Gaylord Entertainment Co. Reports Fourth Quarter Earnings; Gaylord Hotels Posts Double-Digit Growth in RevPAR and Total RevPAR; Advance Bookings Exceed 2005 Guidance; Company Unveils Plans for 500-Room Expansion of Gaylord National.NASHVILLE Nashville, city (1990 pop. 487,969), state capital, coextensive with Davidson co., central Tenn., on the Cumberland River, in a fertile farm area; inc. as a city 1806, merged with Davidson co. 1963. , Tenn. -- Gaylord Gaylord, an anglicisation of the French surname Gaillard ("sprightly" or "spry"), may refer to: People:
See: New York Stock Exchange : GET) today reported its financial results for the fourth quarter of 2005. For the fourth quarter ended December December: see month. 31, 2005: --Consolidated revenues increased 17.4 percent to $221.4 million from $188.6 million in the same period last year, led by continued strength in the Hospitality segment. --Loss 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 $13.0 million, or a loss of $0.32 per share, a 53.2 percent increase from the prior year's quarter loss from continuing operations of $8.5 million, or a loss of $0.21 per share. Loss from continuing operations in the fourth quarter of 2005 was driven by increases in both pre-opening and interest expense compared to the fourth quarter of last year. Loss from continuing operations in the fourth quarter of 2005 was also affected by a $2.0 million pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta net unrealized gain Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. in the value of the company's Viacom
In finance, contracts whose value is derived from another asset, which can include stocks, bonds, currencies, interest rates, commodities, and related indexes. Purchasers of derivatives are essentially wagering on the future performance of that asset. , compared to a pre-tax net unrealized gain of $3.4 million in the fourth quarter of 2004. --Hospitality segment total revenue grew 20.6 percent to $164.1 million, compared to $136.0 million in the prior-year quarter, with solid revenue growth at each of Gaylord's hotel properties. 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":
A performance metric in the hotel industry which stands for "revenue per available room." RevPAR is typically calculated by multiplying a hotel's average daily room rate (ADR) by its occupancy rate. ") and revenue per available room(2) ("RevPAR") increased 21.9 percent and 12.5 percent, respectively, compared to the fourth quarter of 2004. --ResortQuest Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Cash Flow(3)("CCF CCF abbr. Cooperative Commonwealth Federation of Canada ") from continuing operations decreased 7.8 percent to a loss of $7.5 million compared to a loss of $7.0 million in the same period last year, reflecting the fourth quarter seasonal low for the business and the timing of businesses acquired in 2005. ResortQuest ResortQuest International, Inc. is a vacation rental property management company headquartered in Nashville, TN and owned by the Gaylord Entertainment Company. History ResortQuest was a merger of: Abbott Resorts, Brindley & Brindley Realty, Inc. and B&B on the Beach, Inc. RevPAR increased by 1.2 percent to $53.68 in the fourth quarter of 2005, compared to the same period last year. --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 (4) was $17.0 million, compared to $17.3 million in the prior-year quarter. --CCF increased 21.3 percent to $24.4 million in the fourth quarter of 2005, compared to $20.1 million in the same period last year. CCF in the fourth quarter of 2005 included a $2.3 million distribution reflecting Gaylord's share of proceeds received from the sale of an asset in Hawaii Hawaii, island, United States Hawaii, island (1990 pop. 120,217), 4,037 sq mi (10,456 sq km), largest and southernmost island of the state of Hawaii and coextensive with Hawaii co.; known as the Big Island. . CCF in the fourth quarter of 2004 included a $3.1 million accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. of a property tax refund Tax refund Money back from the government when too much tax has been paid or withheld from a salary. . For the twelve months ended Dec. 31, 2005: --Gaylord Hotels (excluding Gaylord National) advance bookings for the year were 1.41 million room nights, exceeding the high end of the guidance range and comparing well to the 1.47 million record set in 2004. --Consolidated revenues were $868.8 million, an increase of 18.9 percent from $730.8 million in the prior year. Loss from continuing operations improved to $31.5 million, or a loss of $0.78 per share, compared to $54.3 million, or a loss of $1.37 per share in the prior year due in part to a significant increase in 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. year-over-year. Loss from continuing operations was affected by a year-over-year increase in interest expense and a $5.8 million pre-tax net unrealized loss Unrealized Loss A loss that results from holding onto an asset rather than cashing it in and officially taking the loss. Notes: Let's say you own a stock that is down 50%, but you haven't sold it to realize the loss yet. This is said to be an unrealized loss. in the value of the company's Viacom stock investment and related derivatives, compared to a pre-tax net unrealized loss of $31.4 million in 2004. --Gaylord Hotels RevPAR and Total RevPAR increased by 9.6 percent and 16.3 percent, respectively, in 2005 compared to results achieved in 2004. --CCF increased 35.2 percent to $125.1 million in 2005 from $92.5 million in the prior year. "2005 was a tremendous year for Gaylord Entertainment, as we achieved strong growth in revenues and Consolidated Cash Flow," said Colin Col´in n. 1. (Zool.) The American quail or bobwhite. The name is also applied to other related species. See Bobwhite. V. Reed, chairman and chief executive officer of Gaylord Entertainment. "Gaylord Hotels has achieved a remarkable level of brand awareness within our core large group customer base, which is validated val·i·date tr.v. val·i·dat·ed, val·i·dat·ing, val·i·dates 1. To declare or make legally valid. 2. To mark with an indication of official sanction. 3. by the continued strength of our advance bookings, the success of our rotational rotational characterized by rotation. rotational crossbreeding system a program in which the sire for the terminal cross of lamb or calf is changed each year so that the state of heterosis is maintained at a high level. strategy, and the strong Total RevPAR growth at our existing hotels. Gaylord's strategy of operating superior convention hotel facilities, with an emphasis on outstanding customer service and first-rate entertainment and 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. offerings, has proven to be a great success." "Advance bookings for the Gaylord National continue to surpass expectations, illustrating our success at delivering a wholly differentiated dif·fer·en·ti·ate v. dif·fer·en·ti·at·ed, dif·fer·en·ti·at·ing, dif·fer·en·ti·ates v.tr. 1. To constitute the distinction between: product to the marketplace," Reed continued. "We are delighted to announce our plans to expand Gaylord National by 500 rooms. This expansion should greatly enhance the project's capacity and appeal to our core customers who eagerly await AWAIT, crim. law. Seems to signify what is now understood by lying in wait, or way-laying. the opening of what we expect will be the best convention hotel on the East Coast. The expansion, which is subject to the approval of additional economic incentives from Prince George's County, will allow Gaylord to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. very strong customer demand, as evidenced by our advance bookings, and will further drive the property's financial returns. Additionally, negotiations continue to proceed in Chula Vista Chula Vista (ch  `lə), city (1990 pop. 135,163), San Diego co., S Calif., on San Diego Bay; inc. 1911. , as we
