Gaylord Entertainment Co. Reports Strong Second Quarter Earnings; Strong Operating Performance Across Business Segments Drives 13.2 Percent Increase in Revenue and 33.7 Percent Increase in Consolidated Cash Flow.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 2005. For the second quarter ended June June: see month. 30, 2005: --Consolidated revenues increased 13.2 percent to $228.8 million from $202.1 million in the same period last year. Results were impacted favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. by strong hospitality segment performance. --Net loss was $0.4 million, or a loss of $0.01 per share, which is an improvement from the prior year's quarter loss of $22.6 million, or a loss of $0.57 per share. Net loss in the second quarter 2005 was affected by a $3.6 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 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. of $25.5 million in the second quarter of 2004. --Hospitality segment total revenue grew 15.4 percent to $147.7 million, compared to $128.0 million in the prior-year quarter, due to a significant improvement at the Gaylord Texan and overall strong results from both the Gaylord Opryland Opryland could mean:
--ResortQuest revenue per available room(1) ("RevPAR RevPAR 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. ") increased 3.1 percent to $80.04 in the second 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 (2) in the second quarter was $33.7 million compared to $19.4 million in the prior-year quarter. --Consolidated Cash Flow(3) ("CCF CCF abbr. Cooperative Commonwealth Federation of Canada ") increased 33.7 percent to $37.3 million in the quarter, compared to $27.9 million in the prior-year quarter. "The second quarter represents another outstanding performance for Gaylord Entertainment, driven by robust rate and 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 from our hospitality segment," 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. "In the quarter, we continued our strong momentum in the hospitality segment, generating higher network-wide revenues and strong margin performance at all of our destinations, most notably the Gaylord Texan. Three years of laying the strong foundation for our hospitality brand by demanding the highest standards have come to fruition fru·i·tion n. 1. Realization of something desired or worked for; accomplishment: labor finally coming to fruition. 2. Enjoyment derived from use or possession. 3. as reflected by these results. As we invest in and cultivate cul·ti·vate tr.v. cul·ti·vat·ed, cul·ti·vat·ing, cul·ti·vates 1. a. To improve and prepare (land), as by plowing or fertilizing, for raising crops; till. b. our 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. subsidiary, we are confident that our shareholders will see comparable results as we extend our brand-building strategy to the 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. market." Segment Operating Results Hospitality Key components of the company's hospitality segment performance in the second quarter of 2005 include: --Gaylord Hotels Total RevPAR(4) increased 15.1 percent to $266.08, compared to second quarter 2004; revenue per available room(1) ("RevPAR") increased 9.5 percent to $115.30, compared to the prior-year quarter. --CCF increased 34.0 percent to $40.6 million for the second quarter of 2005 compared to $30.3 million for the second quarter of 2004. CCF margins for the hospitality segment increased 3.8 percentage points to 27.5 percent for the second quarter from 23.7 percent in the prior-year quarter. --Gaylord Hotels, excluding Gaylord National, booked net definite room nights of 296,000 in the second quarter of 2005, bringing the 2005 year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. figure to 460,000. Gaylord National booked 93,000 net definite room nights in the second quarter of 2005, bringing total net definite room nights to 228,000. "Total RevPAR growth outpaced RevPAR growth for the fifth consecutive quarter, demonstrating the strength of our hospitality strategy," said Reed. "Additionally in the second quarter, average daily rate ("ADR ADR - Astra Digital Radio ") gains outpaced occupancy gains in driving RevPAR growth for the network overall. Taken together, these metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. illustrate our success at attracting high-value customers and driving 'outside the room' revenue. Going forward, we will continue to execute our proven strategy to drive both inside and outside the room revenue through our superior entertainment and dining offerings." At the property level, Gaylord Palms posted a strong performance this quarter in CCF growth driven by a significant increase in ADR. ADR was up 6.5 percent to $173.26 compared to $162.61 in the prior-year quarter. Occupancy was slightly down to 76.5 percent compared to 77.3 percent a year ago. The significant increase in ADR coupled with a marginal (jargon) marginal - 1. Extremely small. "A marginal increase in core can decrease GC time drastically." In everyday terms, this means that it is a lot easier to clean off your desk if you have a spare place to put some of the junk while you sort through it. 2. occupancy decrease resulted in strong RevPAR growth of 5.5 percent to $132.60 in the second quarter of 2005 from $125.71 in the prior-year quarter. A solid