Gaylord Entertainment Co. Reports Second Quarter Earnings; Gaylord Entertainment Raises Gaylord Hotels CCF Guidance; Gaylord Hotels Total Future Bookings Including Gaylord National Increase 17 Percent.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 second quarter of 2006. For the second quarter ended June June: see month. 30, 2006: --Consolidated revenue increased 4.7 percent to $235.1 million from $224.5 million in the same period last year, led by solid revenue growth 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 $5.7 million, or a loss of $0.14 per share, compared to income from continuing operations of $0.1 million, or $0.00 per share in the prior-year quarter. Loss from continuing operations increased in the second quarter of 2006 due to lower 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. and a higher provision for income taxes, partially offset by an increase in income from unconsolidated companies in the second quarter of 2006 compared to the second quarter of 2005. --Hospitality segment total revenue grew 6.4 percent to $157.2 million, compared to $147.7 million in the prior-year quarter, driven by a strong performance from Gaylord Opryland Opryland could mean:
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 total revenue per available room(2) ("Total RevPAR") increased 2.3 percent and 4.9 percent, respectively, compared to the second quarter of 2005. --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 $33.5 million compared to $34.3 million in the prior-year quarter. --Consolidated Cash Flow(4) ("CCF CCF abbr. Cooperative Commonwealth Federation of Canada ") increased 8.1 percent to $41.0 million in the second quarter of 2006 compared to $37.9 million in the same period last year. "Our year is shaping up quite nicely, as hospitality results were as expected following a very strong second quarter in 2005. The highlight for the quarter was strong same-store future bookings, an indication of the appeal of the Gaylord Hotel's brand with meeting planners," 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. "Total future bookings, which include future bookings for Gaylord National, reached over 455,000 net definite room nights in the second quarter, a 17 percent increase when compared to last year, and a clear indication that our model can be successfully replicated in new markets." "We are making excellent progress on the development front, as illustrated by the approval of our economic incentives to help fund the 500-room Gaylord National expansion and by the recent approval by local authorities of the letter of intent outlining the initial terms of our project in Chula Vista, California “Chula Vista” redirects here. For the area in Florida, see Chula Vista, Florida. Chula Vista is a city in southern San Diego County, California, United States. ." Segment Operating Results Hospitality Key components of the Company's hospitality segment performance in the second quarter of 2006 include: --Gaylord Hotels' Total RevPAR increased 4.9 percent to $283.22, compared to $269.94 in the second quarter of 2005; Gaylord Hotels RevPAR increased 2.3 percent to $119.63 compared to $116.97 in the prior-year quarter. Across Gaylord Hotels an improved yield on future group bookings booked in prior years and a 15.7 percent increase in transient A malfunction that occurs at random intervals and lasts for a short duration such as a spike or surge in a power line or a memory cell that intermittently fails. See spike and power surge. transient - 1. demand drove CCF and revenue growth in the second quarter of 2006. 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 increased 0.2 percentage points while ADR ADR - Astra Digital Radio increased 2.0 percent to $153.89 compared to the second quarter of 2005. --CCF increased 8.3 percent to $44.0 million in the second quarter of 2006 compared to $40.6 million in the same period last year. CCF margins for the hospitality segment increased 48 basis points to 28.0 percent from 27.5 percent in the prior-year quarter, due to improved CCF margins at Gaylord Opryland and Gaylord Palms. --Gaylord Hotels' same-store net definite bookings for all future years, excluding Gaylord National, increased 28.9 percent to 381,193 net definite room nights booked in the second quarter of 2006. --Gaylord National booked an additional 73,900 net definite room nights in the second quarter of 2006, bringing National's cumulative net definite room nights to 646,000. Gaylord National future bookings continue to remain well ahead of future booking levels achieved by both the Palms and Texan hotels at the same point in their development. --Gaylord Hotels' 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. bookings continue to be strong at 43.1 percent in the second quarter of 2006, as Gaylord remains focused on rotating ro·tate v. ro·tat·ed, ro·tat·ing, ro·tates v.intr. 1. To turn around on an axis or center. 2. its customers throughout its network of properties. "Our results in the hospitality segment came in as expected and we continue to show improvement at all our properties, even in comparison to what was an extremely strong second quarter in 2005," said Reed. "Our hospitality results illustrate our ability to attract higher value customers at each property who take full advantage of both our inside and outside-the-room offerings. Our service and amenities improvements at Opryland are beginning to yield positive results, as it is once again becoming the centerpiece of our network of convention properties. Meanwhile, the Palms and Texan realized revenue growth in the second quarter in line with our expectations. As America's leading convention resort brand, the future of Gaylord Hotels is indeed very bright and will continue to grow as we expand into other markets." At the property level, Gaylord Opryland achieved revenues of $66.9 million in the second quarter of 2006, a 12.8 percent increase compared to the prior-year quarter. RevPAR increased 1.1 