look forward to bringing our brand to 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. area.""In 2005, we took steps to refocus Verb 1. refocus - focus once again; The physicist refocused the light beam" focus - cause to converge on or toward a central point; "Focus the light on this image" 2. and realign re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. the ResortQuest brand, and to invest in much needed technological improvements such as our new website. During the year, ResortQuest bore the brunt brunt n. 1. The main impact or force, as of an attack. 2. The main burden: bore the brunt of the household chores. of another year of severe weather conditions," continued Reed. "Moving forward, we have taken steps to alleviate Alleviate To make something easier to be endured. Mentioned in: Kinesiology, Applied our hurricane hurricane, tropical cyclone in which winds attain speeds greater than 74 mi (119 km) per hr. Wind speeds reach over 190 mi (289 km) per hr in some hurricanes. risk by modifying our advance deposit policy and introducing a new travel insurance program. These enhancements should create significant value for renters and home owners home owner home n → propriétaire occupant , and should further differentiate differentiate /dif·fer·en·ti·ate/ (dif?er-en´she-at) 1. to distinguish, on the basis of differences. 2. to develop specialized form, character, or function differing from that surrounding it or from the original. the ResortQuest brand. As a result of these initiatives, we believe we have laid a foundation for growth in 2006." Segment Operating Results Hospitality Key components of the company's hospitality segment performance in the fourth quarter of 2005 include: --Gaylord Hotels Total RevPAR increased 21.9 percent to $295.54, compared to $242.38 in the fourth quarter of 2004; Gaylord Hotels RevPAR increased 12.5 percent to $116.29, compared to $103.39 in the prior-year quarter. Total RevPAR and RevPAR in the fourth quarter of 2005 were positively impacted by the success of the brand's seasonal entertainment offerings. Also, Total RevPAR and RevPAR figures exclude approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 5,056 room nights out of service in the fourth quarter of 2005 due to Gaylord Opryland's room renovation program. --CCF increased 22.6 percent to $40.7 million for the fourth quarter of 2005, compared to $33.2 million in the same period last year. CCF in the fourth quarter of 2004 included a $3.1 million accrual of a property tax refund. CCF margins for the hospitality segment increased 39 basis points to 24.8 percent from 24.4 percent in the prior-year quarter. --Gaylord Hotels, excluding Gaylord National, booked net definite room nights of approximately 597,000 in the fourth quarter of 2005, an increase of 6.4 percent over booking production in the prior-year quarter. --Gaylord National booked approximately 184,000 net definite room nights in the fourth quarter of 2005, bringing total net definite room nights to date to 547,000, which is approximately six times the level of advance bookings achieved by the Gaylord Palms and five times that achieved by the Gaylord Texan at the same point in their development. --Due in part to the strong demand for the Gaylord National, the company plans to expand the project by adding 500 rooms and 25,000 to 30,000 sq. ft. of meeting space, subject to approval by Prince George's County of additional economic incentives for the project. "Gaylord Hotels ended 2005 on a high note," said Reed. "Our hospitality properties continue to demonstrate their brand power, especially among our primary constituency A constituency is any cohesive corporate unit or body bound by shared structures, goals or loyalty. It can be used to describe a business's customer base and shareholders, or a charity's donors or those it serves. of meeting planners who know our hotels and the attention we give to each guest. Total RevPAR increased approximately 22 percent in the fourth quarter due to our holiday season entertainment offerings, which included the return of the Radio City Rockettes Rockettes precision dancers; a fixture at New York’s Radio City Music Hall. [Am. Dance: Payton, 576] See : Dance to the Gaylord Opryland Opryland could mean:
transient - 1. and local demand, which boosted Total RevPAR during this typically slow period for large group meetings." At the property level, Gaylord Palms posted a solid performance in the fourth quarter of 2005, increasing revenues by 5.8 percent to $39.8 million compared to $37.6 million in the prior-year quarter. Gaylord Palms achieved solid growth in RevPAR, up 5.7 percent to $117.57, driven by a 5.8 percent increase in ADR ADR - Astra Digital Radio and flat occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy of 68.9 percent compared to the prior-year quarter. Gaylord Palms drove significant gains in transient ADR in the fourth quarter of 2005 compared to the prior-year quarter. Total RevPAR increased 5.8 percent to $307.36, driven by solid growth in outside-the-room revenues and the continued success of the hotel's seasonal entertainment offering, ICE!, now in its third year of production. CCF increased 3.7 percent to $8.5 million in the fourth quarter of 2005, resulting in the hotel's CCF margin decreasing 45 basis points to 21.4 percent. The comparatively lower CCF margin performance in the fourth quarter of 2005 was driven in part by unusually high group cancellation cancellation (See: cancel) CANCELLATION. Its general acceptation, is the act of crossing a writing; it is used sometimes to signify the manual operation of tearing or destroying the instrument itself. Hyde v. Hyde, 1 Eq. Cas. Abr. 409; Rob. revenues received in the fourth quarter of 2004. Gaylord Opryland posted a 30.4 percent growth in revenues in the fourth quarter of 2005 compared to the prior-year quarter. RevPAR increased 13.0 percent to $120.60, driven by a 7.4 percentage point occupancy increase and a 2.6 percent increase in ADR. Total RevPAR grew 33.1 percent to $293.66 in the fourth quarter of 2005 compared to $220.71 in the prior-year quarter, driven by overall higher occupancy levels in the quarter which topped 80 percent and strong growth in outside-the-room spending by both group and transient guests. The return of the Radio City Rockettes to Opryland drove increases in transient and local demand in the fourth quarter of 2005 compared to the prior-year quarter. Opryland's operating statistics exclude approximately 5,056 room nights that were out of service in the fourth quarter of 2005 as a result of the hotel's previously announced room renovation program, which will continue through 2007. CCF grew 19.7 percent to $20.2 million versus $16.8 million in the fourth quarter of 2004. CCF in the fourth quarter of 2004 included a $3.1 million accrual of a property tax refund. CCF margin in the fourth quarter of 2005, which declined 236 basis points to 26.4 percent, was adversely affected by higher energy costs and the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. property tax refund. For the Gaylord Texan, revenues increased 21.6 percent to $46.2 million in the fourth quarter of 2005 compared to $38.0 million in the prior-year quarter. RevPAR increased 19.2 percent to $117.30 from $98.41 in the fourth quarter of 2004, driven by a 12.4 percent increase in ADR and a 3.9 percentage point increase in occupancy. Total RevPAR grew 21.6 percent to $332.01 in the fourth quarter of 2005, from $273.04 in the same period last year. Strong gains in RevPAR and Total RevPAR were driven by an outstanding reception given to the Texan's first annual ICE! celebration, a favorite holiday offering that is already a strong transient and local demand driver at the Palms and Opryland properties. CCF increased 46.5 percent to $11.0 million from $7.5 million in the fourth quarter of 2004, resulting in a CCF margin of 23.8 percent, or a 404 basis point increase over the fourth quarter of 2004, despite the Texan incurring in·cur tr.v. in·curred, in·cur·ring, in·curs 1. To acquire or come into (something usually undesirable); sustain: incurred substantial losses during the stock market crash. 