Delaware | 1-13079 | 73-0664379 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer | ||
Identification No.) |
One Gaylord Drive | ||
Nashville, Tennessee | 37214 | |
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION | ||||||||
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS | ||||||||
SIGNATURES | ||||||||
INDEX TO EXHIBITS | ||||||||
EX-99.1 |
99.1 | Press Release of Gaylord Entertainment Company dated August 2, 2011 |
GAYLORD ENTERTAINMENT COMPANY | ||||||
Date: August 2, 2011
|
By: Name: |
/s/ Carter R. Todd
|
||||
Title: | Executive Vice President, General Counsel and Secretary |
| Consolidated revenue increased 28.8 percent to $236.8 million in the second quarter of 2011 from $183.9 million in the same period last year. Adjusted Gaylord Hotels total revenue (which excludes Gaylord Opryland, but includes the Radisson) decreased to $145.1 million in the second quarter of 2011 compared to $151.7 million in the prior-year quarter. The second quarter of 2010 was impacted by the closure of Gaylord Opryland and various Nashville attractions due to the flood in Nashville. | ||
| Adjusted Gaylord Hotels revenue per available room1 (RevPAR) decreased 0.5 percent and Adjusted Gaylord Hotels total revenue per available room2 (Total RevPAR) decreased 3.0 percent in the second quarter of 2011 compared to the second quarter of 2010. | ||
| Gaylord Opryland RevPAR increased 12.0 percent and Gaylord Opryland Total RevPAR increased 18.7 percent in the second quarter of 2011 compared to the period that the hotel was open during the second quarter of 2010. | ||
| Income from continuing operations was $8.6 million, or $0.17 per diluted share (based on 50.9 million fully-diluted weighted average shares outstanding) in the second quarter of 2011 compared to a loss from continuing operations of $26.0 million, or $0.55 per diluted share, in the prior-year quarter (based on 47.1 million fully-diluted weighted average shares outstanding). Loss from continuing operations in the second quarter of 2010 included $81.3 million in pre-tax casualty loss expenses associated with the flood damage at the Companys Nashville properties, which were partially offset by $50.0 million in insurance proceeds. Loss from continuing |
2
operations in the second quarter of 2010 also includes $6.2 million in preopening costs associated with efforts to reopen the Nashville properties. Casualty loss and pre-opening costs have been segregated from the normal operating costs of the Company and presented separately in the accompanying financial information. | |||
| Adjusted EBITDA3, which includes casualty loss and preopening costs in the quarter, was $60.5 million in the second quarter of 2011 compared to $5.3 million in the prior-year quarter. | ||
| Consolidated Cash Flow4 (CCF) increased 13.3 percent to $62.8 million in the second quarter of 2011 compared to $55.4 million in the same period last year. CCF in the second quarter of 2010 included a Casualty Loss benefit of $10.4 million. The CCF impact of the casualty loss was favorable in the second quarter of 2010, as the calculation of CCF excludes non-cash impairment expense and pre-opening expense and includes the impact of insurance claim proceeds. | ||
