Gaylord Entertainment Co. Reports First Quarter 2007 Earnings.Gaylord Hotels Gaylord Hotels is the hospitality arm of Gaylord Entertainment Company. It oversees three large hotels and convention centers which the company refers to as "resorts":
Company Reiterates Full-Year Guidance for 2007 NASHVILLE, Tenn. -- Gaylord Entertainment Co. (NYSE NYSE See: New York Stock Exchange : GET) today reported its financial results for the first quarter of 2007. For the first quarter ended March 31, 2007: * Consolidated revenue in the first quarter of 2007 decreased from $241.6 million in the first quarter of 2006 to $239.8 million, mainly driven by revenue declines at ResortQuest and the Company's Opry and Attractions segment compared to the same period last year. * Income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the was $3.5 million, or $0.08 per share, compared to income from continuing operations of $11.3 million, or $0.28 per share in the prior-year quarter. * Hospitality segment total revenue of $166.5 million in the first quarter of 2007 increased slightly compared to $165.5 million in the prior-year quarter. Gaylord Hotels revenue per available room1 ("RevPAR") and total revenue per available room2 ("Total RevPAR") increased 1.2 percent and 1.9 percent, respectively, compared to the first quarter of 2006. The marginal increase in hospitality revenue in the first quarter of 2007 against a very strong first quarter last year reflects continued strength in group business demand at all of Gaylord's existing properties. * Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become 3 was $34.2 million in the first quarter of 2007 compared to $42.9 million in the prior-year quarter. * Consolidated Cash Flow4 ("CCF CCF abbr. Cooperative Commonwealth Federation of Canada ") decreased 22.6 percent to $41.7 million in the first quarter of 2007 compared to $53.8 million in the same period last year. CCF in the first quarter includes a $2.9 million charge related to the termination of a tenant lease at Opryland. This termination was recognized in order to redevelop re·de·vel·op v. re·de·vel·oped, re·de·vel·op·ing, re·de·vel·ops v.tr. 1. To develop (something) again. 2. certain food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. operations at the hotel. "The first quarter this year came in as planned as we continue to refine our service enhancements to further drive customer satisfaction and loyalty. The work that we are doing is in preparation for the higher levels of occupancy and increased demand we continue to see across all of our properties. Even withstanding the short-term effect these enhancements will have on costs, we remain very confident in the overall strength of the business for 2007 and are reaffirming our guidance for the full-year," said Colin V. Reed, chairman and chief executive officer of Gaylord Entertainment. Mr. Reed continued, "This year is bringing about significant and dynamic change for our company. The major initiatives that we are taking on will reinforce our market leadership and set the stage for meaningful growth in 2008 and beyond. We continue to make certain that our resources are sharply directed on our high growth and profitable hotel business. As part of this effort, we recently entered into agreements to sell our equity interest in Bass Pro as well as ResortQuest's Hawaiian operations. The proceeds from these sales, as well as the substantial cash that we continue to generate from our business, will be allocated to our expansion plans that enable our existing hotels to take advantage of the high levels of unmet un·met adj. Not satisfied or fulfilled: unmet demands. demand from our customers." "We also continue to enhance and strengthen our relationship with customer and meeting planners, from whom we have learned a great deal regarding how we should approach the market going forward," continued Reed. "As a result of this learning and because of the continued strong demand for the Gaylord brand, we are confident that we will be successful in both extending the brand to smaller, meetings-oriented hotels and expanding our national coverage with additional large, convention-oriented hotels." Segment Operating Results Hospitality Key components of the Company's hospitality segment performance in the first quarter of 2007 include: * Gaylord Hotels' RevPAR grew 1.2 percent to $129.65 compared to $128.08 in the prior-year quarter. Gaylord Hotels' Total RevPAR grew 1.9 percent to $307.81 compared to $301.96 in the first quarter of 2006. * Gaylord Hotels' CCF decreased 12.2 percent to $46.0 million in the first quarter of 2007 compared to $52.3 million in the same period last year. CCF margins for the hospitality segment decreased 402 basis points to 27.6 percent, compared to 31.6 percent in the prior-year quarter, driven by the introduction of new service initiatives, higher levels of commission-based business, and a $2.9 million charge to terminate the lease related to certain food and beverage space at the Gaylord Opryland. * Gaylord Hotels' same-store net definite bookings for all future years, excluding Gaylord National, increased 42.2 percent to 320,400 room nights booked in the first quarter of 2007. * Gaylord National booked an additional 37,000 room nights in the first quarter of 2007, bringing National's cumulative net definite room nights booked to 931,000. "Because of the tremendous value that the Gaylord brand has garnered over the past five years, we are confident that our plans to expand our existing assets, build additional properties in