percent to $113.28. Occupancy decreased 0.5 percentage points and ADR increased 1.6 percent to $143.52. Total RevPAR grew 9.3 percent to $255.26 in the second quarter of 2006 compared to $233.45 in the prior-year quarter, due to the hotel's continued focus on booking customers with greater propensity to spend and the introduction of additional outside-the-room offerings, such as the Relache Spa. CCF grew 13.8 percent to $18.1 million versus $15.9 million in the second quarter of 2006. Due to a higher contribution of lower margin outside-the-room revenue in the second quarter, CCF margin increased by 25 basis points to 27.1 percent. Opryland's multi-year room renovation program did not adversely affect results in the second quarter of 2006, as no rooms were taken out of available inventory. Second quarter 2005 operating statistics reflect 7,940 room nights out of available inventory due to the room renovation program. The room renovation will resume this year in July July: see month. and continue into the fourth quarter of 2006 with the renovation of an additional 431 rooms, or approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 18,600 room nights. To complete the multi-year room renovation program, the Company expects to take approximately 53,000 room nights out of service at various times in 2007. Gaylord Palms posted revenues of $45.1 million in the second quarter of 2006, an increase of 1.9 percent compared to $44.2 million in the prior-year quarter. Gaylord Palms generated RevPAR growth of 10.9 percent to $147.10, driven by a 7.3 percentage point increase in occupancy and a 1.3 percent increase in ADR. Total RevPAR was $352.32, up 1.9 percent from $345.76 in the second quarter of 2005. The decrease in outside-the-room revenue at the Palms was driven primarily by lower group 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. spending typical of the shift in group mix from corporate to association business that occurred between the second quarter of 2005 and 2006. CCF increased 7.8 percent to $14.4 million compared to the prior-year quarter of $13.4 million. CCF margin for the hotel was 32.0 percent, up 175 basis points from the prior-year quarter. Gaylord Texan revenues increased 2.1 percent to $42.9 million in the second quarter of 2006 compared to $42.0 million in the prior-year quarter. RevPAR decreased by 4.6 percent to $116.18 in the second quarter of 2006, driven by a 5.7 percentage point decrease in occupancy. ADR increased 3.1 percent to $166.05. Total RevPAR improved 2.1 percent to $311.88 in the second quarter of 2006 from $305.34 in the same period last year. CCF increased 0.2 percent to $10.8 million from $10.7 million in the second quarter of 2005, resulting in a CCF margin of 25.1 percent, or a 48 basis point decrease over the second quarter of 2005. As expected, a decrease in occupancy and a higher contribution of lower margin outside-the-room revenue led to the lower CCF margin. Development Update As announced on July 19, 2006, Prince George's County approved Gaylord Entertainment's economic incentives that it requested to fund a 500-room expansion at the Gaylord National. The Company is proceeding with the 500-room expansion, bringing the hotel from 1,500 to 2,000 rooms. The National booked an additional 73,900 room nights in the second quarter of 2006, bringing cumulative net definite room nights booked for the property to approximately 646,000. The National continues to set production records for Gaylord Hotels two years from its opening in the beginning of the second quarter of 2008. "We are pleased that the additional economic incentives for the 500-room expansion have been approved by the Prince George's County Council. The National's expansion to 2,000 rooms is great news for both our convention customers and Prince George's County, which will now be home to the finest convention hotel on the East Coast," said Reed. "We have already seen a tremendous amount of demand for the Gaylord National hotel, and believe that it will be a strong anchor for the National Harbor harbor: see port. project." The Company announced on July 26, 2006, that it had entered into a letter of intent 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 develop a 1,500 to 2,000 room convention hotel in Chula
Vista, California. The project is subject to definitive documentation
and additional approvals including, among others, the California Coastal
Commission The California Coastal Commission is a state agency in the U.S. state of California with quasi-judicial regulatory influence over land use and public access in the California coastal zone. . On its current schedule, the Company expects the project to
break ground in 2008 and to be completed in 2010."Customers have told us a Gaylord Hotel on the West Coast would be a very attractive meetings destination, so we are pleased with the progress we have made in Chula Vista. There is much yet to be done to make this project a reality," said Reed. "We look forward to continuing our discussions with the Port and the City of Chula Vista to develop a world-class world-class adj. 1. Ranking among the foremost in the world; of an international standard of excellence; of the highest order: a world-class figure skater. 2. convention destination." In the second quarter of 2006, Gaylord incurred $37.4 million in capital expenditures related to the construction of the Gaylord National. The hotel is expected to open in the beginning of the second quarter of 2008, while the Company expects the 500-room expansion to open in the third quarter of 2008. 