GAYLORD ENTERTAINMENT COMPANY

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VAsShUVVfJPG3/3T/JHFoEw5toz3R3AjIWc7xBd+53fNFgu4HnDHoEXaYxL+YvBP fUWfvKfqSBxxYj5gyiCbfQ== 0000950144-08-006012.txt : 20080805 0000950144-08-006012.hdr.sgml : 20080805 20080805084351 ACCESSION NUMBER: 0000950144-08-006012 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20080805 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080805 DATE AS OF CHANGE: 20080805 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GAYLORD ENTERTAINMENT CO /DE CENTRAL INDEX KEY: 0001040829 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 730664379 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13079 FILM NUMBER: 08989762 BUSINESS ADDRESS: STREET 1: ONE GAYLORD DR CITY: NASHVILLE STATE: TN ZIP: 37214 BUSINESS PHONE: 6153166000 MAIL ADDRESS: STREET 1: ONE GAYLORD DRIVE CITY: NASHVILLE STATE: TN ZIP: 37214 FORMER COMPANY: FORMER CONFORMED NAME: NEW GAYLORD ENTERTAINMENT CO DATE OF NAME CHANGE: 19970611 8-K 1 g14544e8vk.htm GAYLORD ENTERTAINMENT COMPANY - FORM 8-K GAYLORD ENTERTAINMENT COMPANY - FORM 8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 5, 2008

GAYLORD ENTERTAINMENT COMPANY

(Exact name of registrant as specified in its charter)


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)

Registrant’s telephone number, including area code: (615) 316-6000

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

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))

TABLE OF CONTENTS


ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
SIGNATURES
EX-99.1 PRESS RELEASE

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On August 5, 2008, Gaylord Entertainment Company (“GEC”) issued a press release announcing its financial results for the quarter ended June 30, 2008. A copy of the press release is furnished herewith as Exhibit 99.1.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

99.1

Press Release of Gaylord Entertainment Company dated August 5, 2008

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	GAYLORD ENTERTAINMENT COMPANY
Date: August 5, 2008	By:	/s/ Carter R. Todd
		Name:	Carter R. Todd
		Title:	Senior Vice President, General Counsel and Secretary

EX-99.1 2 g14544exv99w1.htm EX-99.1 PRESS RELEASE EX-99.1 PRESS RELEASE

Exhibit 99.1

GAYLORD ENTERTAINMENT CO. REPORTS SECOND QUARTER 2008 RESULTS

– Same-Store Hospitality Revenue Increased 2.0 Percent –

– Same-Store Consolidated Cash Flow Increased 8.2 Percent –

- Same-Store Operating Income Increased 7.0 Percent -

NASHVILLE, Tenn. (August 5, 2008) — Gaylord Entertainment Co. (NYSE: GET) today reported its financial results for the second quarter ended June 30, 2008.

For the second quarter ended June 30, 2008:

	•		Consolidated revenue increased 36.4 percent to $258.3 million in the second quarter of 2008 from $189.4 million in the same period last year, primarily driven by the opening of the Gaylord National Resort and Convention Center.

	•		Income from continuing operations was $8.5 million, or $0.21 per share, compared to income from continuing operations of $93.6 million, or $2.21 per share, in the prior-year quarter. Income from continuing operations in 2007 included a $140.3 million pre-tax gain from the sale of the company’s investment in Bass Pro Group.

	•		Hospitality segment total revenue increased 38.7 percent to $233.6 million in the second quarter of 2008 compared to $168.4 million in the prior-year quarter. Gaylord Hotels’ revenue per available room¹ (“RevPAR”) and total revenue per available room² (“Total RevPAR”) increased 2.6 percent and 3.5 percent, respectively, compared to the second quarter of 2007. Total RevPAR was impacted by some softening in outside-the-room spend. Same-store hospitality revenue increased 2.0 percent to $171.8 million driven by increases in average daily rate (“ADR”) and resort fees across the network of hotels, offset by lower occupancy due to increased attrition levels.