increase in 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. spending from group attendees drove a 14.3 percent increase in Total RevPAR to $345.76 in the second quarter of 2005 versus $302.56 in the prior-year quarter. CCF increased 27.6 percent to $13.4 million compared to $10.5 million in the prior-year quarter, resulting in a CCF margin of 30.2 percent, a 3.1 percentage point increase over the second quarter of 2004. The Gaylord Opryland generated RevPAR of $108.69 in the second quarter of 2005 versus $109.03 in the prior-year period, a marginal decrease of 0.3 percent. RevPAR decreased due to an ADR decline of 1.2 percent to $141.24 in the second quarter of 2005 compared to $143.00 in the prior-year quarter. Occupancy increased by 0.8 percentage points to 77.0 percent. Total RevPAR grew 6.2 percent to $226.38 in the second quarter of 2005 compared to $213.20 in the prior-year quarter, due to an increase in food and beverage and other ancillary revenues Ancillary Revenue Revenue generated from goods or services that differ from or enhance the main services or product lines of a company. By introducing new products and services or using existing products to branch into new markets, companies create additional opportunities for . CCF was in line with last year's results at $15.9 million versus $16.1 million in the second quarter 2004. CCF margin declined 1.8 percentage points to 26.9 percent in the second quarter of 2005. Gaylord Opryland's financial performance in the second quarter was impacted by the commencement in May 2005 of a multi-year room refurbishment re·fur·bish tr.v. re·fur·bished, re·fur·bish·ing, re·fur·bish·es To make clean, bright, or fresh again; renovate. re·fur program, which removed 120 rooms from available inventory. This refurbishment program is expected to be completed by December December: see month. 2007. For the Gaylord Texan, RevPAR and Total RevPAR increased significantly in the second quarter of 2005 versus the prior-year quarter due to increased occupancy and a better mix of higher quality groups. Occupancy increased 11.7 percentage points in the second quarter of 2005 to 75.7 percent with ADR increasing 18.6 percent from the prior-year period to $161.01. RevPAR increased 40.2 percent to $121.84 from $86.91 in the second quarter of 2004. Total RevPAR at the Gaylord Texan was $305.34 in the second quarter of 2005, an increase of 32.7 percent from $230.16 in the prior-year quarter. CCF increased to $10.7 million from $3.2 million in the second quarter of 2005, resulting in a CCF margin of 25.5 percent, a 15.4 percentage point increase over the second quarter of 2004. "Our success with the Texan, as it entered its second year of operation, has further demonstrated the strength 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," said Reed. "In addition, the 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":
"While our same-store advance bookings are lower than the record levels achieved in 2004, we remain on track to accomplish our 1.3 to 1.4 million room night guidance," continued Reed. "Also, construction of the Gaylord National, our Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. , D.C. area hotel, continues to progress with advance bookings exceeding our expectations. Excitement is clearly building among our meeting planners and our customer base for its scheduled opening in the first quarter of 2008." ResortQuest ResortQuest second quarter 2005 revenues were $62.3 million compared to $57.2 million in second quarter 2004. Second 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 $1.4 million compared to 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. of $1.0 million in the second quarter 2004. ResortQuest CCF decreased to $1.6 million for the period versus $4.9 million in the second quarter of 2004. Second quarter 2005 results included increased reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. in brand-building initiatives, such as technology, marketing and organizational improvements. In addition, the timing of the Easter Easter [A.S. Eastre, name of a spring goddess], chief Christian feast, commemorating the resurrection of Jesus after his crucifixion. In the West, Easter is celebrated on the Sunday following the full moon next after the vernal equinox (see calendar); thus, it holiday period, a strong vacation VACATION. That period of time between the end of one term and beginning of another. During vacation, rules and orders are made in such cases as are urgent, by a judge at his chambers. travel period, shifted from the second quarter 2004 to the first quarter 2005 making comparisons less favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. . "As we have said before, the turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. of ResortQuest continues to make progress," said Reed. "The second quarter saw the company make substantial investments in human capital, in technology infrastructure, and in marketing initiatives to propel pro·pel tr.v. pro·pelled, pro·pel·ling, pro·pels To cause to move forward or onward. See Synonyms at push. [Middle English propellen, from Latin the brand forward." Second quarter 2005 RevPAR increased to $80.04, or 3.1 percent over second quarter 2004. ADR increased 8.6 percent to $162.47 from $149.59 in the second quarter of 2004, while occupancy decreased 2.6 percentage points to 49.3 percent. ResortQuest had 18,798 units under exclusive management at the end of the second quarter of 2005. By the end of the second quarter, over 90 percent of ResortQuest units damaged in last summer's Florida hurricanes The List of Florida hurricanes encompasses 470 tropical or subtropical cyclones that affected the state of Florida. More storms hit Florida than any other U.S. state, and since 1851 only eighteen hurricane seasons passed without a storm impacting the state. had been returned to service. On June 1, 2005, Gaylord Entertainment completed its purchase of 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. for $107 million. Simultaneously si·mul·ta·ne·ous adj. 1. Happening, existing, or done at the same time. See Synonyms at contemporary. 