2. higher energy costs in the fourth quarter of 2005. Development Update Construction continues to progress on Gaylord's newest project, the Gaylord National, with fourth quarter bookings growing by 63.4 percent compared to the fourth quarter of 2004. The National booked an additional 184,000 room nights in the fourth quarter of 2005, bringing the cumulative net definite production for the property to approximately 547,000 room nights. Having taken bookings for only the last five quarters, the National continues to set production records for Gaylord Hotels with more than two years until its opening in the first quarter of 2008. Construction costs remain volatile With regard to computer memory, it means "temporary" and not "highly changeable," which is the usual meaning of the word. See volatile memory. 1. (programming) volatile - volatile variable. 2. (storage) volatile - See non-volatile storage. and, as previously described by the company, have increased since the original estimate in 2004. While construction costs have increased, so too have the property's advance bookings and average daily rate. Due to this strong demand, Gaylord announces its intentions to expand the project by 500 rooms and 25,000 to 30,000 sq. ft. of meeting space, subject to approval by Prince George's County of additional economic incentives for the project. The net increase of the construction costs, expansion costs, and economic incentives, excluding pre-opening costs and 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. expense, is expected to be $235 million to $285 million. Returns for the overall project are expected to exceed the Company's targeted 12.0 percent un-levered, after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. return. "Given the tremendous customer response we have had to the Gaylord National, we have decided to increase the scope of the project by adding 500 rooms," said Reed. "We are, however, mindful mind·ful adj. Attentive; heedful: always mindful of family responsibilities. See Synonyms at careful. mind of the escalating construction costs that have recently occurred nationwide and will continue to balance this issue in an effort to maintain high returns for our shareholders." In 2005, Gaylord incurred $56.7 million in capital expenditures related to the construction of the Gaylord National. ResortQuest ResortQuest fourth quarter 2005 revenues increased 23.0 percent to $41.4 million, compared to $33.6 million in the fourth quarter of 2004. Fourth quarter 2005 RevPAR increased to $53.68 or 1.2 percent over the prior-year quarter. ADR increased 7.1 percent to $129.35 from $120.77 in the fourth quarter of 2004, while occupancy decreased 2.4 percentage points to 41.5 percent compared to 43.9 percent in the prior-year quarter. Fourth quarter 2005 operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. was $13.2 million compared to an operating loss of $9.6 million in the fourth quarter of 2004. ResortQuest CCF was a loss of $7.5 million for the period versus a loss of $7.0 million in the fourth quarter of 2004. The principal driver of CCF variance The discrepancy between what a party to a lawsuit alleges will be proved in pleadings and what the party actually proves at trial. In Zoning law, an official permit to use property in a manner that departs from the way in which other property in the same locality in the fourth quarter of 2005 versus 2004 was off-season operating losses at businesses that were acquired in 2005, including Whistler whistler: see marmot. See Windows XP. , Hilton Hil·ton , Conrad Nicholson 1887-1979. American hotel-chain organizer who acquired hotels in many American cities and in 1946 founded the Hilton Hotel Corporation. Head and Aspen aspen, in botany aspen: see willow. Aspen, city, United States Aspen (ăs`pən), city (1990 pop. 5,049), alt. 7,850 ft (2,390 m), seat of Pitkin co., S central Colo. , as well as a decline in closed real estate brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. transactions. CCF in the fourth quarter of 2005 included $2.3 million from Gaylord's share of proceeds related to the sale of the Mauka Tower, a 72-room hotel adjacent to the Aston As`ton´ v. t. 1. To stun; to astonish; to stupefy. [ imp. & p. p. os> “Honolulu” redirects here. For other uses, see Honolulu (disambiguation). Honolulu is the capital as well as the most populous community of the State of Hawaii, United States. that was purchased in 2005 along with the Waikiki Beach Hotel by a joint venture between Gaylord and Deutsche Bank's Real Estate Opportunities Group. In the fourth quarter of 2005, ResortQuest had 16,353 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. . ResortQuest operating statistics for all periods presented exclude units in discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: markets and units out of service, which include units damaged by hurricanes. Operating results for ResortQuest's non-core markets that are being exited are reflected in Gaylord's consolidated financial results as discontinued operations, net of taxes, for all periods presented. "The fourth quarter continued to be a restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and rebuilding time for ResortQuest," said Reed. "We further streamlined our properties to focus on markets where ResortQuest is a leader and has significant market share opportunity. In addition, we are beginning to see the first results of our efforts in branding and technology, most recently demonstrated by the launch of our consumer friendly website. We look forward to ResortQuest emerging as a brand that has an engaging affinity The relationship that a person has to the blood relatives of a spouse by virtue of the marriage. The doctrine of affinity developed from a Maxim of Canon Law that a Husband and Wife were made one by their marriage. There are three types of affinity. with our customers, similar to Gaylord Hotels." Opry An opry is generally an establishment that features live country music, the most famous example being the Grand Ole Opry, in Nashville, Tennessee, but it could be something as simple as the local honky tonk. The term is generally restricted to the southern United States. and Attractions Opry and Attractions segment revenues decreased to $15.8 million in the fourth quarter of 2005, compared to $18.8 million in the fourth quarter of 2004. Opry and Attractions reported operating income of $0.3 million for the period, compared to an operating income of $2.3 million in the fourth quarter of 2004. CCF decreased to $1.7 million in the fourth quarter 2005 from $3.6 million in the prior-year quarter. Segment performance in the fourth quarter was negatively affected by event cancellations affecting Corporate Magic, Gaylord's event planning Event planning is the process of planning a festival, ceremony, competition, party, or convention. Event planning includes budgeting, establishing date and alternate date (rain date), selecting and reserving the event site, acquiring permits, and coordinating transportation and production business. In November November: see month. , Gaylord signed a multi-year deal with television network Great American Country To meet Wikipedia's and comply with our neutral point of view policy, this article or section may require cleanup. The current version of the article or section reads like an advertisement. ("GAC GAC Great American Country GAC Global Assembly Cache (Microsoft .NET) GAC Global Assembly Cache GAC Granular Activated Carbon GAC Gustavus Adolphus College (St. "), extending GAC's broadcast rights for their highest rated show, 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. Live. The agreement provides GAC broadcast rights for an increased number of new Grand Ole Opry Live shows, and outlines plans to develop several new Opry-related programs going forward. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Nielsen Noun 1. Nielsen - Danish composer (1865-1931) Carl August Nielsen, Carl Nielsen Media Research, GAC is one of the fastest growing networks in the U.S. "We are excited about our affiliation affiliation (  fil´ēā´sh with Great American
