$
|
|
1,590
|
|
|
$
|
|
4,358
|
|
|
$
|
|
5,250
|
CCF |
|
|
|
$
|
|
101
|
|
|
$
|
|
360
|
|
|
$
|
|
718
|
|
|
$
|
|
1,193
|
CCF Margin |
|
|
|
|
|
7.5%
|
|
|
|
|
22.6%
|
|
|
|
|
16.5%
|
|
|
|
|
22.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Hospitality (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
|
|
|
|
|
0.0%
|
|
|
|
|
0.0%
|
|
|
|
|
0.0%
|
|
|
|
|
0.0%
|
Average daily
rate (ADR) |
|
|
|
$
|
|
-
|
|
|
$
|
|
-
|
|
|
$
|
|
-
|
|
|
$
|
|
-
|
RevPAR |
|
|
|
$
|
|
-
|
|
|
$
|
|
-
|
|
|
$
|
|
-
|
|
|
$
|
|
-
|
OtherPAR |
|
|
|
$
|
|
-
|
|
|
$
|
|
-
|
|
|
$
|
|
-
|
|
|
$
|
|
-
|
Total RevPAR |
|
|
|
$
|
|
-
|
|
|
$
|
|
-
|
|
|
$
|
|
-
|
|
|
$
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
$
|
|
396
|
|
|
$
|
|
23
|
|
|
$
|
|
625
|
|
|
$
|
|
38
|
CCF |
|
|
|
$
|
|
375
|
|
|
$
|
|
(3)
|
|
|
$
|
|
604
|
|
|
$
|
|
(31)
|
CCF Margin |
|
|
|
|
|
94.7%
|
|
|
|
|
-13.0%
|
|
|
|
|
96.6%
|
|
|
|
|
-81.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Gaylord
Opryland 2010 statistics are through May 2, 2010. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) Includes
other hospitality revenue and expense. |
|
|
|
|
|
|
|
Gaylord
Entertainment Company and Subsidiaries |
Reconciliation
of Forward-Looking Statements |
Unaudited
|
(in
thousands) |
|
Adjusted
Earnings Before Interest, Taxes, Depreciation and Amortization
("Adjusted EBITDA") |
and
Consolidated Cash Flow ("CCF") reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GUIDANCE
RANGE |
|
|
|
|
|
|
FULL
YEAR 2010 |
|
|
|
|
|
|
Low |
|
|
|
High |
|
Gaylord
Entertainment Company
|
|
|
|
|
|
|
|
|
|
|
Estimated
Operating Income/(Loss) |
|
|
|
|
($27,500
|
)
|
|
|
|
|
($20,000
|
)
|
|
|
Estimated
Depreciation & Amortization |
|
|
|
|
105,000
|
|
|
|
|
|
107,000
|
|
|
|
Estimated
Adjusted EBITDA |
|
|
|
$
|
77,500
|
|
|
|
|
$
|
87,000
|
|
|
|
Estimated
Pre-Opening Costs |
|
|
|
$
|
54,000
|
|
|
|
|
$
|
59,000
|
|
|
|
Estimated
Non-Cash Lease Expense |
|
|
|
$
|
5,700
|
|
|
|
|
$
|
5,900
|
|
|
|
Estimated Stock
Option Expense |
|
|
|
$
|
2,800
|
|
|
|
|
$
|
3,100
|
|
|
|
Estimated
Gains/(Losses), Net |
|
|
|
|
0
|
|
|
|
|
|
3,000
|
|
|
|
Estimated
CCF |
|
|
|
$
|
140,000
|
|
|
|
|
$
|
158,000
|
|
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 2011 |
|
Adjusted
Gaylord Hotels
|
|
Low |
|
High |
|
|
Estimated
Operating Income/(Loss) |
|
$
|
102,000
|
|
|
$
|
105,300
|
|
|
|
Estimated
Depreciation & Amortization |
|
|
69,400
|
|
|
|
72,000
|
|
|
|
Estimated
Adjusted EBITDA |
|
$
|
171,400
|
|
|
$
|
177,300
|
|
|
|
Estimated
Pre-Opening Costs |
|
|
0
|
|
|
|
0
|
|
|
|
Estimated
Non-Cash Lease Expense |
|
|
5,800
|
|
|
|
6,000
|
|
|
|
Estimated Stock
Option Expense |
|
|
800
|
|
|
|
1,200
|
|
|
|
Estimated
Gains/(Losses), Net |
|
|
0
|
|
|
|
500
|
|
|
|
Estimated
CCF |
|
$
|
178,000
|
|
|
$
|
185,000
|
|
|
|
|
|
|
|
|
|
Gaylord
Opryland
|
|
Low |
|
High |
|
|
Estimated
Operating Income/(Loss) |
|
$
|
46,000
|
|
|
$
|
47,400
|
|
|
|
Estimated
Depreciation & Amortization |
|
|
26,850
|
|
|
|
28,600
|
|
|
|
Estimated
Adjusted EBITDA |
|
$
|
72,850
|
|
|
$
|
76,000
|
|
|
|
Estimated
Pre-Opening Costs |
|
|
0
|
|
|
|
0
|
|
|
|
Estimated
Non-Cash Lease Expense |
|
|
0
|
|
|
|
0
|
|
|
|
Estimated Stock
Option Expense |
|
|
150
|
|
|
|
650
|
|
|
|
Estimated
Gains/(Losses), Net |
|
|
0
|
|
|
|
350
|
|
|
|
Estimated
CCF |
|
$
|
73,000
|
|
|
$
|
77,000
|
|
|
|
|
|
|
|
|
|
Opry and
Attractions segment
|
|
|
|
|
|
|
Estimated
Operating Income/(Loss) |
|
$
|
7,000
|
|
|
$
|
8,300
|
|
|
|
Estimated
Depreciation & Amortization |
|
|
4,900
|
|
|
|
5,400
|
|
|
|
Estimated
Adjusted EBITDA |
|
$
|
11,900
|
|
|
$
|
13,700
|
|
|
|
Estimated
Pre-Opening Costs |
|
|
0
|
|
|
|
0
|
|
|
|
Estimated Stock
Option Expense |
|
|
100
|
|
|
|
250
|
|
|
|
Estimated
Gains/(Losses), Net |
|
|
0
|
|
|
|
50
|
|
|
|
Estimated
CCF |
|
$
|
12,000
|
|
|
$
|
14,000
|
|
|
|
|
|
|
|
|
|
Corporate
and Other segment
|
|
|
|
|
|
|
Estimated
Operating Income/(Loss) |
|
|
($63,500
|
)
|
|
|
($60,500
|
)
|
|
|
Estimated
Depreciation & Amortization |
|
|
13,500
|
|
|
|
13,000
|
|
|
|
Estimated
Adjusted EBITDA |
|
|
($50,000
|
)
|
|
|
($47,500
|
)
|
|
|
Estimated Stock
Option Expense |
|
|
1,800
|
|
|
|
1,500
|
|
|
|
Estimated
Gains/(Losses), Net |
|
|
200
|
|
|
|
0
|
|
|
|
Estimated
CCF |
|
|
($48,000
|
)
|
|
|
($46,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
Adjusted Gaylord Hotels excludes Gaylord Opryland, but includes the
Radisson |
|