	•		Adjusted EBITDA³ was $57.9 million in the second quarter of 2008 compared to $38.7 million in the prior-year quarter.

	•		Consolidated Cash Flow⁴ (“CCF”) increased 44.1 percent to $64.5 million in the second quarter of 2008 compared to $44.8 million in the same period last year driven by the opening of the Gaylord National Resort and Convention Center. CCF was also positively impacted by increased collection of attrition and cancellation fees as well as the Company’s focus on margin management and its ability to manage resources according to current demand.

“Our meetings-focused business model is working well in this difficult environment. This quarter, and year-to-date, we have produced very solid increases in profitability growth despite modest same-store revenue growth. This profitability growth was driven by attrition and cancellation fees, increases in average daily rate and by running our hotels more efficiently,” said Colin V. Reed, chairman and chief executive officer of Gaylord Entertainment.

Reed added, “The Gaylord National had a very solid opening producing 67.5 percent occupancy and more than $14.0 million in CCF. We are pleased with the opening and with the progress the property is making.”

“We are seeing higher than historic attrition levels across the brand, which have affected occupancy and will likely continue for the remainder of the year. We are confident, however, in our business model, the contractual protection we have and our ability to maximize profits given this difficult operating environment.”

Segment Operating Results

Hospitality

Key components of the Company’s hospitality segment performance in the second quarter of 2008 include:

	•		Gaylord Hotels’ RevPAR increased 2.6 percent to $133.59 in the second quarter of 2008 compared to $130.18 in the prior-year quarter, driven by the opening of Gaylord National, increases in ADR and strong transient business. Gaylord Hotels’ Total RevPAR increased 3.5 percent to $321.09 in the second quarter of 2008 compared to $310.36 in the second quarter of 2007, though there was some softening in outside-the-room spend during the quarter. Same-store RevPAR and Total RevPAR were flat in the second quarter of 2008 compared to the prior-year quarter.

	•		Gaylord Hotels’ CCF increased 35.5 percent to $69.8 million in the second quarter of 2008 compared to $51.5 million in the same period last year. Same-store CCF increased 8.2 percent due to revenue growth, increased attrition and cancellation fee collections, the Company’s

			continued focus on margin management initiatives and Gaylord’s ability to effectively manage resources according to demand. The CCF margin for the hospitality segment was relatively flat at 29.9 percent, compared to 30.6 percent in the prior-year quarter. Same-store CCF margin grew 190 basis points to 32.5 percent versus 30.6 percent for the same period last year.

	•		Gaylord Hotels’ same-store net definite bookings for all future years decreased 17.6 percent to 341,000 room nights booked in the second quarter of 2008 compared to the same period in 2007. At the end of the quarter, all Gaylord Hotel properties have 5.7 million room nights booked for future years as compared to 5.2 million at the same time last year.

	•		Gaylord Hotels’ same-store attrition levels reached 10 percent in the second quarter compared to 8 percent for the same period in 2007. Attrition in the first quarter 2008 was 11 percent.

Reed continued, “We’ve already booked more room nights for 2009 than we had for 2008 at this time last year, indicating that our business model remains strong. While we have experienced an increase in attrition from conventions held in the quarter, we have a degree of profit protection that is built into our contracts with customers. Though this increase in attrition impacts RevPAR, it does not affect Total RevPAR or CCF as significantly. Our strong CCF levels are an indication that we can grow profitability even in a period when the industry is experiencing a major slowdown.”

“We continue to forge solid relationships with meeting planners and remain focused on growing our brand to meet the demand we continue to see. Additionally, our brand is becoming popular with leisure customers as well, evidenced by strong transient business this quarter, which is different from what others in the industry are experiencing,” said Reed. “With the addition of Gaylord National to our portfolio, where we already have 1.5 million room nights on the books for all future years, and future opportunities to expand our network, we are optimistic about the success of our long-term growth strategies and the greater potential of our brand.”