Country," said Reed. "GAC is an excellent distribution outlet outlet /out·let/ (-let) a means or route of exit or egress.pelvic outlet the inferior opening of the pelvis. and partner for the Opry brand, as it expands the Opry's audience and gives country music a coast-to-coast coast-to-coast adj. Reaching, airing, or traveling from one coast to another, especially across a nation or continent: a coast-to-coast flight; coast-to-coast sports coverage on TV. showcase A showcase, or vitrine, is a glassed-in cabinet or case for displaying delicate or valuable articles such as objects d'art or merchandise in a shop, museum, or house. . The Opry also reached new audiences through two special shows with GAC's sister channel, the Shop at Home Network, which offered viewers VIEWERS. Persons appointed by the courts to see and examine certain matters, and make a report of the facts together with their opinion to the court. In practice they are usually appointed to lay out roads and the like. Vide Experts. the ability to purchase special Opry merchandise MERCHANDISE. By this term is understood all those things which merchants sell either wholesale or retail, as dry goods, hardware, groceries, drugs, &c. It is usually applied to personal chattels only, and to those which are not required for food or immediate support, but such as remain . We will continue to pursue additional partnerships to broaden the reach and merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. opportunity of the Opry." Corporate and Other Corporate and Other operating loss totaled $12.3 million for the fourth quarter of 2005, compared to an operating loss of $11.4 million in the same period last year. Corporate and Other operating losses in the fourth quarter of 2005 and 2004 included non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. of $1.0 and $1.2 million, respectively. Non-cash charges include items such as depreciation and amortization, and 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 Agreement expense in the fourth quarter of 2004. Corporate and Other CCF for the fourth quarter of 2005 increased to a loss of $10.5 million compared to a loss of $9.7 million in the prior-year quarter. 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. For the quarter ended December 31 , 2005, Gaylord's equity income from its investment in Bass Pro was $0.3 million. On December 14, 2005, the shareholders of Bass Pro, Inc. contributed their stock in Bass Pro, Inc. to Bass Pro Group, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a newly-formed Delaware Delaware, state, United States Delaware (dĕl`əwâr, –wər), one of the Middle Atlantic states of the United States, the country's second smallest state (after Rhode Island). limited liability company. The majority owner of Bass Pro, Inc. also contributed (simultaneously si·mul·ta·ne·ous adj. 1. Happening, existing, or done at the same time. See Synonyms at contemporary. 2. Mathematics with the contributions of the Bass Pro, Inc. stock) equity interests in Tracker Marine, LLC, Big Cedar cedar, common name for a number of trees, mostly coniferous evergreens. The true cedars belong to the small genus Cedrus of the family Pinaceae (pine family). LLC and certain related assets to Bass Pro Group, LLC. Following these contributions, Gaylord's stake in Bass Pro Group, LLC (the new parent company of Bass Pro, Inc., Tracker Marine and Big Cedar) is 13.0 percent, down from a 26.6 percent ownership interest in Bass Pro, Inc. The transaction is expected to be accretive to Gaylord. The restructuring of Bass Pro did not impact recognition of Bass Pro, Inc. equity income by Gaylord in 2005, since Gaylord accounts for its share of Bass Pro, Inc. equity income one month in arrears Adv. 1. in arrears - in debt; "he fell behind with his mortgage payments"; "a month behind in the rent"; "a company that has been run behindhand for years"; "in arrears with their utility bills" behindhand, behind . Gaylord will continue to account for its stake in Bass Pro Group, LLC using the equity method of accounting. Liquidity At December 31, 2005, 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 $600.3 million and unrestricted and restricted cash and short term investments of $84.0 million. $566.5 million of the company's $600.0 million 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 fourth quarter of 2005, which included $13.5 million in letters of credit. Gaylord is currently evaluating financing alternatives to fund Gaylord National's planned expansion costs and increased construction costs. Alternatives may include the issuance of debt or equity, the sale of assets, or a combination thereof. Outlook The following outlook is based on current information as of February February: see month. 14, 2006. The company does not expect to update guidance until next quarter's earnings release. However, the company may update its full business outlook or any portion thereof at any time for any reason. "We expect to continue making strong progress in all of our operating businesses against their strategic objectives in 2006," said Colin V. Reed, chairman and chief executive officer of Gaylord Entertainment. "The prospects for our convention hotel business continue to be strong, as the Gaylord Hotels brand increasingly resonates among meeting planners and associations throughout the country. As we continue to offer the highest customer service and superior entertainment and dining options, we expect RevPAR and Total RevPAR to accelerate in the coming year. Our Gaylord National project continues to gain momentum as advance bookings have steadily trended upwards. And, we are thrilled thrill v. thrilled, thrill·ing, thrills v.tr. 1. To cause to feel a sudden intense sensation; excite greatly. 2. To give great pleasure to; delight. See Synonyms at enrapture. to have been selected for the Chula Vista project and are hopeful that these discussions will lead to the development of the West Coast's finest convention hotel." Gaylord's 2006 outlook reflects approximately 25,000 room nights out of service due to room renovation at Gaylord's Opryland Hotel. "At ResortQuest, we expect our investments in operating infrastructure will have an effect in 2006 and revenue trends for the first quarter of 2006 appear solid," concluded Reed. "Measures have been taken to reduce our exposure to the effects of hurricanes. However, any long lasting impacts of the past two years on the Gulf Coast region or additional unforeseen weather patterns, have the potential to negatively affect our business." In the first quarter of 2006, the company launched its new website, ResortQuest.com. The company also expects to reduce its inventory by approximately 750 units due to the termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of unprofitable management agreements in Northwest For names and places containing the slightly longer word 'northwestern' (or variants), see . Northwest or north west is the ordinal direction halfway between north and west on a compass. It is the opposite of southeast. Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and and other eastern markets, as well as the settlement of a legal dispute.