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. ResortQuest revenues from continuing operations were $58.0 million, flat compared to the prior-year quarter. ResortQuest 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. increased $0.8 million to an operating loss of $1.5 million in the second quarter of 2006. ResortQuest RevPAR increased 5.4 percent to $88.12, due to a 9.1 percent increase in ADR which offset a 1.7 percentage point decrease in occupancy across the network. ResortQuest CCF was $1.7 million compared to $2.3 million in the second quarter of 2005. In the second quarter of 2006, ResortQuest had 15,709 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. . In June 2006, ResortQuest entered into a joint venture with RREEF Global Opportunities Fund II, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a division of Deutsche Bank Deutsche Bank AG (IPA: /'dɔɪ.tʃə/[1]) (ISIN: DE0005140008, NYSE: DB) (English: German Bank , and the joint venture purchased the Courtyard by Marriott Courtyard by Marriott is a brand of hotels owned by Marriott International. They have over 2,800 hotels worldwide, as of June 2007. Courtyard by Marriott is designed for business travelers. Kauai Kauai (kou'wī`), circular island (1990 pop. 51,177), 549 sq mi (1,422 sq km), 32 mi (52 km) in diameter, N Hawaii, separated from Oahu island to the southeast by Kauai Channel. Lihue (1990 pop. at Waipouli Beach. ResortQuest also entered into a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. management agreement to operate the 311-room property, which has subsequently been renamed the ResortQuest Kauai Beach at Makaiwa. Gaylord Entertainment will retain a 19.9 percent equity interest in the joint venture with a total investment in the hotel of approximately $3.8 million. "ResortQuest performance was consistent with the revised expectations from the business we described last quarter. While the business performed well in markets such as 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. , we continue to see softness in the 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 rental RENTAL. A roll or list of the rents of an estate containing the description of the lands let, the names of the tenants, and other particulars connected with such estate. This is the same as rent roll, from which it is said to be corrupted. markets due to customers' reluctance to travel to areas affected by inclement in·clem·ent adj. 1. Stormy: inclement weather. 2. Showing no clemency; unmerciful. in·clem weather in 2004 and 2005," said Reed. "The real estate brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. business continues to be negatively impacted by interest rates and significant new supply, particularly in our Florida markets which are also suffering from the lasting impact of the 2004 and 2005 hurricanes. While it's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have still early to tell, we have recently seen progress from ResortQuest's website and have recognized the benefit of an increase in website traffic and online bookings." 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 increased to $19.8 million in the second quarter of 2006 compared to $18.7 million in the second quarter of 2005. Opry and Attractions reported an operating income of $1.6 million for the period compared to operating income of $2.2 million in the second quarter of 2005. CCF decreased 8.5 percent to $2.9 million in the second quarter of 2006 from $3.2 million in the prior-year quarter. "Results for the business came in as expected. As a signature country lifestyle brand, 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. continues to demonstrate its deep value and resonance resonance, in acoustics resonance, in acoustics: see vibration. resonance, in chemistry resonance, in chemistry: see chemical bond. with country music fans around the world," said Reed. "We are excited about new 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. ventures and the continued success of our live entertainment which are driving further brand awareness." Corporate and Other Corporate and Other operating loss totaled $12.5 million in the second quarter of 2006 compared to an operating loss of $10.1 million in the same period last year. Corporate and Other operating losses increased over the prior-year period, in part, due to the recognition of stock option expense. Corporate and Other CCF loss in the second quarter of 2006 decreased 6.7 percent to a loss of $7.6 million compared to a loss of $8.2 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 June 30, 2006, Gaylord's equity income from its investment in Bass Pro Group, LLC was $3.2 million. Board of Directors Gaylord Entertainment announced earlier today that Laurence Laurence is the surname or the given name of several people: Surname
adj. Morally, socially, or legally obligated to another; beholden. [Middle English endetted, from Old French endette, past participle of endetter, to oblige to him for his service to our Company." Liquidity As of June 30, 2006, 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 $632.9 million and unrestricted and restricted cash of $89.5 million. $529.9 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 second quarter of 2006, which includes $15.1 million in letters of credit. The Company is currently evaluating its financing alternatives for the announced development projects. Such plans could include incurrence In`cur´rence n. 1. The act of incurring, bringing on, or subjecting one's self to (something troublesome or burdensome); as, the incurrence of guilt, debt, responsibility, etc. s> Noun 1. of 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. , sale of non-core assets, or a combination thereof. As of June 30, 2006, all assets and liabilities related to the Secured Forward Exchange contract with CSFB CSFB Credit Suisse First Boston CSFB Cyclically Shifted Filter Bank , which matures in May 2007, have been reclassified as current on the Company's consolidated balance sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. . This reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. had no impact on the Company's consolidated income statement consolidated income statement An income statement that combines the income statements of two or more organizations. As with other consolidated statements, a consolidated income