2. Mathematics , Gaylord Entertainment completed the sale of an 80.1 percent interest in the hotel to a private real estate fund managed by DB Real Estate Opportunities Group. ResortQuest will continue to manage the hotel under a new 20-year management agreement, and the company will account for its 19.9 percent ownership interest in the hotel under the equity method of accounting. "The foundation for the brand is taking shape," continued Reed. "In late 2005 and early 2006, we expect to roll out a newly-designed, industry-leading web site and comprehensive enterprise property management system. Once our technology systems have been fully rolled out and the Total Satisfaction Guarantee implemented throughout the business, we expect this brand to emerge and create significant value for our shareholders." 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 $18.7 million in the second quarter of 2005 compared to $16.8 million in the second quarter of 2004. Opry and Attractions reported operating income of $2.2 million for the period compared to an operating loss of $0.4 million in the second quarter of 2004. CCF improved by 51.1 percent to $3.2 million in the second quarter 2005 from $2.1 million in the prior-year quarter. Revenue and CCF gains in the second quarter were due to the Opry's solid financial performance compared to last year. The Opry benefited from an increase in show attendance and from the continued strategy of broadening broad·en tr. & intr.v. broad·ened, broad·en·ing, broad·ens To make or become broad or broader. broad the reach of the Opry brand through increased sponsorship, licensing 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. opportunities. "We are excited that 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. is entering its 80th anniversary season. We plan to commemorate com·mem·o·rate tr.v. com·mem·o·rat·ed, com·mem·o·rat·ing, com·mem·o·rates 1. To honor the memory of with a ceremony. See Synonyms at observe. 2. To serve as a memorial to. this momentous mo·men·tous adj. Of utmost importance; of outstanding significance or consequence: a momentous occasion; a momentous decision. occasion with a celebration in Nashville and by producing an event this November November: see month. at Carnegie Hall Carnegie Hall Concert hall in New York, N.Y., U.S. It was endowed by the industrialist Andrew Carnegie at the insistence of the conductor Walter Damrosch (1862–1950). in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. ," said Reed. "We are also taking the Grand Ole Opry signature blend of authentic AUTHENTIC. This term signifies an original of which there is no doubt. American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of music directly to our fans through a summer tour. People will get to experience the timeless timeless, adj infinite, enduring, endless. nature of the Opry's music in the comfort of their neighborhood music hall. 'An Evening with the Grand Ole Opry' national tour began on May 28, 2005 and will continue into 2006." Corporate and Other Corporate and Other operating loss totaled $10.1 million for the second quarter of 2005, compared to an operating loss of $11.6 million for the second quarter of 2004. Corporate and Other operating losses in the second quarter 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 $1.1 million and $1.4 million, respectively. Non-cash charges include items such as depreciation and amortization, and, for the second quarter of 2004, 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. Corporate and Other CCF improved to a loss of $8.2 million in the second quarter of 2005 compared to a loss of $9.4 million in the second quarter of 2004. 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. In the second quarter, Bass Pro restated its previously issued historical financial statements to reflect certain non-cash changes, which resulted primarily from a change in the manner in which Bass Pro accounts for its 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. leases. In response to a February February: see month. 