2006
CURRENT
---------------------------------------------------------------
Consolidated Revenue $924 - 961 Million
Consolidated Cash Flow
Gaylord Hotels $158 - 161 Million
ResortQuest $21- 26 Million
Opry and Attractions $10 - 11 Million
Corporate and Other $(37 - 35 Million)
------------------------
Consolidated CCF $152 - 163 Million
Gaylord Hotels advance bookings 1.3 - 1.4 Million
Gaylord Hotels RevPAR 7% - 9%
Gaylord Hotels Total RevPAR 7% - 9%
Web Cast 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 Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the 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 Web site (Investor Relations/Presentations, Earnings, and Webcasts) at least 15 minutes prior to the call to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. , 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 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 (www.opry.com), the weekly showcase of country music's finest performers for 80 consecutive years. The company's entertainment brands and properties include the Radisson Rad·is·son , Pierre Esprit 1636?-1710?. French explorer whose expedition to Hudson Bay and reports of economic opportunity there led to the chartering of the Hudson Bay Company (1670). 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.
n. A small storehouse constructed over a spring and used to keep food cool. 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 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 associated with building and developing new hotel facilities, business levels at the company's hotels, risks associated with ResortQuest's business, the company's ability to successfully integrate and achieve operating efficiencies at ResortQuest, and the ability to obtain financing for new developments. The company's ability to achieve forecasted results for its ResortQuest business depends upon levels of occupancy at ResortQuest units under management, returning damaged units to service on a timely basis and the successful roll-out of new ResortQuest technology initiatives. 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. The company does not undertake any obligation to release publicly any revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. to forward-looking statements made by it to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or 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 total revenue per available room ("Total RevPAR") by dividing the sum of room sales, food & beverage, and other ancillary Subordinate; aiding. A legal proceeding that is not the primary dispute but which aids the judgment rendered in or the outcome of the main action. A descriptive term that denotes a legal claim, the existence of which is dependent upon or reasonably linked to a main claim. services revenue by room nights available to guests for the period, excluding guest rooms taken out of service as result of Gaylord Opryland's room renovation program during 2005. (2) The company calculates revenue per available room ("RevPAR") for its hospitality segment by dividing room sales by room nights available to guests for the period, excluding guest rooms taken out of service as a result of Gaylord Opryland's room renovation program during 2005. The company calculates revenue per available room ("RevPAR") for its ResortQuest segment by dividing gross lodging Lodging or holiday accommodation is a type of accommodation. People who travel and stay away from home for more than a day need lodging mainly for sleeping. Other purposes are safety, shelter from cold and rain, having a place to store luggage and being able to take a 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 $10.5 million and $9.2 million for the three months ended December 31, 2005 and 2004, respectively. (3) Adjusted EBITDA is used herein as essentially operating income plus depreciation and amortization (refer to footnote 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." 4 below). Consolidated Cash Flow (which is used in this release as that term is defined in the Indentures governing gov·ern v. gov·erned, gov·ern·ing, gov·erns v.tr. 1. To make and administer the public policy and affairs of; exercise sovereign authority in. 2. the company's 8% and 6.75% senior notes) also excludes the impact of pre-opening costs, the non-cash portion of the naming rights and Florida ground lease expense, impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. and other charges, non-recurring ResortQuest integration charges which when added to other expenses related to the merger do not exceed $10 million, the non-cash gain on the sale of the songs.com domain name, the Ryman Auditorium parking lot and other fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → and adds (subtracts) other gains (losses) and dividends received from our minority investment in RHAC RHAC Radio Historical Association of Colorado, Inc. , L.L.C., which owns the Aston Waikiki Beach hotel. The Consolidated Cash Flow measure is one of the principal tools used by management in evaluating the operating performance of the company's business and represents the method by which the Indentures calculate whether or not the company can incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. 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. (4) Adjusted EBITDA (defined as earnings before interest, taxes, depreciation, amortization, as well as certain unusual items) is used herein because we believe it allows for a more complete analysis of operating performance by presenting an analysis of operations separate from the earnings impact of capital transactions and without certain items that do not impact our ongoing operations such as the effect of the changes in fair value of the Viacom stock we own and changes in the fair value of the derivative derivative: see calculus. derivative In mathematics, a fundamental concept of differential calculus representing the instantaneous rate of change of a function. 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 stock and derivatives are not included in determining our operating income (loss). The information presented should not be considered as an alternative to any measure of performance as promulgated 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 Indicator Anything used to predict future financial or economic trends. Notes: In the context of technical analysis, an indicator is a mathematical calculation based on a securities price and/or volume. The result is used to predict future prices. 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.
GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In thousands, except per share data)
Three Months Ended Twelve Months Ended
Dec. 31 Dec. 31
------------------ ------------------
2005 2004 2005 2004
------------------ ------------------
Revenues (a) $221,437 $188,645 $868,789 $730,827
Operating expenses:
Operating costs (a) 146,371 121,841 554,860 466,511
Selling, general and
administrative (b) 56,408 49,425 204,662 184,952
Impairment and other charges - - - 1,212
Restructuring charges - 118 - 196
Preopening costs 1,676 (34) 5,005 14,205
Depreciation and amortization 21,186 20,151 83,229 77,683
------------------ ------------------
Operating (loss) income (4,204) (2,856) 21,033 (13,932)
------------------ ------------------
Interest expense, net of amounts
capitalized (18,720) (16,053) (73,169) (55,064)
Interest income 659 486 2,479 1,501
Unrealized (loss) gain on Viacom
stock (4,484) 31,138 (41,554) (87,914)
Unrealized gain (loss) on
derivatives 6,472 (27,781) 35,705 56,533
Income from unconsolidated
companies 189 442 2,169 3,825
Other gains and (losses), net 634 (1,301) 6,656 1,089
------------------ ------------------
Loss before benefit from income
taxes (19,454) (15,925) (46,681) (93,962)
Benefit for income taxes (6,429) (7,424) (15,147) (39,709)
------------------ ------------------
Loss from continuing operations (13,025) (8,501) (31,534) (54,253)
(Loss) income from discontinued
operations, net of taxes (40) (399) (2,416) 615
------------------ ------------------
Net Loss $(13,065)$ (8,900) $(33,950)$(53,638)
================== ==================
Basic net loss per share:
-------------------------
Loss from continuing
operations $ (0.32)$ (0.21) $ (0.78)$ (1.37)
(Loss) income from
discontinued operations,
net of taxes $ - $ (0.01) $ (0.07)$ 0.02
------------------ ------------------
Net Loss $ (0.32)$ (0.22) $ (0.85)$ (1.35)
================== ==================
Fully diluted net loss per share:
---------------------------------
Loss from continuing
operations $ (0.32)$ (0.21) $ (0.78)$ (1.37)
(Loss) income from
discontinued operations,
net of taxes $ - $ (0.01) $ (0.07)$ 0.02
------------------ ------------------
Net Loss $ (0.32)$ (0.22) $ (0.85)$ (1.35)
================== ==================
Weighted average common shares
for the period:
------------------------------
Basic 40,305 39,834 40,171 39,654
Fully-diluted 40,305 39,834 40,171 39,654
(a) Includes certain ResortQuest reimbursed management contract
expenses incurred in the period of $10,536 and $9,211 for the
three months ended December 31, 2005 and 2004, respectively, and
$42,149 and $39,396 for the twelve months ended December 31, 2005
and 2004, respectively.