| Gaylord Hotels (including Gaylord Opryland) gross advance group bookings in the second quarter of 2011 for all future periods were 406,726 room nights, a decrease of 24.4 percent when compared to the same period last year. Net of attrition and cancellations, advance bookings in the second quarter of 2011 for all future periods were 271,413 room nights, an increase of 197.0 percent when compared to the second quarter of 2010, which included the impact of cancellations at Gaylord Opryland that resulted from the May 2010 flooding. |
3
| Adjusted Gaylord Hotels RevPAR decreased 0.5 percent to $130.62 in the second quarter of 2011 compared to $131.23 in the prior-year quarter. Adjusted Gaylord Hotels Total RevPAR decreased 3.0 percent to $310.00 in the second quarter of 2011 compared to $319.56 in the prior-year quarter, driven primarily by decreased performance at the Gaylord National. | ||
| Adjusted Gaylord Hotels CCF decreased to $42.4 million in the second quarter of 2011 compared to $47.8 million in the prior-year quarter. Adjusted Gaylord Hotels CCF Margin4 for the second quarter of 2011 decreased 230 basis points to 29.2 percent compared to 31.5 percent in the same period last year, driven primarily by decreased performance at the Gaylord National. | ||
| Adjusted Gaylord Hotels attrition that occurred for groups that traveled in the second quarter of 2011 was 12.4 percent of the agreed-upon room block compared to 12.5 percent for the same period in 2010. Adjusted Gaylord Hotels in-the-year for-the-year cancellations in the second quarter of 2011 totaled 11,659 room nights compared to 12,432 room nights in the same period of 2010. Adjusted Gaylord Hotels attrition and cancellation fee collections totaled $2.1 million in the second quarter of 2011 compared to $2.2 million for the same period in 2010. |
4
5
6
7
8
Original Full Year | Revised Full Year | |||||||
2011 Guidance | 2011 Guidance | |||||||
Consolidated Cash Flow |
||||||||
Adjusted Gaylord Hotels |
$178 - 185 million | $170 - 177 million | ||||||
Gaylord Opryland |
$73 - 77 million | $81 - 85 million | ||||||
Opry and Attractions |
$12 - 14 million | $12 - 14 million | ||||||
Corporate and Other |
$(48 - 46) million | $(48 - 46) million | ||||||
Totals |
$215 - 230 million | $215 - 230 million | ||||||
Adjusted Gaylord Hotels RevPAR |
7.5% - 9.5 | % | 5.5% - 7.5 | % | ||||
Adjusted Gaylord Hotels Total RevPAR |
6.5% - 8.5 | % | 4.0% - 6.0 | % | ||||
Gaylord Opryland RevPAR |
13.0% - 15.0 | % | 17.0% - 19.0 | % | ||||
Gaylord Opryland Total RevPAR |
9.0% - 11.0 | % | 15.0% - 17.0 | % |
9
10
11
Investor Relations Contacts:
|
Media Contacts: | |
Mark Fioravanti, Senior Vice President and Chief Financial Officer
|
Brian Abrahamson, Vice President of Corporate Communications | |
Gaylord Entertainment
|
Gaylord Entertainment | |
615-316-6588
|
(615) 316-6302 | |
mfioravanti@gaylordentertainment.com
|
babrahamson@gaylordentertainment.com | |
~or~
|
~or~ | |
Patrick Chaffin, Vice President of Strategic Planning and Investor Relations
|
Josh Hochberg or Dan Zacchei | |
Gaylord Entertainment
|
Sloane & Company | |
615-316-6282
|
(212) 446-1892 or (212) 446-1882 | |
pchaffin@gaylordentertainment.com
|
jhochberg@sloanepr.com or dzacchei@sloanepr.com |
Three Months Ended | Six Months Ended | |||||||||||||||