At the property level, Gaylord Opryland generated revenue of $73.5 million in the second quarter of 2008, a 3.0 percent increase compared to the prior-year quarter, largely a result of a shift toward more corporate business groups, which drove higher ADR. Second quarter RevPAR decreased 4.0 percent to $124.54 compared to $129.69 in the same period last year driven by an 8.3 point decline in occupancy. Total RevPAR decreased slightly to $280.68 in the second quarter of 2008 compared to the prior-year quarter. CCF increased 8.5 percent to $23.1 million, versus $21.3 million in the year-ago quarter due to successful cost control initiatives, the collection of cancellation and attrition payments and an increase in

resort fees. CCF margin increased 160 basis points for the quarter to 31.4 percent, compared to the 29.8 percent CCF margin in the prior-year quarter. Operating statistics for the second quarter of 2007 reflect 12,574 room nights out of available inventory due to the Opryland room renovation. Completed in February 2008, this did not impact availability during the second quarter of this year.

Gaylord Palms posted revenue of $47.8 million in the second quarter of 2008, an increase of 3.6 percent compared to $46.1 million in the prior-year quarter. Second quarter RevPAR increased 8.3 percent to $152.89 compared to $141.23 in the same quarter last year, aided by an uptick in ADR and an increase in transient room nights. Total RevPAR increased 3.6 percent to $373.45. Driven by a 3.2 percent increase in group ADR, CCF increased to $16.0 million compared to $14.2 million in the prior-year quarter, resulting in a CCF margin of 33.4 percent, a 260 basis point increase from the prior-year quarter.

Gaylord Texan revenue was $48.0 million in the second quarter of 2008, down slightly from $48.4 million in the prior-year quarter. RevPAR in the second quarter increased 1.0 percent to $132.56 due to a 2.6 percent increase in ADR. Total RevPAR decreased 0.9 percent to $348.95. CCF increased 4.0 percent to $15.9 million in the second quarter of 2008, versus $15.3 million in the prior-year quarter, resulting in a 33.1 percent CCF margin, a 160 basis point increase from the prior-year quarter. The increase in CCF was primarily due to the increased ADR, an increase in attrition and cancellation fee collections in the quarter and lower commissions.

Gaylord National revenue was $61.8 million in the second quarter of 2008. RevPAR in the second quarter was $143.19. Total RevPAR was $359.02, driven by solid results in the banquets department and high outside-the-room spend. CCF was $14.1 million in the second quarter of 2008, resulting in a 22.7 percent CCF margin. During the quarter, advanced bookings for all future years reached approximately 1.5 million room nights. The Company spent an additional $90.2 million in the second quarter of 2008 on development of the property, bringing total capital expenditures for the hotel to date to $936.9 million.

Opry and Attractions

Opry and Attractions segment revenue increased 17.0 percent to $24.5 million in the second quarter of 2008, compared to $20.9 million in the year-ago quarter. The segment’s CCF decreased to $4.6 million in the second quarter of 2008 from $4.7 million in the prior-year quarter.

Corporate and Other

Corporate and Other operating loss totaled $12.8 million in the second quarter of 2008 compared to an operating loss of $13.9 million in the same period last year. Corporate and Other CCF in the second quarter of 2008 increased 13.3 percent to a loss of $9.9 million compared to a loss of $11.4 million in the same period last year.

Liquidity

As of June 30, 2008, the Company had long-term debt outstanding, including current portion, of $1,247.1 million and unrestricted and restricted cash of $33.3 million. At the end of the second quarter of 2008, $324.3 million of the Company’s $1.0 billion credit facility remained undrawn, which included $10.7 million in letters of credit.

On July 28, 2008, the Company announced that it entered into a new $1.0 billion senior secured credit facility that will be available to fund the Company’s business plan. The $1.0 billion credit facility replaces the Company’s prior $1 billion facility and matures in July 2012. The new facility provides for $300 million of revolving credit and a $700 million fully drawn term loan along with an accordion feature under which the Company can increase availability by $400 million with the agreement of participating banks.