key markets, and co-invest in additional attractions will bring about exceptional growth opportunities and will be met with enthusiasm by meeting planners and convention guests," said Reed. "Hospitality segment performance, once again, served as Gaylord's primary vehicle for growth. We have made significant improvements to the entire portfolio of properties that we believe will help build a stronger product as occupancy continues to grow. However, these costs will weigh on weigh on Verb to be oppressive or burdensome to: the expectations that weigh so heavily on diplomats' wives Verb 1. margins in the short term," said Reed. "We are quite proud of the work we have done to reestablish Opryland as the premier convention hotel. The investments we have made there are already resulting in a larger proportion of higher value business for the hotel." At the property level, Gaylord Opryland generated revenue of $63.4 million in the first quarter of 2007, a 3.7 percent decrease compared to the prior-year quarter. RevPAR decreased 1.4 percent to $109.19 compared to $110.73 in the same period last year, driven by lower occupancy levels compared to the year-ago quarter. Total RevPAR decreased 0.9 percent to $252.45 in the first quarter of 2007. CCF decreased to $12.0 million, versus $17.3 million in the prior-year quarter, resulting in a CCF margin of 19.0 percent, a 730 basis point decrease versus the same period last year. The decrease in the hotel's CCF was driven by additional costs associated with enhanced service Enhanced service is service offered over commercial carrier transmission facilities used in interstate communications, that employs computer processing applications that act on the format, content, code, protocol, or similar aspects of the subscriber's transmitted information; initiatives, a higher percentage of commission-based business, and a decrease in banquet A banquet is a large public meal or feast, complete with main courses and desserts. It usually serves a purpose, such as a charitable gathering, a ceremony, or a celebration. Sometimes a banquet consists of only desserts, but it is advisable to include main courses as well. revenues. Opryland's profitability in the first quarter was also negatively impacted by a $2.9 million charge related to the termination of a tenant lease at Opryland, recognized as part of the hotel's planned reconcepting of its food and beverage offerings. First quarter 2007 operating statistics reflect 8,300 room nights out of available inventory compared to 1,130 room nights out of available inventory in the first quarter of 2006 due to the Opryland room renovation. Gaylord Palms posted revenue of $52.6 million in the first quarter of 2007, an increase of 3.4 percent compared to $50.8 million in the prior-year quarter. RevPAR increased 6.0 percent to $174.08 compared to $164.23 in the same period last year. Total RevPAR increased 3.4 percent to $415.39 in the first quarter of 2007. CCF remained flat at $18.9 million compared to the same period last year, resulting in a CCF margin of 36.0 percent, an 89 basis point decrease versus the prior-year quarter. Gaylord Texan revenue increased 3.6 percent to $48.6 million in the first quarter of 2007, compared to $46.9 million in the prior-year quarter. RevPAR in the first quarter of 2007 of $140.13 was down slightly as compared to the first quarter of 2006. Total RevPAR increased 3.6 percent to $357.27 in the first quarter of 2007. CCF decreased 7.8 percent to $14.6 million in the first quarter of 2007, versus $15.8 million in the prior year, resulting in a 30.0 percent CCF margin. Overall performance at the Texan was impacted by a higher percentage of commission-based business, by a significant decline in group attrition Attrition The reduction in staff and employees in a company through normal means, such as retirement and resignation. This is natural in any business and industry. Notes: and cancellation revenue that favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacted the first quarter of 2006 and a low profit contribution on increased revenue from the Glass Cactus. Development Update Progress continues to be made on the 2,000-room Gaylord National in Prince George's County. The Company spent an additional $106.8 million in the first quarter of 2007, bringing total capital expenditures for the hotel to $368.8 million. The National's construction cost budget remains at $870.0 million, excluding capitalized interest Capitalized interest Interest that is not immediately expensed, but rather is considered as an asset and is then amortized through the income statement over time. In the context of project financing, interest that is paid by additional borrowing. and pre-opening expenses. The National's bookings continue to increase with an additional 37,000 room nights booked in the first quarter of 2007, bringing the cumulative number of net definite room nights for the property to 931,000. The Company's planning efforts with the Unified Port of San Diego The Port of San Diego is a self-supporting public benefit corporation established in 1963 by an act of the California State Legislature. The Port Act says that the policy of the State of California is to develop the harbors and ports of the State for multiple uses that benefit all and the City of Chula Vista Chula Vista (ch  `lə), city (1990 pop. 135,163), San Diego co., S Calif., on San Diego Bay; inc. 1911. to build a
world-class convention hotel on the San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. bayfront remain on
schedule.