Jun. 30, | Jun. 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenues |
$ | 236,775 | $ | 183,879 | $ | 457,513 | $ | 398,360 | ||||||||
Operating expenses: |
||||||||||||||||
Operating costs |
132,746 | 104,746 | 266,624 | 235,301 | ||||||||||||
Selling, general and administrative (a) |
43,048 | 36,288 | 86,126 | 78,190 | ||||||||||||
Casualty loss |
469 | 31,347 | 468 | 31,347 | ||||||||||||
Preopening costs |
41 | 6,240 | 41 | 6,240 | ||||||||||||
Depreciation and amortization |
29,271 | 25,951 | 58,328 | 53,022 | ||||||||||||
Operating income (loss) |
31,200 | (20,693 | ) | 45,926 | (5,740 | ) | ||||||||||
Interest expense, net of amounts capitalized |
(21,377 | ) | (20,480 | ) | (42,186 | ) | (40,595 | ) | ||||||||
Interest income |
3,316 | 3,286 | 6,489 | 6,508 | ||||||||||||
Income from unconsolidated companies |
152 | 190 | 325 | 117 | ||||||||||||
Net gain on extinguishment of debt |
| 100 | | 1,299 | ||||||||||||
Other gains and (losses), net |
141 | (147 | ) | (50 | ) | (160 | ) | |||||||||
Income (loss) before income taxes |
13,432 | (37,744 | ) | 10,504 | (38,571 | ) | ||||||||||
Provision (benefit) for income taxes |
4,799 | (11,697 | ) | 3,832 | (10,722 | ) | ||||||||||
Income (loss) from continuing operations |
8,633 | (26,047 | ) | 6,672 | (27,849 | ) | ||||||||||
Income from discontinued operations, net of taxes |
4 | 3,327 | 8 | 3,279 | ||||||||||||
Net income (loss) |
$ | 8,637 | $ | (22,720 | ) | $ | 6,680 | $ | (24,570 | ) | ||||||
Basic net income (loss) per share: |
||||||||||||||||
Income (loss) from continuing operations |
$ | 0.18 | $ | (0.55 | ) | $ | 0.14 | $ | (0.59 | ) | ||||||
Income from discontinued operations, net of taxes |
| 0.07 | | 0.07 | ||||||||||||
Net income (loss) |
$ | 0.18 | $ | (0.48 | ) | $ | 0.14 | $ | (0.52 | ) | ||||||
Fully diluted net income (loss) per share: |
||||||||||||||||
Income (loss) from continuing operations |
$ | 0.17 | $ | (0.55 | ) | $ | 0.13 | $ | (0.59 | ) | ||||||
Income from discontinued operations, net of taxes |
| 0.07 | | 0.07 | ||||||||||||
Net income (loss) |
$ | 0.17 | $ | (0.48 | ) | $ | 0.13 | $ | (0.52 | ) | ||||||
Weighted average common shares for the period: |
||||||||||||||||
Basic |
48,370 | 47,098 | 48,296 | 47,055 | ||||||||||||
Fully-diluted |
50,944 | 47,098 | 51,923 | 47,055 |
(a) | Includes non-cash lease expense of $1.5 million for the three months ended June 30, 2011 and 2010, and $2.9 million and $3.0 million for the six months ended June 30, 2010 and 2009, respectively, related to the effect of recognizing the Gaylord Palms ground lease expense on a straight-line basis. |
Jun. 30, | Dec. 31, | |||||||
2011 | 2010 | |||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents unrestricted |
$ | 111,363 | $ | 124,398 | ||||
Cash and cash equivalents restricted |
1,150 | 1,150 | ||||||
Trade receivables, net |
48,977 | 31,793 | ||||||
Estimated fair value of derivative assets |
| 22 | ||||||
Deferred income taxes |
5,934 | 6,495 | ||||||
Other current assets |
47,594 | 48,992 | ||||||
Total current assets |
215,018 | 212,850 | ||||||
Property and equipment, net of accumulated depreciation |
2,197,076 | 2,201,445 | ||||||
Notes receivable, net of current portion |
143,773 | 142,651 | ||||||