statement eliminates any funds owed to or due from firms within the same group. or cash flows. Outlook The following outlook is based on current information as of August 3, 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. "At Gaylord Hotels we continue to experience strong booking trends. We anticipate having a strong second half of 2006 as our group-focused model delivers on solid advance bookings. Despite energy related cost pressures we expect to deliver strong profitability. We are therefore raising our full year CCF guidance range to $166 to $171 million," said Reed. "In addition, our pipeline remains exceptionally strong and because our same-store advance bookings reached record levels this quarter, we are revising our guidance range on advance bookings to 1.4 to 1.5 million room nights." "ResortQuest is experiencing business trends consistent with those described last quarter. Travelers are visiting our destinations in smaller numbers than in the past years, largely due to weather related issues in past years and high fuel prices. Our guidance for this segment remains unchanged." Gaylord's 2006 outlook reflects approximately 18,600 room nights out of service due to the room renovation at the Gaylord Opryland.
2006 2006
PRIOR NEW
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Consolidated Revenue $924 - 961 Million $924 - 961 Million
Consolidated Cash Flow
Gaylord Hotels $163 - 168 Million $166 - 171 Million
ResortQuest $16 - 21 Million $16 - 21 Million
Opry and Attractions $10 - 11 Million $10 - 11 Million
Corporate and Other $(37 - 35 Million) $(37 - 35 Million)
----------------------------------------
Consolidated CCF $152 - 165 Million $155 - 168 Million
Gaylord Hotels Advance
Bookings 1.3 - 1.4 Million 1.4 - 1.5 million
Gaylord Hotels RevPAR 8% - 10% 8% - 10%
Gaylord Hotels Total RevPAR 8% - 10% 8% - 10%
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 website (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 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 (www.opry.com), the weekly 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. 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.
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 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 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 $10.4 million and $10.3 million for the three months ended June 30, 2006 and 2005, respectively. (2)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. (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
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 and CBS stock and derivatives derivatives 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. 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. (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 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 (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 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, non-recurring ResortQuest integration charges which when added to other expenses related to the merger do not exceed $10 million, 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 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. 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 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 (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.
GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In thousands, except per share data)
Three Months Ended Six Months Ended
Jun. 30 Jun. 30
------------------ ------------------
2006 2005 2006 2005
-------- -------- -------- --------
Revenues (a) $235,116 $224,472 $476,727 $437,942
Operating expenses:
Operating costs (a) 151,650 142,762 303,429 278,861
Selling, general and
administrative (b) 48,414 46,231 94,284 90,981
Preopening costs 1,503 1,173 2,565 2,116
Depreciation and amortization 21,308 20,195 42,601 41,124
-------- -------- -------- --------
Operating income 12,241 14,111 33,848 24,860
-------- -------- -------- --------
Interest expense, net of
amounts capitalized (18,022) (17,884) (35,852) (35,975)
Interest income 735 579 1,442 1,158
Unrealized gain (loss) on
Viacom stock 602 (30,735) (12,633) (47,898)
Unrealized gain on derivatives 3,939 34,349 19,331 39,986
Income (loss) from
unconsolidated companies 3,047 (1,590) 5,803 (118)
Other gains and (losses), net
(c) 636 2,470 6,726 4,920
-------- -------- -------- --------
Income (loss)
before provision
(benefit) for
income taxes 3,178 1,300 18,665 (13,067)
Provision (benefit) for income
taxes 8,867 1,246 13,064 (3,987)
-------- -------- -------- --------
(Loss) income from
continuing
operations (5,689) 54 5,601 (9,080)
Income (loss) from
discontinued operations, net
of taxes 528 (465) 2,397 (188)
-------- -------- -------- --------
Net (loss) income $ (5,161)$ (411) $ 7,998 $ (9,268)
======== ======== ======== ========
Basic net income (loss) per
share:
------------------------------
(Loss) income from
continuing
operations $ (0.14)$ 0.00 $ 0.14 $ (0.23)
Income (loss) from
discontinued
operations, net of
taxes $ 0.01 $ (0.01) $ 0.06 $ (0.00)
-------- -------- -------- --------
Net (loss) income $ (0.13)$ (0.01) $ 0.20 $ (0.23)
======== ======== ======== ========
Fully diluted net income
(loss) per share:
------------------------------
(Loss) income from
continuing
operations $ (0.14)$ 0.00 $ 0.13 $ (0.23)
Income (loss) from
discontinued
operations, net of
taxes $ 0.01 $ (0.01) $ 0.06 $ (0.00)
-------- -------- -------- --------
Net (loss) income $ (0.13)$ (0.01) $ 0.19 $ (0.23)
======== ======== ======== ========
Weighted average common shares
for the period:
------------------------------
Basic 40,592 40,158 40,453 40,071
Fully-diluted 40,592 41,217 41,507 40,071
(a)Includes certain ResortQuest reimbursed management contract
expenses incurred in the period of $10,386 and $10,289 for the
three months ended June 30, 2006 and 2005, respectively, and
$20,946 and $20,216 for the six months ended June 30, 2006 and
2005, respectively.