"We have spent considerable time outlining our strategy to expand the Gaylord brand by focusing resources on the development of additional hotel properties," said Reed. "Gaylord National's advance bookings exceed 930,000 room nights providing great visibility into the market's demand for this property. Early feedback from meeting planners and analysts who have had the opportunity to tour the Gaylord National facility has been incredibly positive about the prospects of this property and we remain on track to open in April 2008. Additionally, based on the progress we have made with the Port of San Diego and the City of Chula Vista, we currently believe we are on track to complete Gaylord's first west coast hotel and convention center by 2011-2012. We do not anticipate spending any significant capital on the property until 2008." ResortQuest ResortQuest revenue from continuing operations was $57.5 million in the first quarter of 2007, a decrease of 3.1 percent compared to the prior-year quarter. ResortQuest CCF was $4.5 million in the first quarter of 2007, compared to CCF in the prior-year quarter of $10.8 million. The decrease in CCF was driven mainly by a $5.4 million gain from the collection of a note receivable note receivable A debt due from borrowers and evidenced by a written promise of payment. Note receivable, an entry on the asset side of many corporate balance sheets, indicates the dollar amount of loans due to be repaid by borrowers. in the first quarter of 2006 previously considered to be uncollectible. In the first quarter of 2007, ResortQuest RevPAR increased 11.2 percent to $99.80 compared to $89.74 in the prior-year quarter. In the first quarter of 2007, ResortQuest had 14,136 units under exclusive management, excluding units reflected in discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . On April 19, 2007, Gaylord Entertainment announced that it agreed to sell its ResortQuest Hawaii business to Interval Acquisition Corp., an affiliated company of Interval International Interval International is an affiliated exchange company that arranges vacation exchanges for timeshare owners. Their exchange network includes more than 2,200 resorts and nearly 2 million member families worldwide. Similar to RCI, Interval International, I.I. . As part of this transaction, Gaylord Entertainment will retain its 18.1 percent equity interest in the joint venture of the ResortQuest Kauai Beach at its Makaiwa property, as well as its 19.9 percent ownership stake in the Aston Waikiki Beach Hotel. The closing is expected to take place during the second or third quarter of 2007, subject to the satisfaction of customary conditions, including the expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of the waiting period under the Hart-Scott-Rodino Antitrust Antitrust The antitrust laws apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution, and marketing. They prohibit a variety of practices that restrain trade. Improvement Act of 1976. "The agreement to sell ResortQuest's Hawaii operations was an important development for Gaylord shareholders, as well as ResortQuest customers, employees, homeowners and partners. We are extremely pleased with the significant value generated by ResortQuest Hawaii, which is a testament to the hard work our team has put into this business. We continue to look at strategic alternatives for maximizing the value of the remaining mainland ResortQuest assets," said Reed. Opry and Attractions Opry and Attractions segment revenue decreased 5.5 percent to $15.8 million in the first quarter of 2007, compared to $16.8 million in the year-ago quarter. The segment's CCF was flat to the prior-year quarter. Corporate and Other Corporate and Other CCF in the first quarter of 2007 was flat to the prior year with a CCF loss of $9.4 million. Bass Pro Shops Bass Pro Shops is a privately held sporting goods and outdoor goods store headquartered in Springfield, Missouri. The original Outdoor World store, referred to as the "Grand Daddy" is located at the corner of Sunshine and Campbell in Springfield. On April 3, 2007, Gaylord Entertainment announced that it had entered into an agreement to sell its remaining equity interest in Bass Pro for $222.0 million in cash. The transaction is expected to close in the second quarter of 2007 subject to customary closing conditions, including financing. Liquidity As of March 31, 2007, the Company had long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. outstanding, including current portion, of $876.3 million and unrestricted and restricted cash of $60.7 million. $692.8 million of the Company's $1.0 billion credit facility remains undrawn un·draw tr.v. un·drew , un·drawn , un·draw·ing, un·draws To draw to one side, as a curtain. Adj. 1. undrawn - not represented in a drawing undelineated - not represented accurately or precisely at