7, 2005 letter issued by the Office of the Chief Accountant A person who has the requisite skill and experience in establishing and maintaining accurate financial records for an individual or a business. The duties of an accountant may include designing and controlling systems of records, auditing books, and preparing financial statements. of the Securities and Exchange Commission to the American Institute of Certified Public Accountants With over 330,525 CPA members (in August 2006), the American Institute of Certified Public Accountants (AICPA) is the largest professional organization of Certified Public Accountants (CPAs) in the United States of America. , a number of companies (including Bass Pro), primarily in the retail industry, have reviewed their lease accounting practices and restated their historical financial statements to conform 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 in the U.S. ("GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). "). Gaylord Entertainment has reflected its share of Bass Pro's restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. as a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. adjustment to the company's results for the second quarter 2005, which reduced Gaylord's equity in Bass Pro earnings by $1.7 million. Including this one-time adjustment, Gaylord's equity income from its investment in Bass Pro, for the quarter ended June 30, 2005, was a loss of $1.7 million. Bass Pro currently operates 26 stores and has stated that it plans to add 16 stores over the next two years. Liquidity At June 30, 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 $583.1 million and unrestricted and restricted cash and short term investments of $109.2 million. The company also had a $600 million credit facility which 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 , aside from $17.7 million in letters of credit that are currently outstanding under the facility. Outlook The following outlook is based on current information as of July July: see month. 28, 2005. 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 are making significant progress in growing our business, both our hospitality and ResortQuest segments, as we continue to work very hard at laying the foundation of the brands that will create value for years to come," said Reed. "Our hospitality business continues to benefit from increased occupancy of higher-value customers allowing us to remain on track for another year of solid growth. However, two factors, one planned and one unplanned, continue to affect our ResortQuest business. As we previously noted, we will continue to invest substantially in improving ResortQuest's technology infrastructure and marketing initiatives. On July 10th, Hurricane Dennis This article is about the Atlantic hurricane of 2005. For other storms of the same name, see Hurricane Dennis (disambiguation). Hurricane Dennis was an early-forming major hurricane in the Caribbean and Gulf of Mexico during the 2005 Atlantic hurricane season. hit 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 affected ResortQuest's operations and customer demand during its peak summer beach season - and also came at a time when the northwest Florida operations were completing the recovery from an unprecedented 2004 hurricane season Hurricane season refers to a period in a year when hurricanes usually form. For more information see: Tropical cyclone#Times of formation. For a lists of past seasons, see:
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: revenues and Consolidated Cash Flow," concluded Reed.
2005 2005
PRIOR REVISED
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Consolidated Revenue $870 - 900 Million $860 - 890 Million
Consolidated Cash Flow
Gaylord Hotels $135 - 142 Million $135 - 142 Million
ResortQuest $20 - 25 Million $12 - 20 Million
Opry and Attractions $7 - 10 Million $7 - 10 Million
Corporate and Other $(30 - 35 Million) $(30 - 35 Million)
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Consolidated CCF $132 - 142 Million $124 - 137 Million
Gaylord Hotels
advance bookings 1.3 - 1.4 Million 1.3 - 1.4 Million
Gaylord Hotels RevPAR 7% - 9% 7% - 9%
Gaylord Hotels Total RevPAR 9% - 11% 9% - 11%
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 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.
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, costs associated with developing new hotel facilities, business levels at the company's hotels, risks associated with ResortQuest's business and 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 and returning damaged units to service on a timely basis. In the hospitality segment, the company's ability to continue to improve occupancy levels and operating efficiencies at its new Gaylord Texan Resort will be an important factor in 2005. 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. Our 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 $10.3 million and $9.9 million for the three months ended June 30, 2005 and 2004, respectively. (2) 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 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 of this release. (3) As noted 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." 2 above, adjusted EBITDA is used herein as essentially operating income plus depreciation and amortization. Consolidated Cash Flow (which is used in this release as that term is defined in the Indentures governing 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). 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 Indenture An agreement declaring the benefits and obligations of two or more parties, often applicable in the context of Bankruptcy and bond trading. The term indenture primarily describes secured contracts and has several applications in U.S. law. calculates 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) 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.