On April 2, 2008, Gaylord took receipt of $145.0 million face value in bonds issued by Prince George’s County related to construction of Gaylord National and is now recording interest income on these securities.

Outlook

The following business performance outlook is based on current information as of August 5, 2008. The Company does not expect to update guidance before next quarter’s earnings release. However, the Company may update its full business outlook or any portion thereof at any time for any reason.

“Looking ahead, we believe that our core business will continue to yield solid results and that our unique model provides us with solid protection against the current market environment. That said, while demand for our hotels remains strong, we continued to experience higher levels of attrition in the quarter and we have projected similar attrition levels for the rest of this year. As we have pointed out on multiple occasions, when a group turns up with fewer delegates than they bargained for we lose the gross revenue that would have been generated had they filled their block, but we collect attrition fees that essentially cover our lost profitability. We believe that, as a result, it is prudent to trim our RevPAR and Total

RevPAR guidance for the full year 2008. Our profitability metrics remain reasonably strong and as such, we are only reducing the top end of our CCF guidance range,” Reed concluded.


	2008 New	2008 Prior

Consolidated Cash Flow
Gaylord Hotels (Same Store)	$197 – 202 Million	$197 – 207 Million
Gaylord National	$45 – 55 Million	$45 – 55 Million
Opry and Attractions	$13 – 14 Million	$13 – 14 Million
Corporate and Other	$(49 – 46) Million	$(49 – 46) Million


Gaylord Hotels Same-Store Advanced Bookings	1.3 – 1.4 Million	1.3 – 1.4 Million
Gaylord Hotels RevPAR	1% – 3%	4.5% – 7%
Gaylord Hotels Total RevPAR	1% – 3%	4% – 6%

Webcast 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 at www.gaylordentertainment.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/Presentations, Earnings, and Webcasts) at least 15 minutes prior to the call to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be 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 Gaylord Hotels (www.gaylordhotels.com), its network of upscale, meetings-focused resorts, and the Grand Ole Opry (www.opry.com), the weekly showcase of country music’s finest performers for more than 80 consecutive years. The Company’s entertainment brands and properties include the Radisson Hotel Opryland, Ryman Auditorium, General Jackson Showboat, Gaylord Springs Golf 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 as defined in the Private Securities Litigation Reform Act 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 hotel facilities, increased costs and other risks associated with building and developing

new hotel facilities, the geographic concentration of our hotel properties, business levels at the Company’s hotels, our ability to successfully operate our hotels and our ability to obtain financing for new developments. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the Securities and Exchange Commission and include the risk factors described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2007. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof 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.

²		The Company calculates total revenue per available room (“Total RevPAR”) by dividing the sum of room sales, food & beverage, and other ancillary services revenue by room nights available to guests for the period.

³		Adjusted EBITDA (defined as earnings before interest, taxes, depreciation, amortization, as well as certain unusual items) is a non-GAAP financial measure which is used herein because we believe it allows for a more complete analysis of operating performance by presenting an analysis of operations separate from the earnings impact of capital transactions and without certain items that do not impact our ongoing operations such as the effect of the changes in fair value of the Viacom and CBS stock we formerly owned and changes in the fair value of the derivative associated with the secured forward exchange contract prior to its maturity in May 2007 and gains on the sale of assets. In accordance with generally accepted accounting principles, the changes in fair value of the Viacom and CBS stock and derivatives were 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 under accounting principles generally accepted in the United States (such as operating income, net income, or cash from operations), nor should it be considered as an indicator of overall financial performance. Adjusted EBITDA does not fully consider the impact of investing or financing transactions, as it specifically excludes depreciation and interest charges, which should also be considered in the overall evaluation of our results of operations. Our method of calculating Adjusted EBITDA may be different from the method used by other companies and therefore comparability may be limited. A reconciliation of Adjusted EBITDA to net income is presented in the Supplemental Financial Results contained in this press release.