the end of the first quarter of 2007, which includes $12.2 million in letters of credit. In March 2007, the Company entered into a new $1.0 billion senior secured credit facility that will be available to fund the Company's business plan, including the development of the Gaylord National Resort and Convention Center. The $1.0 billion credit facility replaces the Company's prior $600.0 million facility. The new facility provides $300.0 million of revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. and $700.0 million of delayed-draw term loan availability, both bearing interest at a rate equal to LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 1.50 percent or the lead bank's prime rate plus 0.50 percent (subject to adjustment based on the Company's borrowing base leverage ratio), at Gaylord's election. The credit facility is secured by a pledge of the Company's hotel properties, is guaranteed by certain of the Company's subsidiaries and will mature on March 9, 2010. The credit facility was arranged by Banc of America Securities, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and Deutsche Bank Deutsche Bank AG (IPA: /'dɔɪ.tʃə/[1]) (ISIN: DE0005140008, NYSE: DB) (English: German Bank Securities, Inc. Outlook The following outlook is based on current information as of May 1, 2007. The Company does not expect to update guidance until next quarter's earnings release. However, the Company may update its full business outlook or any portion thereof at any time for any reason. The Company previously announced that it will suspend issuing full-year guidance for ResortQuest until the conclusion of its review of options to maximize value in this investment for shareholders. "We have identified several core growth strategies that will bring about strong results for the business going forward. These include, enhancing our leadership position in the meeting and convention industry through expanded distribution and increased service levels; expanding our existing assets to better accommodate increasing demand; and finally, transforming our existing properties into leisure destinations," said Reed. "We have already begun the process of upgrading our offerings at our properties, starting with the $72.0 million room renovation at Opryland to be completed this year and the hotel's $30.0 million food and beverage reconcepting. As part of the food and beverage plan, we recently took a $2.9 million charge related to a lease termination that was not previously included in our guidance." "Successful implementation and execution of these strategies will yield significant growth in the coming years, additional returns for shareholders, and will solidify so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. Gaylord's standing as the premier brand in the industry," concluded Reed.
>
2007
Consolidated Cash Flow >
Gaylord Hotels >
$182 - 190 Million
Opry and Attractions >
$11 - 12 Million
Corporate and Other >
$(40 - 43) Million
>
Gaylord Hotels Advance Bookings >
1.3 - 1.4 Million
Gaylord Hotels RevPAR >
5% - 7%
Gaylord Hotels Total RevPAR >
7% - 9%
Gaylord's 2007 outlook reflects approximately 48,000 room nights out of service due to the room renovation at the Gaylord Opryland. Webcast and Replay Gaylord Entertainment will hold a conference call to discuss this release today at 10:00 a.m. ET. Investors can listen to the conference call over the Internet at www.gaylordentertainment.com. To listen to the live call, please go to the Investor Relations Investor relations The process by which the corporation communicates with its investors. 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 made 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 three industry-leading brands - Gaylord Hotels (www.gaylordhotels.com), its network of upscale, meetings-focused resorts, ResortQuest (www.resortquest.com), the nation's largest vacation rental Vacation rental is a term in the travel industry meaning renting out a furnished apartment or house on a temporary basis to tourists as an alternative to a hotel. Vacation rentals are becoming increasingly popular in Europe (especially in the UK) as well as in Canada. property management company, and the Grand Ole Opry Grand Ole Opry, weekly American radio program featuring live country and western music. The nation's oldest continuous radio show, it was first broadcast in 1925 on Nashville's WSM as an amateur showcase. (www.opry.com), the weekly showcase of country music's finest performers for 82 consecutive years. The Company's entertainment brands and properties include the Radisson Hotel Opryland, Ryman Auditorium The Ryman Auditorium is a 2,362-seat live performance venue located at 116 Fifth Avenue North in Nashville, Tennessee, U.S., and is best-known as the one-time home of the Grand Ole Opry. , General Jackson There have been multiple generals named Jackson.