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,
------------------ -------------------
2005 2004 2005 2004
------------------ -------------------
Revenues (a) $228,762 $202,071 $448,072 $360,954
Operating expenses:
Operating costs (a) 140,493 125,533 277,824 224,389
Selling, general and
administrative (b) 53,423 52,648 102,262 95,460
Impairment and other charges - 1,212 - 1,212
Restructuring charges - 78 - 78
Preopening costs 1,173 3,210 2,116 14,016
Depreciation and amortization 20,279 20,775 41,297 37,470
------------------- -------------------
Operating income (loss) 13,394 (1,385) 24,573 (11,671)
------------------- -------------------
Interest expense, net of
amounts capitalized (17,884) (14,332) (35,975) (24,161)
Interest income 588 274 1,173 660
Unrealized loss on Viacom
stock (30,735) (38,400) (47,898) (95,286)
Unrealized gain on derivatives 34,349 12,943 39,986 57,997
(Loss) income from
unconsolidated companies (1,590) 983 (118) 1,796
Other gains and (losses), net 2,472 717 4,922 1,637
------------------- -------------------
Income (loss) before
provision (benefit)
from income taxes 594 (39,200) (13,337) (69,028)
Provision (benefit) for income
taxes 1,005 (16,552) (4,069) (27,482)
------------------- -------------------
Net Loss $ (411) $(22,648) $ (9,268) $(41,546)
=================== ===================
Loss per share:
---------------
Basic $ (0.01) $ (0.57) $ (0.23) $ (1.05)
=================== ===================
Diluted $ (0.01) $ (0.57) $ (0.23) $ (1.05)
=================== ===================
Weighted average common shares
for the period:
Basic 40,158 39,597 40,071 39,528
Fully-diluted 40,158 39,597 40,071 39,528
(a) Includes certain ResortQuest reimbursed management contract
expenses incurred in the period of $10,289 and $9,858 for the
three months ended June 30, 2005 and 2004, respectively, and
$20,216 and $19,574 for the six months ended June 30, 2005 and
2004, respectively.
(b) Includes non-cash lease expense of $1,638 for the three months
ended June 30, 2005 and 2004 and $3,276 and $3,275 for the six
months ended June 30, 2005 and 2004, respectively, related to the
effect of recognizing the Gaylord Palms ground lease expense on a
straight-line basis. Also includes non-cash expense of $0 and
$224 for the three months ended June 30, 2005 and 2004,
respectively, and $64 and $448 for the six months ended June 30,
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)
Jun. 30, Dec. 31,
2005 2004
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents - unrestricted $ 21,470 $ 45,492
Cash and cash equivalents - restricted 77,702 45,149
Short-term investments 10,000 27,000
Trade receivables, net 49,414 30,328
Deferred financing costs 26,865 26,865
Deferred income taxes 8,814 10,411
Other current assets 33,919 28,768
----------- -----------
Total current assets 228,184 214,013
Property and equipment, net of accumulated
depreciation 1,368,674 1,343,251
Intangible assets, net of accumulated
amortization 30,716 25,964
Goodwill 180,722 166,068
Indefinite lived intangible assets 40,315 40,591
Investments 423,030 468,570
Estimated fair value of derivative assets 223,864 187,383
Long-term deferred financing costs 44,231 50,873
Other long-term assets 22,652 24,332
----------- -----------
Total assets $2,562,388 $2,521,045
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt and
capital lease obligations $ 776 $ 463
Accounts payable and accrued liabilities 213,127 168,688
Current liabilities of discontinued
operations 658 1,033
----------- -----------
Total current liabilities 214,561 170,184
Secured forward exchange contract 613,054 613,054
Long-term debt and capital lease obligations,
net of current portion 582,329 575,946
Deferred income taxes 199,834 207,062
Estimated fair value of derivative
liabilities 274 4,514
Other long-term liabilities 82,691 80,684