(b)Includes non-cash lease expense of $1,626 and $1,638 for the three
months ended June 30, 2006 and 2005, respectively, and $3,290 and
$3,276 for the six months ended June 30, 2006 and 2005,
respectively, related to the effect of recognizing the Gaylord
Palms ground lease expense and other property lease expense on a
straight-line basis.
(c)Includes a non-recurring $5.4 million gain related to the
collection of a note receivable, held by ResortQuest, previously
considered to be uncollectible for the six months ended June 30,
2006.
GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In thousands)
Jun. 30, Dec. 31,
2006 2005
---------- ----------
ASSETS
Current assets:
Cash and cash equivalents - unrestricted $ 47,677 $ 58,719
Cash and cash equivalents - restricted 41,862 19,688
Short-term investments 343,942 -
Trade receivables, net 50,727 37,154
Estimated fair value of derivative assets 241,322 -
Deferred financing costs 24,016 26,865
Deferred income taxes - 8,861
Other current assets 34,123 29,276
Current assets of discontinued operations 59 7,726
---------- ----------
Total current assets 783,728 188,289
Property and equipment, net of accumulated
depreciation 1,477,097 1,404,211
Intangible assets, net of accumulated
amortization 25,342 27,768
Goodwill 174,002 177,556
Indefinite lived intangible assets 40,315 40,315
Investments 81,429 429,295
Estimated fair value of derivative assets - 220,430
Long-term deferred financing costs 17,127 29,144
Other long-term assets 20,193 14,135
Long-term assets of discontinued operations - 1,447
---------- ----------
Total assets $2,619,233 $2,532,590
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt and capital
lease obligations $ 1,997 $ 1,825
Secured forward exchange contract 613,054 -
Accounts payable and accrued liabilities 221,938 186,540
Deferred income taxes 90,135 -
Current liabilities of discontinued
operations 585 7,802
---------- ----------
Total current liabilities 927,709 196,167
Secured forward exchange contract - 613,054
Long-term debt and capital lease obligations,
net of current portion 630,921 598,475
Deferred income taxes 88,644 177,652
Estimated fair value of derivative liabilities 6,364 1,994
Other long-term liabilities 91,324 96,488
Long-term liabilities and minority interest of
discontinued operations 272 193
Stockholders' equity 873,999 848,567
---------- ----------
Total liabilities and stockholders' equity $2,619,233 $2,532,590
========== ==========
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 Jun. 30,
------------------------------
2006 2005
-------------- --------------
$ Margin $ Margin
-------------- --------------
Consolidated
------------
Revenue $235,116 100.0% $224,472 100.0%
Net income (loss) $ (5,161) -2.2% $ (411) -0.2%
Loss (income) from discontinued
operations, net of taxes (528) -0.2% 465 0.2%
(Benefit) provision for income taxes 8,867 3.8% 1,246 0.6%
Other (gains) and losses, net (636) -0.3% (2,470) -1.1%
(Income) loss from unconsolidated
companies (3,047) -1.3% 1,590 0.7%
Unrealized (gain) loss on
derivatives (3,939) -1.7% (34,349)-15.3%
Unrealized loss (gain) on Viacom
stock (602) -0.3% 30,735 13.7%
Interest expense, net 17,287 7.4% 17,305 7.7%
-------------- --------------
Operating (loss) income 12,241 5.2% 14,111 6.3%
Depreciation & amortization 21,308 9.1% 20,195 9.0%
-------------- --------------
Adjusted EBITDA 33,549 14.3% 34,306 15.3%
Pre-opening costs 1,503 0.6% 1,173 0.5%
Other non-cash expenses 1,626 0.7% 1,638 0.7%
Non-recurring ResortQuest