This press release contains statements as to the Company's beliefs and expectations of the outcome of future events that are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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, the timing of the opening of new facilities, 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, the Company's ability to successfully integrate and achieve operating efficiencies at ResortQuest, the ability to obtain financing for new developments, levels of occupancy at ResortQuest units under management, the quantity and quality of our ResortQuest units under management, and returning damaged units to service on a timely basis. 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 31, 2006. 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 here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" or the occurrence of unanticipated events. 1 The Company calculates revenue per available room ("RevPAR") for its hospitality segment by dividing room sales by room nights available to guests for the period. The Company calculates revenue per available room ("RevPAR") for its ResortQuest segment by dividing gross lodging revenues by room nights available to guests for the period. The Company's ResortQuest segment revenue represents a portion of the gross lodging revenues based on the services provided by ResortQuest. ResortQuest segment revenue and operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. include certain reimbursed management contract expenses incurred in the period of $10.7 million and $10.6 million for the three months ended March 31, 2007 and 2006, respectively. 2 The Company calculates total revenue per available room ("Total RevPAR") by dividing the sum of room sales, food & beverage, and other ancillary services revenue by room nights available to guests for the period. 3 Adjusted EBITDA (defined as earnings before interest, taxes, depreciation, amortization, as well as certain unusual items) is used herein because we believe it allows for a more complete analysis of operating performance by presenting an analysis of operations separate from the earnings impact of capital transactions and without certain items that do not impact our ongoing operations such as the effect of the changes in fair value of the Viacom and CBS (Cell Broadcast Service) See cell broadcast. stock we own and changes in the fair value of the derivative associated with our secured forward exchange contract and gains on the sale of assets. In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting , the changes in fair value of the Viacom and CBS stock and derivatives are not included in determining our operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. (loss). The information presented should not be considered as an alternative to any measure of performance as promulgated prom·ul·gate tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates 1. To make known (a decree, for example) by public declaration; announce officially. See Synonyms at announce. 2. under accounting principles generally accepted in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. (such as operating income, net income, or cash from operations), nor should it be considered as an indicator of overall financial performance. Adjusted EBITDA does not fully consider the impact of investing or financing transactions, as it specifically excludes depreciation and interest charges, which should also be considered in the overall evaluation of our results of operations. Our method of calculating adjusted EBITDA may be different from the method used by other companies and therefore comparability may be limited. A reconciliation of adjusted EBITDA to net income is presented in the Supplemental Financial Results contained in this press release. 4 As discussed in footnote Text that appears at the bottom of a page that adds explanation. It is often used to give credit to the source of information. When accumulated and printed at the end of a document, they are called "endnotes." 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 8% and 6.75% senior notes) also excludes the impact of pre-opening costs, the non-cash portion of the naming rights Naming rights are the right to name a piece of property, either tangible property or an event, usually granted in exchange for financial considerations. Institutions like schools, places of worship and hospitals have a tradition of granting donors the right to name facilities in and Florida ground lease expense, stock option expense, the non-cash gains and losses on the disposal of certain fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → , and adds (subtracts) other gains (losses), including the $5.4 million gain on the collection of a note receivable held by ResortQuest and dividends received from our investments in unconsolidated companies. 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 INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. (for instance in order to incur certain additional indebtedness, Consolidated Cash Flow for the most recent four fiscal quarters as a ratio to debt service must be at least 2 to 1). The calculation of these amounts as well as a reconciliation of those amounts to net income or segment operating income is included as part of the Supplemental Financial Results contained in this press release. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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