Stockholders' equity 869,645 869,601
----------- -----------
Total liabilities and stockholders'
equity $2,562,388 $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 Jun. 30,
---------------------------------
2005 2004
$ Margin $ Margin
---------------- ----------------
Consolidated
---------------
Revenue $228,762 100.0% $202,071 100.0%
Net loss $ (411) -0.2% $(22,648) -11.2%
Provision (benefit) for income taxes 1,005 0.4% (16,552) -8.2%
Other (gains) and losses, net (2,472) -1.1% (717) -0.4%
Loss (income) from unconsolidated
companies 1,590 0.7% (983) -0.5%
Unrealized gain on derivatives (34,349) -15.0% (12,943) -6.4%
Unrealized loss on Viacom stock 30,735 13.4% 38,400 19.0%
Interest expense, net 17,296 7.6% 14,058 7.0%
--------------- ----------------
Operating income (loss) 13,394 5.9% (1,385) -0.7%
Depreciation & amortization 20,279 8.9% 20,775 10.3%
--------------- ----------------
Adjusted EBITDA 33,673 14.7% 19,390 9.6%
Pre-opening costs 1,173 0.5% 3,210 1.6%
Non-cash lease expense 1,638 0.7% 1,638 0.8%
Non-cash naming rights for Gaylord
Arena - 0.0% 224 0.1%
Impairment and other non-cash charges - 0.0% 1,212 0.6%
Non-recurring ResortQuest integration
charges (1) 390 0.2% 1,475 0.7%
Other gains and (losses), net 2,472 1.1% 717 0.4%
Gain on sale of Ryman Auditorium
parking lot (2,077) -0.9% - 0.0%
Gain on sale of songs.com - 0.0% - 0.0%
Gain on sale of assets - 0.0% - 0.0%
---------------- ----------------
CCF $ 37,269 16.3% $ 27,866 13.8%
================ ================
Hospitality segment
--------------------
Revenue $147,678 100.0% $128,024 100.0%
Operating income 22,812 15.4% 9,665 7.5%
Depreciation & amortization 15,335 10.4% 15,908 12.4%
Pre-opening costs 1,173 0.8% 3,210 2.5%
Non-cash lease expense 1,638 1.1% 1,638 1.3%
Other gains and (losses), net (348) -0.2% (113) -0.1%
---------------- ----------------
CCF $ 40,610 27.5% $ 30,308 23.7%
================ ================
ResortQuest segment
---------------------
Revenue $ 62,268 100.0% $ 57,197 100.0%
Operating (loss) income (1,426) -2.3% 964 1.7%
Depreciation & amortization 2,731 4.4% 2,389 4.2%
Non-recurring ResortQuest
integration charges (1) 390 0.6% 1,475 2.6%
Other gains and (losses), net (58) -0.1% 29 0.1%
---------------- ----------------
CCF $ 1,637 2.6% $ 4,857 8.5%
================ ================
Opry and Attractions segment
-------------------------------
Revenue $ 18,688 100.0% $ 16,772 100.0%
Operating income (loss) 2,153 11.5% (395) -2.4%
Depreciation & amortization 1,154 6.2% 1,315 7.8%
Impairment and other non-cash charges - 0.0% 1,212 7.2%
Other gains and (losses), net 1,991 10.7% (1) 0.0%
Gain on sale of Ryman Auditorium
parking lot (2,077) -11.1% - 0.0%
---------------- ----------------
CCF $ 3,221 17.2% $ 2,131 12.7%
================ ================
Corporate and Other segment
-----------------------------
Revenue $ 128 $ 78
Operating loss (10,145) (11,619)
Depreciation & amortization 1,059 1,163
Non-cash naming rights for Gaylord
Arena - 224
Other gains and (losses), net 887 802
Gain on sale of songs.com - -
Gain on sale of assets - -
---------------- ---------------
CCF $ (8,199) $ (9,430)
================ ===============
Adjusted Earnings Before Interest,
Taxes, Depreciation and Amortization
("Adjusted EBITDA") and Consolidated
Cash Flow ("CCF") reconciliation: Six Months Ended Jun. 30,
---------------------------------
2005 2004
$ Margin $ Margin
---------------- ----------------
Consolidated
--------------
Revenue $448,072 100.0% $360,954 100.0%
Net loss $ (9,268) -2.1% $(41,546) -11.5%
Provision (benefit) for income taxes (4,069) -0.9% (27,482) -7.6%
Other (gains) and losses, net (4,922) -1.1% (1,637) -0.5%
Loss (income) from unconsolidated
companies 118 0.0% (1,796) -0.5%
Unrealized gain on derivatives (39,986) -8.9% (57,997) -16.1%