8

⁴ As discussed in footnote 3 above, Adjusted EBITDA is used herein as essentially operating income plus depreciation and amortization. Consolidated Cash Flow (which is used in this release as that term is defined in the Indentures governing the Company’s 8 percent and 6.75 percent senior notes) is a non-GAAP financial measure which also excludes the impact of pre-opening costs, impairment charges, the non-cash portion of the Florida ground lease expense, stock option expense, the non-cash gains and losses on the disposal of certain fixed assets and our investment in Bass Pro, 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 Indentures calculate whether or not the Company can incur 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. CCF Margin is defined as CCF divided by revenue.


*Investor Relations Contacts:*		*Media Contacts:*
David Kloeppel, CFO		Elliot Sloane
Gaylord Entertainment		Sloane & Company
(615) 316-6101		(212) 446-1860
dkloeppel@gaylordentertainment.com		esloane@sloanepr.com
*~or~*		*~or~*
Mark Fioravanti, Senior Vice President and Treasurer		Josh Hochberg
Gaylord Entertainment		Sloane & Company
615-316-6588		(212) 446-1892
mfioravanti@gaylordentertainment.com		jhochberg@sloanepr.com
*~or~*
Rob Tanner, Director Investor Relations
Gaylord Entertainment
(615) 316-6572
rtanner@gaylordentertainment.com

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,
	2008			2007			2008			2007

Revenues	$	258,269		$	189,381		$	453,504		$	371,739
Operating expenses:
Operating costs		149,043			108,771			262,531			217,324
Selling, general and administrative (a) (b)		48,114			38,691			87,656			79,491
Impairment charge		—			—			12,031			—
Preopening costs		3,246			3,230			18,821			6,175
Depreciation and amortization		28,998			19,303			50,209			38,763

Operating income		28,868			19,386			22,256			29,986


Interest expense, net of amounts capitalized		(18,548	)		(13,611	)		(22,127	)		(32,388	)
Interest income		3,773			1,630			4,097			2,147
Unrealized gain on Viacom stock and CBS stock		—			9,147			—			6,358
Unrealized (loss) gain on derivatives		—			(6,448	)		—			3,121
(Loss) income from unconsolidated companies		(454	)		2,931			(218	)		1,013
Other gains and (losses), net (c)		(9	)		140,212			50			146,075


Income before provision for income taxes		13,630			153,247			4,058			156,312

Provision for income taxes		5,082			59,631			2,358			62,039


Income from continuing operations		8,548			93,616			1,700			94,273

Income (loss) from discontinued operations, net of taxes		239			13,226			(219	)		16,033


Net income	$	8,787		$	106,842		$	1,481		$	110,306


Basic net income per share:
Income from continuing operations	$	0.21		$	2.29		$	0.04		$	2.31
Income from discontinued operations, net of taxes		0.01			0.32			—			0.39

Net income	$	0.22		$	2.61		$	0.04		$	2.70


Fully diluted net income per share:
Income from continuing operations	$	0.21		$	2.21		$	0.04		$	2.23
Income from discontinued operations, net of taxes		—			0.31			—			0.38

Net income	$	0.21		$	2.52		$	0.04		$	2.61


Weighted average common shares for the period:
Basic		40,812			40,961			41,029			40,882
Fully-diluted		41,183			42,344			41,515			42,285


(a)		Includes non-cash lease expense of $1,530 and $1,554 for the three months ended June 30, 2008 and 2007, respectively, and $3,060 and $3,108 for the six months ended June 30, 2008 and 2007, respectively, related to the effect of recognizing the Gaylord Palms ground lease expense on a straight-line basis.

(b)		Includes a non-recurring $2,862 charge to terminate a tenant lease related to certain food and beverage space at Gaylord Opryland for the six months ended June 30, 2007.

(c)		Includes a non-recurring $140,313 gain related to the sale of Company’s investment in Bass Pro Group, LLC for the three months and six months ended June 30, 2007 and a non-recurring $4,437 gain related to the sale of corporate assets for the six months ended June 30, 2007.

GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited

(In thousands)


	Jun. 30,		Dec. 31,
	2008		2007
ASSETS
Current assets:
Cash and cash equivalents — unrestricted	$	32,046	$	23,592
Cash and cash equivalents — restricted		1,208		1,216
Trade receivables, net		71,494		31,371
Estimated fair value of derivative assets		528		—
Deferred income taxes		7,689		7,689
Other current assets		40,292		30,180
Current assets of discontinued operations		969		797

Total current assets		154,226		94,845

Property and equipment, net of accumulated depreciation		2,258,267		2,196,264
Notes receivable		150,441		—
Intangible assets, net of accumulated amortization		147		174
Goodwill		6,915		6,915
Indefinite lived intangible assets		1,480		1,480
Investments		3,956		4,143
Estimated fair value of derivative assets		2,870		2,043
Long-term deferred financing costs		12,470		14,621
Other long-term assets		24,604		16,382


Total assets	$	2,615,376	$	2,336,867


LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt and capital lease obligations	$	2,101	$	2,058
Accounts payable and accrued liabilities		266,212		240,827
Current liabilities of discontinued operations		2,550		2,760

Total current liabilities		270,863		245,645

Long-term debt and capital lease obligations, net of current portion		1,244,964		979,042
Deferred income taxes		72,039		73,662
Other long-term liabilities		98,342		96,484
Long-term liabilities and minority interest of discontinued operations		519		542
Stockholders’ equity		928,649		941,492


Total liabilities and stockholders’ equity	$	2,615,376	$	2,336,867

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,												Six Months Ended Jun. 30,
	2008						2007						2008						2007
	$			Margin			$			Margin			$			Margin			$			Margin

Consolidated
Revenue	$	258,269			100.0	%	$	189,381			100.0	%	$	453,504			100.0	%	$	371,739			100.0	%

Net income	$	8,787			3.4	%	$	106,842			56.4	%	$	1,481			0.3	%	$	110,306			29.7	%
(Income) loss from discontinued operations, net of taxes		(239	)		-0.1	%		(13,226	)		-7.0	%		219			0.0	%		(16,033	)		-4.3	%
Provision for income taxes		5,082			2.0	%		59,631			31.5	%		2,358			0.5	%		62,039			16.7	%
Other (gains) and losses, net		9			0.0	%		(140,212	)		-74.0	%		(50	)		0.0	%		(146,075	)		-39.3	%
Loss (income) from unconsolidated companies		454			0.2	%		(2,931	)		-1.5	%		218			0.0	%		(1,013	)		-0.3	%
Unrealized loss (gain) on derivatives		—			0.0	%		6,448			3.4	%		—			0.0	%		(3,121	)		-0.8	%
Unrealized gain on Viacom stock and CBS stock		—			0.0	%		(9,147	)		-4.8	%		—			0.0	%		(6,358	)		-1.7	%
Interest expense, net		14,775			5.7	%		11,981			6.3	%		18,030			4.0	%		30,241			8.1	%

Operating income (1)		28,868			11.2	%		19,386			10.2	%		22,256			4.9	%		29,986			8.1	%
Depreciation & amortization		28,998			11.2	%		19,303			10.2	%		50,209			11.1	%		38,763			10.4	%

Adjusted EBITDA		57,866			22.4	%		38,689			20.4	%		72,465			16.0	%		68,749			18.5	%
Pre-opening costs		3,246			1.3	%		3,230			1.7	%		18,821			4.2	%		6,175			1.7	%
Impairment charge		—			0.0	%		—			0.0	%		12,031			2.7	%		—			0.0	%
Other non-cash expenses		1,530			0.6	%		1,554			0.8	%		3,060			0.7	%		3,108			0.8	%
Stock option expense		1,793			0.7	%		1,303			0.7	%		3,319			0.7	%		2,710			0.7	%
Other gains and (losses), net (2)		(9	)		0.0	%		140,212			74.0	%		50			0.0	%		146,075			39.3	%
Gain on sale of investment in Bass Pro		—			0.0	%		(140,313	)		-74.1	%		—			0.0	%		(140,313	)		-37.7	%
Losses and (gains) on sales of assets		80			0.0	%		102			0.1	%		112			0.0	%		(4,562	)		-1.2	%