integration charges (1) - 0.0% 390 0.2%
Stock Option expense 1,614 0.7% - 0.0%
Other gains and (losses), net (2) 636 0.3% 2,470 1.1%
(Gains) and losses on sales of
assets 305 0.1% (2,077) -0.9%
Dividends received 1,739 0.7% - 0.0%
-------------- --------------
CCF $ 40,972 17.4% $ 37,900 16.9%
============== ==============
Hospitality segment
-------------------
Revenue $157,189 100.0% $147,678 100.0%
Operating income 24,669 15.7% 22,812 15.4%
Depreciation & amortization 16,026 10.2% 15,335 10.4%
Pre-opening costs 1,503 1.0% 1,173 0.8%
Other non-cash expenses 1,575 1.0% 1,638 1.1%
Stock Option expense 213 0.1% - 0.0%
Other gains and (losses), net (88) -0.1% (348) -0.2%
(Gains) and losses on sales of
assets 89 0.1% - 0.0%
-------------- --------------
CCF $ 43,987 28.0% $ 40,610 27.5%
============== ==============
ResortQuest segment
-------------------
Revenue $ 58,029 100.0% $ 57,978 100.0%
Operating (loss) income (1,500) -2.6% (709) -1.2%
Depreciation & amortization 2,760 4.8% 2,647 4.6%
Non-recurring ResortQuest
integration charges (1) - 0.0% 390 0.7%
Other non-cash expenses 51 0.1% - 0.0%
Stock Option expense 254 0.4% - 0.0%
Other gains and (losses), net (2) (164) -0.3% (60) -0.1%
Dividends received 71 0.1% - 0.0%
(Gains) and losses on sales of
assets 216 0.4% - 0.0%
-------------- --------------
CCF $ 1,688 2.9% $ 2,268 3.9%
============== ==============
Opry and Attractions segment
----------------------------
Revenue $ 19,819 100.0% $ 18,688 100.0%
Operating income (loss) 1,556 7.9% 2,153 11.5%
Depreciation & amortization 1,437 7.3% 1,154 6.2%
Stock Option expense 37 0.2% - 0.0%
Other gains and (losses), net (84) -0.4% 1,991 10.7%
(Gains) and losses on sales of
assets - 0.0% (2,077)-11.1%
-------------- --------------
CCF $ 2,946 14.9% $ 3,221 17.2%
============== ==============
Corporate and Other segment
---------------------------
Revenue $ 79 $ 128
Operating loss (12,484) (10,145)
Depreciation & amortization 1,085 1,059
Other non-cash expenses - -
Stock Option expense 1,110 -
Other gains and (losses), net 972 887
Dividends received 1,668 -
(Gains) and losses on sales of
assets - -
-------------- --------------
CCF $ (7,649) $ (8,199)
============== ==============
Adjusted Earnings Before Interest,
Taxes, Depreciation and Amortization
("Adjusted EBITDA") and Consolidated
Cash Flow ("CCF") reconciliation: Six Months Ended Jun. 30,
-------------------------------
2006 2005
-------------- --------------
$ Margin $ Margin
-------------- --------------
Consolidated
------------
Revenue $476,727 100.0% $437,942 100.0%
Net income (loss) $ 7,998 1.7% $ (9,268) -2.1%
Loss (income) from discontinued
operations, net of taxes (2,397) -0.5% 188 0.0%
(Benefit) provision for income taxes 13,064 2.7% (3,987) -0.9%
Other (gains) and losses, net (6,726) -1.4% (4,920) -1.1%
(Income) loss from unconsolidated
companies (5,803) -1.2% 118 0.0%
Unrealized (gain) loss on derivatives (19,331) -4.1% (39,986) -9.1%
Unrealized loss (gain) on Viacom
stock 12,633 2.6% 47,898 10.9%
Interest expense, net 34,410 7.2% 34,817 8.0%
-------------- --------------
Operating (loss) income 33,848 7.1% 24,860 5.7%
Depreciation & amortization 42,601 8.9% 41,124 9.4%
-------------- --------------
Adjusted EBITDA 76,449 16.0% 65,984 15.1%
Pre-opening costs 2,565 0.5% 2,116 0.5%
Other non-cash expenses 3,290 0.7% 3,340 0.8%
Non-recurring ResortQuest integration
charges (1) - 0.0% 1,468 0.3%
Stock Option expense 3,260 0.7% - 0.0%
Other gains and (losses), net (2) 6,726 1.4% 4,920 1.1%