Unrealized loss on Viacom stock 47,898 10.7% 95,286 26.4%
Interest expense, net 34,802 7.8% 23,501 6.5%
--------------- ----------------
Operating income (loss) 24,573 5.5% (11,671) -3.2%
Depreciation & amortization 41,297 9.2% 37,470 10.4%
--------------- ----------------
Adjusted EBITDA 65,870 14.7% 25,799 7.1%
Pre-opening costs 2,116 0.5% 14,016 3.9%
Non-cash lease expense 3,276 0.7% 3,275 0.9%
Non-cash naming rights for Gaylord
Arena 64 0.0% 448 0.1%
Impairment and other non-cash charges - 0.0% 1,212 0.3%
Non-recurring ResortQuest integration
charges (1) 1,468 0.3% 1,906 0.5%
Other gains and (losses), net 4,922 1.1% 1,637 0.5%
Gain on sale of Ryman Auditorium
parking lot (2,077) -0.5% - 0.0%
Gain on sale of songs.com (926) -0.2% - 0.0%
Gain on sale of assets (825) -0.2% - 0.0%
---------------- ----------------
CCF $ 73,888 16.5% $ 48,293 13.4%
================ ================
Hospitality segment
---------------------
Revenue $290,179 100.0% $223,283 100.0%
Operating income 43,821 15.1% 11,509 5.2%
Depreciation & amortization 31,179 10.7% 27,369 12.3%
Pre-opening costs 2,116 0.7% 14,016 6.3%
Non-cash lease expense 3,276 1.1% 3,275 1.5%
Other gains and (losses), net (336) -0.1% (111) 0.0%
---------------- ----------------
CCF $ 80,056 27.6% $ 56,058 25.1%
================ ================
ResortQuest segment
---------------------
Revenue $126,073 100.0% $108,148 100.0%
Operating (loss) income 666 0.5% 2,855 2.6%
Depreciation & amortization 5,505 4.4% 4,915 4.5%
Non-recurring ResortQuest
integration charges (1) 1,468 1.2% 1,906 1.8%
Other gains and (losses), net (56) 0.0% 56 0.1%
---------------- ----------------
CCF $ 7,583 6.0% $ 9,732 9.0%
================ ================
Opry and Attractions segment
------------------------------
Revenue $ 31,545 100.0% $ 29,397 100.0%
Operating income (loss) (3) 0.0% (2,973) -10.1%
Depreciation & amortization 2,552 8.1% 2,626 8.9%
Impairment and other non-cash charges - 0.0% 1,212 4.1%
Other gains and (losses), net 1,886 6.0% 3 0.0%
Gain on sale of Ryman Auditorium
parking lot (2,077) -6.6% - 0.0%
---------------- ----------------
CCF $ 2,358 7.5% $ 868 3.0%
================ ================
Corporate and Other segment
-----------------------------
Revenue $ 275 $ 126
Operating loss (19,911) (23,062)
Depreciation & amortization 2,061 2,560
Non-cash naming rights for Gaylord
Arena 64 448
Other gains and (losses), net 3,428 1,689
Gain on sale of songs.com (926) -
Gain on sale of assets (825) -
---------------- ---------------
CCF $(16,109) $(18,365)
================ ===============
(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 Six Months Ended
June 30, June 30,
------------------- -------------------
2005 2004 2005 2004
--------- --------- --------- ---------
HOSPITALITY OPERATING METRICS:
Gaylord Hospitality Segment
------------------------------
Occupancy 76.4% 73.5% 75.0% 71.2%
Average daily rate (ADR) $ 150.91 $ 143.16 $ 149.94 $ 147.11
RevPAR $ 115.30 $ 105.26 $ 112.48 $ 104.76
OtherPAR $ 150.78 $ 125.96 $ 150.34 $ 125.09
Total RevPAR $ 266.08 $ 231.22 $ 262.82 $ 229.85
Revenue $147,678 $128,024 $290,179 $223,283
CCF $ 40,610 $ 30,308 $ 80,056 $ 56,058
CCF Margin 27.5% 23.7% 27.6% 25.1%
Gaylord Opryland
--------------------
Occupancy 77.0% 76.2% 73.0% 68.3%
Average daily rate (ADR) $ 141.24 $ 143.00 $ 134.05 $ 139.33
RevPAR $ 108.69 $ 109.03 $ 97.88 $ 95.20
OtherPAR $ 117.69 $ 104.17 $ 111.55 $ 95.33
Total RevPAR $ 226.38 $ 213.20 $ 209.43 $ 190.53
Revenue $ 59,309 $ 55,895 $109,170 $ 99,903
CCF $ 15,941 $ 16,050 $ 25,726 $ 22,783
CCF Margin 26.9% 28.7% 23.6% 22.8%
Gaylord Palms
----------------
Occupancy 76.5% 77.3% 83.4% 82.1%
Average daily rate (ADR) $ 173.26 $ 162.61 $ 175.41 $ 176.17
RevPAR $ 132.60 $ 125.71 $ 146.27 $ 144.72
OtherPAR $ 213.16 $ 176.85 $ 225.60 $ 201.08
Total RevPAR $ 345.76 $ 302.56 $ 371.87 $ 345.80