Long-term deferred financing costs |
10,007 | 12,521 | ||||||
Other long-term assets |
49,780 | 51,065 | ||||||
Long-term assets of discontinued operations |
408 | 401 | ||||||
Total assets |
$ | 2,616,062 | $ | 2,620,933 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Current liabilities: |
||||||||
Current portion of long-term debt and capital lease obligations (a) |
$ | 190 | $ | 58,574 | ||||
Accounts payable and accrued liabilities |
145,110 | 175,343 | ||||||
Estimated fair value of derivative liabilities |
1,749 | 12,475 | ||||||
Current liabilities of discontinued operations |
327 | 357 | ||||||
Total current liabilities |
147,376 | 246,749 | ||||||
Long-term debt and capital lease obligations, net of current portion |
1,165,156 | 1,100,641 | ||||||
Deferred income taxes |
110,238 | 101,140 | ||||||
Other long-term liabilities |
141,290 | 142,200 | ||||||
Long-term liabilities of discontinued operations |
451 | 451 | ||||||
Stockholders equity |
1,051,551 | 1,029,752 | ||||||
Total liabilities and stockholders equity |
$ | 2,616,062 | $ | 2,620,933 | ||||
(a) | Reflects a portion of the Companys $360 million 3.75% Convertible Notes being classified as current at December 31, 2010 as a result of their convertibility at that time. These notes are not currently convertible. |
Three Months Ended Jun. 30, | Six Months Ended Jun. 30, | |||||||||||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||||||||||||||||||
$ | Margin | $ | Margin | $ | Margin | $ | Margin | |||||||||||||||||||||||||
Consolidated |
||||||||||||||||||||||||||||||||
Revenue |
$ | 236,775 | 100.0 | % | $ | 183,879 | 100.0 | % | $ | 457,513 | 100.0 | % | $ | 398,360 | 100.0 | % | ||||||||||||||||
Net income (loss) |
$ | 8,637 | 3.6 | % | $ | (22,720 | ) | -12.4 | % | $ | 6,680 | 1.5 | % | $ | (24,570 | ) | -6.2 | % | ||||||||||||||
Income from discontinued operations, net of taxes |
(4 | ) | 0.0 | % | (3,327 | ) | -1.8 | % | (8 | ) | 0.0 | % | (3,279 | ) | -0.8 | % | ||||||||||||||||
Provision (benefit) for income taxes |
4,799 | 2.0 | % | (11,697 | ) | -6.4 | % | 3,832 | 0.8 | % | (10,722 | ) | -2.7 | % | ||||||||||||||||||
Other (gains) and losses, net |
(141 | ) | -0.1 | % | 147 | 0.1 | % | 50 | 0.0 | % | 160 | 0.0 | % | |||||||||||||||||||
Net gain on extinguishment of debt |
| 0.0 | % | (100 | ) | -0.1 | % | | 0.0 | % | (1,299 | ) | -0.3 | % | ||||||||||||||||||
Income from unconsolidated companies |
(152 | ) | -0.1 | % | (190 | ) | -0.1 | % | (325 | ) | -0.1 | % | (117 | ) | 0.0 | % | ||||||||||||||||
Interest expense, net |
18,061 | 7.6 | % | 17,194 | 9.4 | % | 35,697 | 7.8 | % | 34,087 | 8.6 | % | ||||||||||||||||||||
Operating income (loss) |
31,200 | 13.2 | % | (20,693 | ) | -11.3 | % | 45,926 | 10.0 | % | (5,740 | ) | -1.4 | % | ||||||||||||||||||
Depreciation & amortization |
29,271 | 12.4 | % | 25,951 | 14.1 | % | 58,328 | 12.7 | % | 53,022 | 13.3 | % | ||||||||||||||||||||
Adjusted EBITDA |
60,471 | 25.5 | % | 5,258 | 2.9 | % | 104,254 | 22.8 | % | 47,282 | 11.9 | % | ||||||||||||||||||||
Preopening costs |
41 | 0.0 | % | 6,240 | 3.4 | % | 41 | 0.0 | % | 6,240 | 1.6 | % | ||||||||||||||||||||
Impairment charges |
| 0.0 | % | 41,541 | 22.6 | % | | 0.0 | % | 41,541 | 10.4 | % | ||||||||||||||||||||
Other non-cash expenses |