(Gains) and losses on sales of assets 558 0.1% (3,828) -0.9%
Dividends received 1,911 0.4% - 0.0%
-------------- --------------
CCF $ 94,759 19.9% $ 74,000 16.9%
============== ==============
Hospitality segment
-------------------
Revenue $322,653 100.0% $290,179 100.0%
Operating income 58,058 18.0% 43,821 15.1%
Depreciation & amortization 32,166 10.0% 31,179 10.7%
Pre-opening costs 2,565 0.8% 2,116 0.7%
Other non-cash expenses 3,150 1.0% 3,276 1.1%
Stock Option expense 382 0.1% - 0.0%
Other gains and (losses), net (86) 0.0% (336) -0.1%
(Gains) and losses on sales of assets 89 0.0% - 0.0%
-------------- --------------
CCF $ 96,324 29.9% $ 80,056 27.6%
============== ==============
ResortQuest segment
-------------------
Revenue $117,333 100.0% $115,943 100.0%
Operating (loss) income 516 0.4% 953 0.8%
Depreciation & amortization 5,485 4.7% 5,332 4.6%
Non-recurring ResortQuest integration
charges (1) - 0.0% 1,468 1.3%
Other non-cash expenses 140 0.1% - 0.0%
Stock Option expense 597 0.5% - 0.0%
Other gains and (losses), net (2) 5,266 4.5% (58) -0.1%
Dividends received 243 0.2% - 0.0%
(Gains) and losses on sales of assets 216 0.2% - 0.0%
-------------- --------------
CCF $ 12,463 10.6% $ 7,695 6.6%
============== ==============
Opry and Attractions segment
----------------------------
Revenue $ 36,584 100.0% $ 31,545 100.0%
Operating income (loss) 185 0.5% (3) 0.0%
Depreciation & amortization 2,851 7.8% 2,552 8.1%
Stock Option expense 61 0.2% - 0.0%
Other gains and (losses), net (350) -1.0% 1,886 6.0%
(Gains) and losses on sales of assets 253 0.7% (2,077) -6.6%
-------------- --------------
CCF $ 3,000 8.2% $ 2,358 7.5%
============== ==============
Corporate and Other segment
---------------------------
Revenue $ 157 $ 275
Operating loss (24,911) (19,911)
Depreciation & amortization 2,099 2,061
Other non-cash expenses - 64
Stock Option expense 2,220 -
Other gains and (losses), net 1,896 3,428
Dividends received 1,668 -
(Gains) and losses on sales of assets - (1,751)
-------------- --------------
CCF $(17,028) $(16,109)
============== ==============
(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.
(2) Includes a non-recurring $5.4 million gain related to the
collection of a note receivable, held by ResortQuest, previously
considered to be uncollectible for the six months ended June 30,
2006.
GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
Unaudited
(in thousands, except operating metrics)
------------------- -------------------
Three Months Ended Six Months Ended
Jun. 30, Jun. 30,
------------------- -------------------
2006 2005 2006 2005
-------- -------- -------- --------
HOSPITALITY OPERATING METRICS:
Gaylord Hospitality Segment (1)
-------------------------------
Occupancy 77.7% 77.5% 78.8% 75.8%
Average daily rate (ADR) $ 153.89 $ 150.91 $ 157.11 $ 149.45
RevPAR $ 119.63 $ 116.97 $ 123.83 $ 113.30
OtherPAR $ 163.59 $ 152.97 $ 168.70 $ 151.42
Total RevPAR $ 283.22 $ 269.94 $ 292.53 $ 264.72
Revenue $157,189 $147,678 $322,653 $290,179
CCF $ 43,987 $ 40,610 $ 96,324 $ 80,056
CCF Margin 28.0% 27.5% 29.9% 27.6%
Gaylord Opryland (1)
--------------------
Occupancy 78.9% 79.4% 78.2% 74.7%
Average daily rate (ADR) $ 143.52 $ 141.24 $ 143.16 $ 133.11
RevPAR $ 113.28 $ 112.09 $ 112.02 $ 99.40
OtherPAR $ 141.98 $ 121.36 $ 142.97 $ 113.27
Total RevPAR $ 255.26 $ 233.45 $ 254.99 $ 212.67
Revenue $ 66,875 $ 59,309 $132,632 $109,170
CCF $ 18,139 $ 15,941 $ 35,414 $ 25,726
CCF Margin 27.1% 26.9% 26.7% 23.6%
Gaylord Palms
-------------
Occupancy 83.8% 76.5% 84.4% 83.4%