Revenue $ 44,239 $ 38,712 $ 94,635 $ 88,487
CCF $ 13,362 $ 10,473 $ 32,258 $ 29,288
CCF Margin 30.2% 27.1% 34.1% 33.1%
Gaylord Texan
-----------------
Occupancy 75.7% 64.0% 72.5% 64.0%
Average daily rate (ADR) $ 161.01 $ 135.75 $ 164.79 $ 135.75
RevPAR $ 121.84 $ 86.91 $ 119.55 $ 86.91
OtherPAR $ 183.50 $ 143.25 $ 181.91 $ 143.25
Total RevPAR $ 305.34 $ 230.16 $ 301.46 $ 230.16
Revenue $ 41,985 $ 31,299 $ 82,447 $ 31,299
CCF $ 10,725 $ 3,153 $ 21,144 $ 3,153
CCF Margin 25.5% 10.1% 25.6% 10.1%
Nashville Radisson and Other (1)
--------------------------------
Occupancy 74.1% 77.0% 67.5% 65.6%
Average daily rate (ADR) $ 87.86 $ 84.48 $ 87.69 $ 82.65
RevPAR $ 65.14 $ 65.04 $ 59.20 $ 54.22
OtherPAR $ 12.64 $ 11.75 $ 12.40 $ 10.68
Total RevPAR $ 77.78 $ 76.79 $ 71.60 $ 64.90
Revenue $ 2,145 $ 2,118 $ 3,927 $ 3,594
CCF $ 582 $ 632 $ 928 $ 834
CCF Margin 27.1% 29.8% 23.6% 23.2%
Gaylord Hospitality Segment
("Same Store", excludes the
Gaylord Texan for Six Months
Ended June 30)
-----------------------------
Occupancy 76.4% 73.5% 75.8% 72.4%
Average daily rate (ADR) $ 150.91 $ 143.16 $ 145.26 $ 148.75
RevPAR $ 115.30 $ 105.26 $ 110.15 $ 107.66
OtherPAR $ 150.78 $ 125.96 $ 139.95 $ 122.14
Total RevPAR $ 266.08 $ 231.22 $ 250.10 $ 229.80
Revenue $147,678 $128,024 $207,732 $191,984
CCF $ 40,610 $ 30,308 $ 58,912 $ 52,905
CCF Margin 27.5% 23.7% 28.4% 27.6%
RESORTQUEST OPERATING METRICS:
ResortQuest Segment
------------------------------
Occupancy 49.3% 51.9% 54.3% 55.4%
ADR $ 162.47 $ 149.59 $ 152.14 $ 138.67
RevPAR $ 80.04 $ 77.62 $ 82.57 $ 76.87
Total Units 18,798 17,507 18,798 17,507
(1) Includes other hospitality revenue and expense
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
Low High
---------- ---------
Full Year Full Year
2005 2005
Consolidated
-------------
Estimated Operating income (loss) $ 24,300 $ 37,300
Estimated Depreciation &
amortization 84,900 84,900
-------------------
Estimated Adjusted EBITDA $109,200 $122,200
Estimated Pre-opening costs 5,000 5,000
Estimated Non-cash lease expense 6,600 6,600
Estimated Non-cash naming rights for
Gaylord Arena - -
Estimated Non-recurring merger costs 1,500 1,500
Estimated Gains and (losses), net 1,700 1,700
--------- ---------
Estimated CCF $124,000 $137,000
========= =========
Hospitality segment
---------------------
Estimated Operating income (loss) $ 58,400 $ 65,400
Estimated Depreciation & amortization 65,000 65,000
--------- ---------
Estimated Adjusted EBITDA $123,400 $130,400
Estimated Pre-opening costs 5,000 5,000
Estimated Non-cash lease expense 6,600 6,600
Estimated Gains and (losses), net - -
--------- ---------
Estimated CCF $135,000 $142,000
========= =========
ResortQuest segment
---------------------
Estimated Operating income (loss) $ 500 $ 8,500
Estimated Depreciation &
amortization 10,000 10,000
--------- ---------
Estimated Adjusted EBITDA $ 10,500 $ 18,500
Estimated Non-recurring merger costs 1,500 1,500
Estimated Gains and (losses), net - -
--------- ---------
Estimated CCF $ 12,000 $ 20,000
========= =========
Opry and Attractions segment
------------------------------
Estimated Operating income (loss) $ 1,600 $ 4,600
Estimated Depreciation &
amortization 5,400 5,400
--------- ---------
Estimated Adjusted EBITDA $ 7,000 10,000
Estimated Gains and (losses), net - -
--------- ---------
Estimated CCF $ 7,000 $ 10,000
========= =========
Corporate and Other segment
----------------------------
Estimated Operating income (loss) $(36,200) $(41,200)
Estimated Depreciation &
amortization 4,500 4,500
--------- ---------
Estimated Adjusted EBITDA $(31,700) $(36,700)
Estimated Non-cash naming rights for
Gaylord Arena - -
Estimated Gains and (losses), net 1,700 1,700
--------- ---------
Estimated CCF $(30,000) $(35,000)
========= =========
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