(b) Includes non-cash lease expense of $2,118 and $1,638 for the three
months ended December 31, 2005 and 2004 and $7,032 and $6,551 for
the twelve months ended December 31, 2005 and 2004, respectively,
related to the effect of recognizing the Gaylord Palms ground
lease expense and other property lease expense on a straight-line
basis. Also includes non-cash expense of $0 and $162 for the three
months ended December 31, 2005 and 2004, respectively, and $64 and
$835 for the twelve months ended December 31, 2005 and 2004,
respectively, related to the effect of recognizing the Naming
Rights Agreement for the Gaylord Entertainment Center on a
straight-line basis.
GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In thousands)
Dec. 31, Dec. 31,
2005 2004
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents - unrestricted $ 59,798 $ 43,498
Cash and cash equivalents - restricted 24,196 42,963
Short-term investments - 27,000
Trade receivables, net 36,366 30,873
Deferred financing costs 26,865 26,865
Deferred income taxes 8,861 10,411
Other current assets 29,852 21,066
Current assets of discontinued operations 2,649 11,337
----------- -----------
Total current assets 188,587 214,013
Property and equipment, net of accumulated
depreciation 1,404,419 1,341,808
Intangible assets, net of accumulated
amortization 27,828 25,962
Goodwill 177,998 162,792
Indefinite lived intangible assets 40,315 40,315
Investments 429,295 468,570
Estimated fair value of derivative assets 220,430 187,383
Long-term deferred financing costs 29,144 50,873
Other long-term assets 13,842 24,088
Long-term assets of discontinued operations 646 5,241
----------- -----------
Total assets $2,532,504 $2,521,045
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt and
capital lease obligations $ 1,825 $ 463
Accounts payable and accrued liabilities 190,952 163,927
Current liabilities of discontinued
operations 3,650 5,794
----------- -----------
Total current liabilities 196,427 170,184
Secured forward exchange contract 613,054 613,054
Long-term debt and capital lease obligations,
net of current portion 598,475 575,946
Deferred income taxes 177,652 205,682
Estimated fair value of derivative
liabilities 1,994 4,514
Other long-term liabilities 96,218 81,942
Long-term liabilities and minority interest
of discontinued operations 117 122
Stockholders' equity 848,567 869,601
----------- -----------
Total liabilities and stockholders' equity $2,532,504 $2,521,045
=========== ===========
GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
Unaudited
(in thousands, except operating metrics)
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization ("Adjusted EBITDA") and Consolidated Cash Flow ("CCF")
reconciliation:
Three Months Ended Dec. 31,
-------------------------------
2005 2004
--------------- ---------------
$ Margin $ Margin
--------------- ---------------
Consolidated
------------
Revenue $221,437 100.0% $188,645 100.0%
Net loss $(13,065) -5.9% $(8,900) -4.7%
Loss (income) from
discontinued operations,
net of taxes 40 0.0% 399 0.2%
(Benefit) provision for
income taxes (6,429) -2.9% (7,424) -3.9%
Other (gains) and losses,
net (634) -0.3% 1,301 0.7%
(Income) loss from
unconsolidated companies (189) -0.1% (442) -0.2%
Unrealized (gain) loss on
derivatives (6,472) -2.9% 27,781 14.7%
Unrealized loss (gain) on
Viacom stock 4,484 2.0% (31,138)-16.5%
Interest expense, net 18,061 8.2% 15,567 8.3%
--------------- ---------------
Operating (loss) income (4,204) -1.9% (2,856) -1.5%
Depreciation & amortization 21,186 9.6% 20,151 10.7%
--------------- ---------------
Adjusted EBITDA 16,982 7.7% 17,295 9.2%
Pre-opening costs 1,676 0.8% (34) 0.0%
Non-cash lease expense 2,118 1.0% 1,638 0.9%
Non-cash naming rights for
Gaylord Arena - 0.0% 162 0.1%
Impairment and other non-
cash charges - 0.0% - 0.0%
Non-recurring ResortQuest
integration charges (1) 224 0.1% 563 0.3%
Loss on sale of business - 0.0% 1,817 1.0%
Other gains and (losses),
net 634 0.3% (1,301) -0.7%
Gain on sale of Ryman
Auditorium parking lot - 0.0% - 0.0%
Gain on sale of songs.com - 0.0% - 0.0%
Loss on sale of assets 376 0.2% - 0.0%
Dividends received from
RHAC, LLC 2,417 1.1% - 0.0%
--------------- ---------------
CCF $24,427 11.0% $20,140 10.7%
=============== ===============
Hospitality segment
-------------------
Revenue $164,125 100.0% $136,043 100.0%
Operating income 20,969 12.8% 15,819 11.6%
Depreciation & amortization 16,148 9.8% 15,765 11.6%
Pre-opening costs 1,676 1.0% (34) 0.0%
Non-cash lease expense 1,576 1.0% 1,638 1.2%
Other gains and (losses),
net (61) 0.0% 1 0.0%
Loss on sale of assets 376 0.2% - 0.0%
--------------- ---------------
CCF $40,684 24.8% $33,189 24.4%
=============== ===============
ResortQuest segment
-------------------
Revenue $41,387 100.0% $33,641 100.0%
Operating (loss) income (13,160)-31.8% (9,581)-28.5%
Depreciation & amortization 2,616 6.3% 2,063 6.1%
Non-recurring
ResortQuest integration
charges (1) 224 0.5% 563 1.7%
Non-cash lease expense 542 1.3% - 0.0%