1,453 | 0.6 | % | 1,479 | 0.8 | % | 2,906 | 0.6 | % | 2,958 | 0.7 | % | ||||||||||||||||||||
Stock option expense |
798 | 0.3 | % | 756 | 0.4 | % | 1,595 | 0.3 | % | 1,455 | 0.4 | % | ||||||||||||||||||||
Other gains and (losses), net |
141 | 0.1 | % | (147 | ) | -0.1 | % | (50 | ) | 0.0 | % | (160 | ) | 0.0 | % | |||||||||||||||||
(Gain) loss on sales of assets |
(141 | ) | -0.1 | % | 261 | 0.1 | % | 50 | 0.0 | % | 274 | 0.1 | % | |||||||||||||||||||
CCF |
$ | 62,763 | 26.5 | % | $ | 55,388 | 30.1 | % | $ | 108,796 | 23.8 | % | $ | 99,590 | 25.0 | % | ||||||||||||||||
Adjusted Hospitality segment (excludes Gaylord Opryland and Other, includes Nashville Radisson) (a) |
||||||||||||||||||||||||||||||||
Revenue |
$ | 145,102 | 100.0 | % | $ | 151,682 | 100.0 | % | $ | 294,134 | 100.0 | % | $ | 300,755 | 100.0 | % | ||||||||||||||||
Operating income |
23,369 | 16.1 | % | 29,289 | 19.3 | % | 47,110 | 16.0 | % | 52,930 | 17.6 | % | ||||||||||||||||||||
Depreciation & amortization |
17,384 | 12.0 | % | 16,838 | 11.1 | % | 34,601 | 11.8 | % | 34,031 | 11.3 | % | ||||||||||||||||||||
Preopening costs |
41 | 0.0 | % | | 0.0 | % | 41 | 0.0 | % | | 0.0 | % | ||||||||||||||||||||
Other non-cash expenses |
1,453 | 1.0 | % | 1,479 | 1.0 | % | 2,906 | 1.0 | % | 2,958 | 1.0 | % | ||||||||||||||||||||
Stock option expense |
167 | 0.1 | % | 220 | 0.1 | % | 354 | 0.1 | % | 426 | 0.1 | % | ||||||||||||||||||||
Other gains and (losses), net |
(5 | ) | 0.0 | % | (229 | ) | -0.2 | % | (5 | ) | 0.0 | % | (247 | ) | -0.1 | % | ||||||||||||||||
Loss on sales of assets |
5 | 0.0 | % | 229 | 0.2 | % | 5 | 0.0 | % | 247 | 0.1 | % | ||||||||||||||||||||
CCF |
$ | 42,414 | 29.2 | % | $ | 47,826 | 31.5 | % | $ | 85,012 | 28.9 | % | $ | 90,345 | 30.0 | % | ||||||||||||||||
Gaylord Opryland (a) |
||||||||||||||||||||||||||||||||
Revenue |
$ | 73,064 | 100.0 | % | $ | 20,963 | 100.0 | % | $ | 133,374 | 100.0 | % | $ | 75,632 | 100.0 | % | ||||||||||||||||
Operating income (loss) |
18,325 | 25.1 | % | (5,579 | ) | -26.6 | % | 24,050 | 18.0 | % | 1,106 | 1.5 | % | |||||||||||||||||||
Depreciation & amortization |
7,906 | 10.8 | % | 5,561 | 26.5 | % | 15,962 | 12.0 | % | 11,541 | 15.3 | % | ||||||||||||||||||||
Preopening costs |
| 0.0 | % | 6,079 | 29.0 | % | | 0.0 | % | 6,079 | 8.0 | % | ||||||||||||||||||||
Stock option expense |
85 | 0.1 | % | 40 | 0.2 | % | 182 | 0.1 | % | 154 | 0.2 | % | ||||||||||||||||||||
Other gains and (losses), net |
(73 | ) | -0.1 | % | | 0.0 | % | (214 | ) | -0.2 | % | 1 | 0.0 | % | ||||||||||||||||||
Loss (gain) on sales of assets |
73 | 0.1 | % | | 0.0 | % | 214 | 0.2 | % | (1 | ) | 0.0 | % | |||||||||||||||||||
CCF |
$ | 26,316 | 36.0 | % | $ | 6,101 | 29.1 | % | $ | 40,194 | 30.1 | % | $ | 18,880 | 25.0 | % | ||||||||||||||||
Other Hospitality (a) |
||||||||||||||||||||||||||||||||
Revenue |
$ | 7 | 100.0 | % | $ | 275 | 100.0 | % | $ | 7 | 100.0 | % | $ | 228 | 100.0 | % | ||||||||||||||||
Operating (loss) income |
(22 | ) | -314.3 | % | 220 | 80.0 | % | (34 | ) | -485.7 | % | 140 | 61.4 | % | ||||||||||||||||||
Depreciation & amortization |
1 | 14.3 | % | 44 | 16.0 | % | 3 | 42.9 | % | 90 | 39.5 | % | ||||||||||||||||||||
Other gains and (losses), net |
216 | 3085.7 | % | | 0.0 | % | 216 | 3085.7 | % | | 0.0 | % | ||||||||||||||||||||