Average daily rate (ADR) $ 175.53 $ 173.26 $ 184.32 $ 175.41
RevPAR $ 147.10 $ 132.60 $ 155.62 $ 146.27
OtherPAR $ 205.22 $ 213.16 $ 221.19 $ 225.60
Total RevPAR $ 352.32 $ 345.76 $ 376.81 $ 371.87
Revenue $ 45,077 $ 44,239 $ 95,893 $ 94,635
CCF $ 14,404 $ 13,362 $ 33,166 $ 32,258
CCF Margin 32.0% 30.2% 34.6% 34.1%
Gaylord Texan
-------------
Occupancy 70.0% 75.7% 75.7% 72.5%
Average daily rate (ADR) $ 166.05 $ 161.01 $ 169.34 $ 164.79
RevPAR $ 116.18 $ 121.84 $ 128.16 $ 119.55
OtherPAR $ 195.70 $ 183.50 $ 200.07 $ 181.91
Total RevPAR $ 311.88 $ 305.34 $ 328.23 $ 301.46
Revenue $ 42,883 $ 41,985 $ 89,769 $ 82,447
CCF $ 10,750 $ 10,725 $ 26,561 $ 21,144
CCF Margin 25.1% 25.5% 29.6% 25.6%
Nashville Radisson and
Other (2)
----------------------
Occupancy 77.1% 74.1% 73.8% 67.5%
Average daily rate (ADR) $ 90.48 $ 87.86 $ 90.39 $ 87.69
RevPAR $ 69.75 $ 65.14 $ 66.73 $ 59.20
OtherPAR $ 15.66 $ 12.64 $ 14.56 $ 12.40
Total RevPAR $ 85.41 $ 77.78 $ 81.29 $ 71.60
Revenue $ 2,354 $ 2,145 $ 4,359 $ 3,927
CCF $ 694 $ 582 $ 1,183 $ 928
CCF Margin 29.5% 27.1% 27.1% 23.6%
RESORTQUEST OPERATING METRICS:
ResortQuest Segment (3)
-----------------------
Occupancy 50.0% 51.7% 53.9% 56.4%
ADR $ 176.27 $ 161.64 $ 164.86 $ 151.51
RevPAR $ 88.12 $ 83.57 $ 88.93 $ 85.41
Total Units 15,709 17,245 15,709 17,245
(1) Excludes 7,940 room nights that were taken out of service during
the three months and six months ended June 30, 2005, 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) $ 35,300 $ 48,300
Estimated Depreciation & amortization 89,200 89,200
--------- ---------
Estimated Adjusted EBITDA $ 124,500 $ 137,500
Estimated Pre-opening costs 5,800 5,800
Estimated Non-cash lease expense 6,700 6,700
Estimated Stock Option Expense 6,100 6,100
Estimated Gains and (losses), net 11,900 11,900
--------- ---------
Estimated CCF $ 155,000 $ 168,000
========= =========
Hospitality segment
------------------
Estimated Operating income (loss) $ 86,600 $ 91,600
Estimated Depreciation & amortization 66,300 66,300
--------- ---------
Estimated Adjusted EBITDA $ 152,900 $ 157,900
Estimated Pre-opening costs 5,800 5,800
Estimated Non-cash lease expense 6,400 6,400
Estimated Stock Option Expense 900 900
Estimated Gains and (losses), net - -
--------- ---------
Estimated CCF $ 166,000 $ 171,000
========= =========
ResortQuest segment
------------------
Estimated Operating income (loss) $ (4,400) $ 600
Estimated Depreciation & amortization 12,500 12,500
--------- ---------
Estimated Adjusted EBITDA $ 8,100 $ 13,100
Estimated Non-cash lease expense 300 300
Estimated Stock Option Expense 1,000 1,000
Estimated Gains and (losses), net 6,600 6,600
--------- ---------
Estimated CCF $ 16,000 $ 21,000
========= =========
Opry and Attractions segment
---------------------------
Estimated Operating income (loss) $ 4,300 $ 5,300
Estimated Depreciation & amortization 5,600 5,600
--------- ---------
Estimated Adjusted EBITDA $ 9,900 $ 10,900
Estimated Stock Option Expense 100 100
Estimated Gains and (losses), net - -
--------- ---------
Estimated CCF $ 10,000 $ 11,000
========= =========
Corporate and Other segment
--------------------------
Estimated Operating income (loss) $ (51,200) $ (49,200)
Estimated Depreciation & amortization 4,800 4,800
--------- ---------
Estimated Adjusted EBITDA $ (46,400) $ (44,400)
Estimated Stock Option Expense 4,100 4,100
Estimated Gains and (losses), net 5,300 5,300
--------- ---------
Estimated CCF $ (37,000) $ (35,000)
========= =========
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