Loss on sale of business - 0.0% 1,817 5.4%
Other gains and (losses),
net (161) -0.4% (1,842) -5.5%
Dividends received from
RHAC, LLC 2,417 5.8% - 0.0%
--------------- ---------------
CCF $(7,522)-18.2% $(6,980)-20.7%
=============== ===============
Opry and Attractions segment
----------------------------
Revenue $15,825 100.0% $18,816 100.0%
Operating income 315 2.0% 2,342 12.4%
Depreciation & amortization 1,420 9.0% 1,297 6.9%
Impairment and other non-
cash charges - 0.0% - 0.0%
Other gains and (losses),
net - 0.0% (25) -0.1%
Gain on sale of Ryman
Auditorium parking lot - 0.0% - 0.0%
--------------- ---------------
CCF $1,735 11.0% $3,614 19.2%
=============== ===============
Corporate and Other segment
----------------------------
Revenue $100 $145
Operating loss (12,328) (11,436)
Depreciation & amortization 1,002 1,026
Non-cash naming rights for
Gaylord Arena - 162
Other gains and (losses),
net 856 565
Gain on sale of songs.com - -
Gain on sale of assets - -
--------------- ---------------
CCF $(10,470) $(9,683)
=============== ===============
Twelve Months Ended Dec. 31,
---------------------------------
2005 2004
---------------- ----------------
$ Margin $ Margin
---------------- ----------------
Consolidated
------------
Revenue $868,789 100.0% $730,827 100.0%
Net loss $(33,950) -3.9% $(53,638) -7.3%
Loss (income) from
discontinued operations,
net of taxes 2,416 0.3% (615) -0.1%
(Benefit) provision for
income taxes (15,147) -1.7% (39,709) -5.4%
Other (gains) and losses,
net (6,656) -0.8% (1,089) -0.1%
(Income) loss from
unconsolidated companies (2,169) -0.2% (3,825) -0.5%
Unrealized (gain) loss on
derivatives (35,705) -4.1% (56,533) -7.7%
Unrealized loss (gain) on
Viacom stock 41,554 4.8% 87,914 12.0%
Interest expense, net 70,690 8.1% 53,563 7.3%
---------------- ----------------
Operating (loss) income 21,033 2.4% (13,932) -1.9%
Depreciation & amortization 83,229 9.6% 77,683 10.6%
---------------- ----------------
Adjusted EBITDA 104,262 12.0% 63,751 8.7%
Pre-opening costs 5,005 0.6% 14,205 1.9%
Non-cash lease expense 7,032 0.8% 6,551 0.9%
Non-cash naming rights for
Gaylord Arena 64 0.0% 835 0.1%
Impairment and other non-
cash charges - 0.0% 1,212 0.2%
Non-recurring ResortQuest
integration charges (1) 2,040 0.2% 3,067 0.4%
Loss on sale of business - 0.0% 1,817 0.2%
Other gains and (losses),
net 6,656 0.8% 1,089 0.1%
Gain on sale of Ryman
Auditorium parking lot (2,077) -0.2% - 0.0%
Gain on sale of songs.com (926) -0.1% - 0.0%
Loss on sale of assets 192 0.0% - 0.0%
Dividends received from
RHAC, LLC 2,844 0.3% - 0.0%
---------------- ----------------
CCF $125,092 14.4% $92,527 12.7%
================ ================
Hospitality segment
-------------------
Revenue $576,927 100.0% $473,051 100.0%
Operating income 67,700 11.7% 29,320 6.2%
Depreciation & amortization 63,188 11.0% 58,521 12.4%
Pre-opening costs 5,005 0.9% 14,205 3.0%
Non-cash lease expense 6,490 1.1% 6,551 1.4%
Other gains and (losses),
net (536) -0.1% (106) 0.0%
Loss on sale of assets 578 0.1% - 0.0%
---------------- ----------------
CCF $142,425 24.7% $108,491 22.9%
================ ================
ResortQuest segment
-------------------
Revenue $224,253 100.0% $190,823 100.0%
Operating (loss) income (7,290) -3.3% 359 0.2%
Depreciation & amortization 10,645 4.7% 9,210 4.8%
Non-recurring
ResortQuest integration
charges (1) 2,040 0.9% 3,067 1.6%
Non-cash lease expense 542 0.2% - 0.0%
Loss on sale of business - 0.0% 1,817 1.0%
Other gains and (losses),
net 718 0.3% (1,770) -0.9%
Dividends received from
RHAC, LLC 2,844 1.3% - 0.0%
---------------- ----------------
CCF $9,499 4.2% $12,683 6.6%
================ ================
Opry and Attractions segment
----------------------------
Revenue $67,097 100.0% $66,565 100.0%
Operating income 1,889 2.8% 336 0.5%
Depreciation & amortization 5,347 8.0% 5,215 7.8%
Impairment and other non-
cash charges - 0.0% 1,212 1.8%
Other gains and (losses),
net 1,886 2.8% (20) 0.0%
Gain on sale of Ryman
Auditorium parking lot (2,077) -3.1% - 0.0%
---------------- ----------------
CCF $7,045 10.5% $6,743 10.1%
================ ================
Corporate and Other segment
----------------------------
Revenue $512 $388
Operating loss (41,266) (43,947)
Depreciation & amortization 4,049 4,737
Non-cash naming rights for
Gaylord Arena 64 835
Other gains and (losses),
net 4,588 2,985
Gain on sale of songs.com (926) -
Gain on sale of assets (386) -
---------------- ----------------
CCF $(33,877) $(35,390)
================ ================
(1) Under the terms of Gaylord's bond indentures and credit facility,
non recurring costs and expenses related to the merger of
ResortQuest and Gaylord Entertainment in Nov. 2003 are excluded
from the calculation of Consolidated Cash Flow ("CCF").
Non-recurring ResortQuest integration charges include severance
payments, rebranding expenses, technology integration charges and
other related non-recurring expenses related to the merger, not to
exceed a total of $10 million.
GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
Unaudited
(in thousands, except operating metrics)
-------------------- --------------------
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31,
-------------------- --------------------
2005 2004 2005 2004
--------- --------- --------- ---------
HOSPITALITY OPERATING METRICS:
Gaylord Hospitality Segment (1)
-------------------------------
Occupancy 74.6% 70.1% 73.9% 70.8%
Average daily rate (ADR) $155.79 $147.58 $149.73 $142.65
RevPAR $116.29 $103.39 $110.65 $100.99
OtherPAR $179.25 $138.99 $152.00 $124.92
Total RevPAR $295.54 $242.38 $262.65 $225.91
Revenue $164,125 $136,043 $576,927 $473,051
CCF $40,684 $33,189 $142,425 $108,491
CCF Margin 24.8% 24.4% 24.7% 22.9%
Gaylord Opryland (1)
--------------------
Occupancy 80.2% 72.8% 75.4% 70.5%
Average daily rate (ADR) $150.43 $146.63 $139.43 $139.04
RevPAR $120.60 $106.69 $105.14 $98.06
OtherPAR $173.06 $114.02 $128.22 $99.59
Total RevPAR $293.66 $220.71 $233.36 $197.65
Revenue $76,297 $58,499 $238,495 $208,410
CCF $20,150 $16,828 $54,911 $50,507
CCF Margin 26.4% 28.8% 23.0% 24.2%
Gaylord Palms
-------------
Occupancy 68.9% 69.0% 74.1% 73.9%
Average daily rate (ADR) $170.56 $161.28 $170.48 $164.61
RevPAR $117.57 $111.22 $126.32 $121.69
OtherPAR $189.79 $179.19 $196.26 $179.74
Total RevPAR $307.36 $290.41 $322.58 $301.43
Revenue $39,757 $37,565 $165,547 $155,116
CCF $8,503 $8,202 $45,333 $41,342
CCF Margin 21.4% 21.8% 27.4% 26.7%
Gaylord Texan
-------------
Occupancy 69.7% 65.8% 71.7% 68.5%
Average daily rate (ADR) $168.21 $149.67 $162.03 $138.19
RevPAR $117.30 $98.41 $116.20 $94.70
OtherPAR $214.71 $174.63 $183.00 $151.82
Total RevPAR $332.01 $273.04 $299.20 $246.52
Revenue $46,155 $37,956 $165,015 $102,063
CCF $10,971 $7,490 $39,652 $14,496
CCF Margin 23.8% 19.7% 24.0% 14.2%
Nashville Radisson and Other (2)
---------------------------------
Occupancy 74.2% 70.9% 70.0% 67.3%
Average daily rate (ADR) $87.78 $85.29 $87.51 $83.70
RevPAR $65.12 $60.47 $61.27 $56.33
OtherPAR $11.10 $12.08 $11.78 $10.82
Total RevPAR $76.22 $72.55 $73.05 $67.15
Revenue $1,916 $2,023 $7,870 $7,462
CCF $1,060 $669 $2,529 $2,146
CCF Margin 55.3% 33.1% 32.1% 28.8%
Gaylord Hospitality Segment ("Same Store", excludes the Gaylord Texan
for Twelve Months Ended December 31) (1)
---------------------------------------------------------------------
Occupancy 74.6% 70.1% 74.6% 71.4%
Average daily rate (ADR) $155.79 $147.58 $145.77 $143.71
RevPAR $116.29 $103.39 $108.79 $102.54
OtherPAR $179.25 $138.99 $141.62 $118.29
Total RevPAR $295.54 $242.38 $250.41 $220.83
Revenue $164,125 $136,043 $411,912 $370,988
CCF $40,684 $33,189 $102,773 $93,995
CCF Margin 24.8% 24.4% 25.0% 25.3%
RESORTQUEST OPERATING METRICS:
ResortQuest Segment (3)
------------------------
Occupancy 41.5% 43.9% 53.1% 54.4%
ADR $129.35 $120.77 $157.26 $148.64
RevPAR $53.68 $53.04 $83.56 $80.82
Total Units 16,353 15,358 16,353 15,358
(1) Excludes 5,056 and 28,997 room nights that were taken out of
service during the three months and twelve months ended December
31, 2005, respectively, as a result of the rooms renovation
program at Gaylord Opryland.
(2) Includes other hospitality revenue and expense
(3) Excludes units in discontinued markets and units out of service,
including units damaged by hurricanes.
GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
RECONCILIATION OF FORWARD-LOOKING STATEMENTS
Unaudited
(in thousands, except operating metrics)
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization ("Adjusted EBITDA") and Consolidated Cash Flow ("CCF")
reconciliation:
Guidance Range
(Full Year 2006)
Low High
--------- ---------
Consolidated
------------
Estimated Operating income (loss) $36,800 $47,800
Estimated Depreciation & amortization 90,100 90,100
--------- ---------
Estimated Adjusted EBITDA $126,900 $137,900
Estimated Pre-opening costs 6,000 6,000
Estimated Non-cash lease expense 6,600 6,600
Estimated Gains and (losses), net 12,500 12,500
--------- ---------
Estimated CCF $152,000 $163,000
========= =========
Hospitality segment
-------------------
Estimated Operating income (loss) $78,200 $81,200
Estimated Depreciation & amortization 66,000 66,000
--------- ---------
Estimated Adjusted EBITDA $144,200 $147,200
Estimated Pre-opening costs 6,000 6,000
Estimated Non-cash lease expense 6,600 6,600
Estimated Gains and (losses), net 1,200 1,200
--------- ---------
Estimated CCF $158,000 $161,000
========= =========
ResortQuest segment
-------------------
Estimated Operating income (loss) $4,100 $9,100
Estimated Depreciation & amortization 12,800 12,800
--------- ---------
Estimated Adjusted EBITDA $16,900 $21,900
Estimated Gains and (losses), net 4,100 4,100
--------- ---------
Estimated CCF $21,000 $26,000
========= =========
Opry and Attractions segment
----------------------------
Estimated Operating income (loss) $4,200 $5,200
Estimated Depreciation & amortization 5,600 5,600
--------- ---------
Estimated Adjusted EBITDA $9,800 $10,800
Estimated Gains and (losses), net 200 200
--------- ---------
Estimated CCF $10,000 $11,000
========= =========
Corporate and Other segment
---------------------------
Estimated Operating income (loss) $(49,700) $(47,700)
Estimated Depreciation &
amortization 5,700 5,700
--------- ---------
Estimated Adjusted EBITDA $(44,000) $(42,000)
Estimated Gains and (losses), net 7,000 7,000
--------- ---------
Estimated CCF $(37,000) $(35,000)
========= =========
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