Gain on sales of assets |
(216 | ) | -3085.7 | % | | 0.0 | % | (216 | ) | -3085.7 | % | | 0.0 | % | ||||||||||||||||||
CCF |
$ | (21 | ) | -300.0 | % | $ | 264 | 96.0 | % | $ | (31 | ) | -442.9 | % | $ | 230 | 100.9 | % | ||||||||||||||
Opry and Attractions segment (a) |
||||||||||||||||||||||||||||||||
Revenue |
$ | 18,569 | 100.0 | % | $ | 10,930 | 100.0 | % | $ | 29,936 | 100.0 | % | $ | 21,691 | 100.0 | % | ||||||||||||||||
Operating income |
3,866 | 20.8 | % | 857 | 7.8 | % | 3,223 | 10.8 | % | 93 | 0.4 | % | ||||||||||||||||||||
Depreciation & amortization |
1,340 | 7.2 | % | 1,058 | 9.7 | % | 2,672 | 8.9 | % | 2,420 | 11.2 | % | ||||||||||||||||||||
Preopening costs |
| 0.0 | % | 161 | 1.5 | % | | 0.0 | % | 161 | 0.7 | % | ||||||||||||||||||||
Stock option expense |
29 | 0.2 | % | 19 | 0.2 | % | 72 | 0.2 | % | 65 | 0.3 | % | ||||||||||||||||||||
Other gains and (losses), net |
2 | 0.0 | % | (32 | ) | -0.3 | % | | 0.0 | % | (32 | ) | -0.1 | % | ||||||||||||||||||
(Gain) loss on sales of assets |
(2 | ) | 0.0 | % | 32 | 0.3 | % | | 0.0 | % | 32 | 0.1 | % | |||||||||||||||||||
CCF |
$ | 5,235 | 28.2 | % | $ | 2,095 | 19.2 | % | $ | 5,967 | 19.9 | % | $ | 2,739 | 12.6 | % | ||||||||||||||||
Corporate and Other segment (a) |
||||||||||||||||||||||||||||||||
Revenue |
$ | 33 | $ | 29 | $ | 62 | $ | 54 | ||||||||||||||||||||||||
Operating loss |
(13,869 | ) | (14,133 | ) | (27,955 | ) | (28,662 | ) | ||||||||||||||||||||||||
Depreciation & amortization |
2,640 | 2,450 | 5,090 | 4,940 | ||||||||||||||||||||||||||||
Stock option expense |
517 | 404 | 987 | 737 | ||||||||||||||||||||||||||||
Other gains and (losses), net |
1 | | (47 | ) | 4 | |||||||||||||||||||||||||||
(Gain) loss on sales of assets |
(1 | ) | | 47 | (4 | ) | ||||||||||||||||||||||||||
CCF |
$ | (10,712 | ) | $ | (11,279 | ) | $ | (21,878 | ) | $ | (22,985 | ) | ||||||||||||||||||||
Casualty Loss (a) |
||||||||||||||||||||||||||||||||
Casualty loss |
$ | (469 | ) | $ | (81,347 | ) | $ | (468 | ) | $ | (81,347 | ) | ||||||||||||||||||||
Insurance proceeds |
| 50,000 | | 50,000 | ||||||||||||||||||||||||||||
Operating loss |
(469 | ) | (31,347 | ) | (468 | ) | (31,347 | ) | ||||||||||||||||||||||||
Impairment charges |
| 41,541 | | 41,541 | ||||||||||||||||||||||||||||
Stock option expense |
| 73 | | 73 | ||||||||||||||||||||||||||||
Other gains and (losses), net |
| 114 | | 114 | ||||||||||||||||||||||||||||
CCF |
$ | (469 | ) | $ | 10,381 | $ | (468 | ) | $ | 10,381 | ||||||||||||||||||||||
(a) | Individual segments exclude effect of Casualty Loss, which is shown separately |
Three Months Ended Jun. 30, | Six Months Ended Jun. 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
HOSPITALITY OPERATING METRICS: |
||||||||||||||||
Adjusted Hospitality Segment (excludes Gaylord Opryland and Other, includes Nashville Radisson) |
||||||||||||||||
Occupancy |
71.9 | % | 72.4 | % | 71.0 | % | 71.6 | % | ||||||||
Average daily rate (ADR) |
$ | 181.68 | $ | 181.34 | $ | 180.63 | $ | 179.21 | ||||||||
RevPAR |
$ | 130.62 | $ | 131.23 | $ | 128.32 | $ | 128.27 | ||||||||
OtherPAR |
$ | 179.38 | $ | 188.33 | $ | 189.87 | $ | 190.29 | ||||||||
Total RevPAR |
$ | 310.00 | $ | 319.56 | $ | 318.19 | $ | 318.56 | ||||||||
Revenue |
$ | 145,102 | $ | 151,682 | $ | 294,134 | $ | 300,755 | ||||||||
CCF |
$ | 42,414 | $ | 47,826 | $ | 85,012 | $ | 90,345 | ||||||||
CCF Margin |
29.2 | % | 31.5 | % | 28.9 | % | 30.0 | % | ||||||||
Gaylord Opryland (a) |
||||||||||||||||
Occupancy |
75.8 | % | 71.9 | % | 72.2 | % | 65.0 | % | ||||||||
Average daily rate (ADR) |
$ | 159.83 | $ | 150.38 | $ | 149.17 | $ | 145.15 | ||||||||
RevPAR |
$ | 121.08 | $ | 108.14 | $ | 107.71 | $ | 94.41 | ||||||||
OtherPAR |
$ | 157.80 | $ | 126.75 | $ | 148.24 | $ | 122.70 | ||||||||
Total RevPAR |
$ | 278.88 | $ | 234.89 | $ | 255.95 | $ | 217.11 | ||||||||
Revenue |
$ | 73,064 | $ | 20,963 | $ | 133,374 | $ | 75,632 | ||||||||
CCF |
$ | 26,316 | $ | 6,101 | $ | 40,194 | $ | 18,880 | ||||||||
CCF Margin |
36.0 | % | 29.1 | % | 30.1 | % | 25.0 | % | ||||||||
Gaylord Palms |
||||||||||||||||
Occupancy |
73.8 | % | 72.3 | % | 76.0 | % | 73.2 | % | ||||||||
Average daily rate (ADR) |
$ | 165.32 | $ | 162.29 | $ | 165.70 | $ | 169.62 | ||||||||
RevPAR |
$ | 122.02 | $ | 117.27 | $ | 125.95 | $ | 124.21 | ||||||||
OtherPAR |
$ | 173.00 | $ | 178.46 | $ | 201.14 | $ | 194.68 | ||||||||
Total RevPAR |
$ | 295.02 | $ | 295.73 | $ | 327.09 | $ | 318.89 | ||||||||
Revenue |
$ | 37,747 | $ | 37,837 | $ | 83,239 | $ | 81,154 | ||||||||
CCF |
$ | 10,301 | $ | 10,438 | $ | 25,516 | $ | 25,054 | ||||||||
CCF Margin |
27.3 | % | 27.6 | % | 30.7 | % | 30.9 | % | ||||||||
Gaylord Texan |
||||||||||||||||
Occupancy |
76.2 | % | 72.1 | % | 74.3 | % | 72.4 | % | ||||||||
Average daily rate (ADR) |
$ | 172.15 | $ | 165.58 | $ | 180.88 | $ | 167.13 | ||||||||
RevPAR |
$ | 131.24 | $ | 119.31 | $ | 134.38 | $ | 121.04 | ||||||||
OtherPAR |
$ | 201.05 | $ | 210.96 | $ | 216.82 | $ | 216.39 | ||||||||
Total RevPAR |
$ | 332.29 | $ | 330.27 | $ | 351.20 | $ | 337.43 | ||||||||
Revenue |
$ | 45,690 | $ | 45,412 | $ | 96,050 | $ | 92,283 | ||||||||
CCF |
$ | 14,560 | $ | 14,935 | $ | 32,517 | $ | 30,898 | ||||||||
CCF Margin |
31.9 | % | 32.9 | % | 33.9 | % | 33.5 | % | ||||||||
Gaylord National |
||||||||||||||||
Occupancy |
67.9 | % | 75.2 | % | 66.1 | % | 72.9 | % | ||||||||
Average daily rate (ADR) |
$ | 211.25 | $ | 215.83 | $ | 199.97 | $ | 204.61 | ||||||||
RevPAR |
$ | 143.39 | $ | 162.38 | $ | 132.11 | $ | 149.15 | ||||||||
OtherPAR |
$ | 186.46 | $ | 205.34 | $ | 178.64 | $ | 194.95 | ||||||||
Total RevPAR |
$ | 329.85 | $ | 367.72 | $ | 310.75 | $ | 344.10 | ||||||||
Revenue |
$ | 59,914 | $ | 66,791 | $ | 112,268 | $ | 124,314 | ||||||||
CCF |
$ | 17,236 | $ | 22,033 | $ | 26,901 | $ | 33,777 | ||||||||
CCF Margin |
28.8 | % | 33.0 | % | 24.0 | % | 27.2 | % | ||||||||
Nashville Radisson |
||||||||||||||||
Occupancy |
66.6 | % | 55.5 | % | 60.9 | % | 51.0 | % | ||||||||
Average daily rate (ADR) |
$ | 102.90 | $ | 90.52 | $ | 97.39 | $ | 89.48 | ||||||||
RevPAR |
$ | 68.53 | $ | 50.20 | $ | 59.35 | $ | 45.67 | ||||||||
OtherPAR |
$ | 14.97 | $ | 9.31 | $ | 14.03 | $ | 9.11 | ||||||||
Total RevPAR |
$ | 83.50 | $ | 59.51 | $ | 73.38 | $ | 54.78 | ||||||||
Revenue |
$ | 1,751 | $ | 1,642 | $ | 2,577 | $ | 3,004 | ||||||||
CCF |
$ | 317 | $ | 420 | $ | 78 | $ | 616 | ||||||||
CCF Margin |
18.1 | % | 25.6 | % | 3.0 | % | 20.5 | % | ||||||||
Other Hospitality (b) |
||||||||||||||||
Occupancy |
0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||
Average daily rate (ADR) |
$ | | $ | | $ | | $ | | ||||||||
RevPAR |
$ | | $ | | $ | | $ | | ||||||||
OtherPAR |
$ | | $ | | $ | | $ | | ||||||||
Total RevPAR |
$ | | $ | | $ | | $ | | ||||||||
Revenue |
$ | 7 | $ | 275 | $ | 7 | $ | 228 | ||||||||
CCF |
$ | (21 | ) | $ | 264 | $ | (31 | ) | $ | 230 | ||||||
CCF Margin |
-300.0 | % | 96.0 | % | -442.9 | % | 100.9 | % |
(a) | Gaylord Opryland 2010 statistics are through May 2, 2010. | |
(b) | Includes other hospitality revenue and expense. |
ORIGINAL GUIDANCE RANGE | REVISED GUIDANCE RANGE | |||||||||||||||
FULL YEAR 2011 | FULL YEAR 2011 | |||||||||||||||
Low | High | Low | High | |||||||||||||
Adjusted Gaylord Hotels |
||||||||||||||||
Estimated Operating Income/(Loss) |
$ | 102,000 | $ | 105,300 | $ | 94,000 | $ | 97,300 | ||||||||
Estimated Depreciation & Amortization |
69,400 | 72,000 | 69,400 | 72,000 | ||||||||||||
Estimated Adjusted EBITDA |
$ | 171,400 | $ | 177,300 | $ | 163,400 | $ | 169,300 | ||||||||
Estimated Pre-Opening Costs |
0 | 0 | 0 | 0 | ||||||||||||
Estimated Non-Cash Lease Expense |
5,800 | 6,000 | 5,800 | 6,000 | ||||||||||||
Estimated Stock Option Expense |
800 | 1,200 | 800 | 1,200 | ||||||||||||
Estimated Gains/(Losses), Net |
0 | 500 | 0 | 500 | ||||||||||||
Estimated CCF |
$ | 178,000 | $ | 185,000 | $ | 170,000 | $ | 177,000 | ||||||||
Low | High | Low | High | |||||||||||||
Gaylord Opryland |
||||||||||||||||
Estimated Operating Income/(Loss) |
$ | 46,000 | $ | 47,400 | $ | 54,000 | $ | 55,400 | ||||||||
Estimated Depreciation & Amortization |
26,850 | 28,600 | 26,850 | 28,600 | ||||||||||||
Estimated Adjusted EBITDA |
$ | 72,850 | $ | 76,000 | $ | 80,850 | $ | 84,000 | ||||||||
Estimated Pre-Opening Costs |
0 | 0 | 0 | 0 | ||||||||||||
Estimated Non-Cash Lease Expense |
0 | 0 | 0 | 0 | ||||||||||||
Estimated Stock Option Expense |
150 | 650 | 150 | 650 | ||||||||||||
Estimated Gains/(Losses), Net |
0 | 350 | 0 | 350 | ||||||||||||
Estimated CCF |
$ | 73,000 | $ | 77,000 | $ | 81,000 | $ | 85,000 | ||||||||
Opry and Attractions segment | ||||||||||||||||
Estimated Operating Income/(Loss) |
$ | 7,000 | $ | 8,300 | $ | 7,000 | $ | 8,300 | ||||||||
Estimated Depreciation & Amortization |
4,900 | 5,400 | 4,900 | 5,400 | ||||||||||||
Estimated Adjusted EBITDA |
$ | 11,900 | $ | 13,700 | $ | 11,900 | $ | 13,700 | ||||||||
Estimated Pre-Opening Costs |
0 | 0 | 0 | 0 | ||||||||||||
Estimated Stock Option Expense |
100 | 250 | 100 | 250 | ||||||||||||
Estimated Gains/(Losses), Net |
0 | 50 | 0 | 50 | ||||||||||||
Estimated CCF |
$ | 12,000 | $ | 14,000 | $ | 12,000 | $ | 14,000 | ||||||||
Corporate and Other segment | ||||||||||||||||
Estimated Operating Income/(Loss) |
($63,500 | ) | ($60,500 | ) | ($63,500 | ) | ($60,500 | ) | ||||||||
Estimated Depreciation & Amortization |
13,500 | 13,000 | 13,500 | 13,000 | ||||||||||||
Estimated Adjusted EBITDA |
($50,000 | ) | ($47,500 | ) | ($50,000 | ) | ($47,500 | ) | ||||||||
Estimated Stock Option Expense |
1,800 | 1,500 | 1,800 | 1,500 | ||||||||||||
Estimated Gains/(Losses), Net |
200 | 0 | 200 | 0 | ||||||||||||
Estimated CCF |
($48,000 | ) | ($46,000 | ) | ($48,000 | ) | ($46,000 | ) | ||||||||
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