CCF	$	64,506			25.0	%	$	44,777			23.6	%	$	109,858			24.2	%	$	81,942			22.0	%


Hospitality segment
Revenue	$	233,614			100.0	%	$	168,408			100.0	%	$	411,558			100.0	%	$	334,869			100.0	%
Operating income (1)		38,417			16.4	%		30,093			17.9	%		58,334			14.2	%		54,710			16.3	%
Depreciation & amortization		25,985			11.1	%		16,262			9.7	%		44,246			10.8	%		32,687			9.8	%
Pre-opening costs		3,246			1.4	%		3,230			1.9	%		18,821			4.6	%		6,175			1.8	%
Other non-cash expenses		1,530			0.7	%		1,554			0.9	%		3,060			0.7	%		3,108			0.9	%
Stock option expense		565			0.2	%		375			0.2	%		1,035			0.3	%		798			0.2	%
Other gains and (losses), net		68			0.0	%		7			0.0	%		127			0.0	%		(3	)		0.0	%
Losses on sales of assets		3			0.0	%		—			0.0	%		35			0.0	%		—			0.0	%

CCF	$	69,814			29.9	%	$	51,521			30.6	%	$	125,658			30.5	%	$	97,475			29.1	%


Opry and Attractions segment
Revenue	$	24,474			100.0	%	$	20,922			100.0	%	$	41,590			100.0	%	$	36,764			100.0	%
Operating income		3,247			13.3	%		3,144			15.0	%		2,203			5.3	%		2,138			5.8	%
Depreciation & amortization		1,269			5.2	%		1,424			6.8	%		2,569			6.2	%		2,980			8.1	%
Stock option expense		63			0.3	%		79			0.4	%		141			0.3	%		156			0.4	%
Other gains and (losses), net		(1	)		0.0	%		14			0.1	%		(1	)		0.0	%		12			0.0	%
Losses on sales of assets		1			0.0	%		—			0.0	%		1			0.0	%		—			0.0	%

CCF	$	4,579			18.7	%	$	4,661			22.3	%	$	4,913			11.8	%	$	5,286			14.4	%


Corporate and Other segment
Revenue	$	181					$	51					$	356					$	106
Operating loss		(12,796	)					(13,851	)					(38,281	)					(26,862	)
Depreciation & amortization		1,744						1,617						3,394						3,096
Impairment charge		—						—						12,031						—
Stock option expense		1,165						849						2,143						1,756
Other gains and (losses), net (2)		(76	)					140,191						(76	)					146,066
Gain on sale of investment in Bass Pro		—						(140,313	)					—						(140,313	)
Losses (gains) on sales of assets		76						102						76						(4,562	)

CCF	$	(9,887	)				$	(11,405	)				$	(20,713	)				$	(20,819	)


(1)		Includes a non-recurring $2,862 charge to terminate a tenant lease related to certain food and beverage space at Gaylord Opryland for the six months ended June 30, 2007.

(2)		Includes a non-recurring $140,313 gain related to the sale of the Company’s investment in Bass Pro Group, LLC for the three months and six months ended June 30, 2007 and a non-recurring $4,437 gain related to the sale of corporate assets for the six months ended June 30, 2007.

GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL RESULTS
Unaudited
(in thousands, except operating metrics)


	Three Months Ended Jun. 30,						Six Months Ended Jun. 30,
	2008			2007			2008			2007
HOSPITALITY OPERATING METRICS:

Gaylord Hospitality Segment (1) (2)

Occupancy		74.2	%		80.1	%		75.5	%		78.7	%
Average daily rate (ADR)	$	180.03		$	162.49		$	177.26		$	165.01
RevPAR	$	133.59		$	130.18		$	133.91		$	129.91
OtherPAR	$	187.50		$	180.18		$	188.25		$	179.19
Total RevPAR	$	321.09		$	310.36		$	322.16		$	309.10

Revenue	$	233,614		$	168,408		$	411,558		$	334,869
CCF (3)	$	69,814		$	51,521		$	125,658		$	97,475
CCF Margin		29.9	%		30.6	%		30.5	%		29.1	%

Gaylord Opryland (1)

Occupancy		76.4	%		84.7	%		76.2	%		79.5	%
Average daily rate (ADR)	$	162.97		$	153.04		$	160.13		$	150.30
RevPAR	$	124.54		$	129.69		$	122.03		$	119.42
OtherPAR	$	156.14		$	156.26		$	159.56		$	149.73
Total RevPAR	$	280.68		$	285.95		$	281.59		$	269.15

Revenue	$	73,535		$	71,371		$	146,126		$	134,726
CCF (3)	$	23,088		$	21,277		$	44,460		$	33,294
CCF Margin		31.4	%		29.8	%		30.4	%		24.7	%

Gaylord Palms

Occupancy		82.2	%		78.4	%		83.3	%		81.1	%
Average daily rate (ADR)	$	185.90		$	180.08		$	195.65		$	194.32
RevPAR	$	152.89		$	141.23		$	163.05		$	157.57
OtherPAR	$	220.56		$	219.35		$	238.80		$	230.26
Total RevPAR	$	373.45		$	360.58		$	401.85		$	387.83

Revenue	$	47,781		$	46,134		$	102,831		$	98,698
CCF	$	15,960		$	14,197		$	35,922		$	33,136
CCF Margin		33.4	%		30.8	%		34.9	%		33.6	%

Gaylord Texan

Occupancy		72.2	%		73.4	%		74.2	%		77.0	%
Average daily rate (ADR)	$	183.53		$	178.82		$	183.96		$	176.29
RevPAR	$	132.56		$	131.29		$	136.56		$	135.68
OtherPAR	$	216.39		$	220.95		$	213.50		$	219.06
Total RevPAR	$	348.95		$	352.24		$	350.06		$	354.74

Revenue	$	47,981		$	48,433		$	96,268		$	97,018
CCF	$	15,868		$	15,256		$	29,924		$	29,832
CCF Margin		33.1	%		31.5	%		31.1	%		30.7	%

Gaylord National (2)

Occupancy		67.5	%		n/a			67.5	%		n/a
Average daily rate (ADR)	$	212.10			n/a		$	212.10			n/a
RevPAR	$	143.19			n/a		$	143.19			n/a
OtherPAR	$	215.83			n/a		$	215.83			n/a
Total RevPAR	$	359.02			n/a		$	359.02			n/a

Revenue	$	61,839			n/a		$	61,839			n/a
CCF	$	14,061			n/a		$	14,061			n/a
CCF Margin		22.7	%		n/a			22.7	%		n/a


	Three Months Ended Jun. 30,						Six Months Ended Jun. 30,
	2008			2007			2008			2007
Nashville Radisson and Other (4)

Occupancy		67.6	%		79.4	%		64.9	%		70.0	%
Average daily rate (ADR)	$	112.04		$	97.86		$	105.94		$	98.01
RevPAR	$	75.78		$	77.75		$	68.76		$	68.64
OtherPAR	$	15.45		$	10.80		$	14.24		$	12.17
Total RevPAR	$	91.23		$	88.55		$	83.00		$	80.81

Revenue	$	2,478		$	2,470		$	4,494		$	4,427
CCF	$	837		$	791		$	1,291		$	1,213
CCF Margin		33.8	%		32.0	%		28.7	%		27.4	%

Gaylord Hospitality Segment (“Same Store”, excludes Gaylord National for Three Months and Six Months Ended June 30) (1)

Occupancy		76.3	%		80.1	%		76.8	%		78.7	%
Average daily rate (ADR)	$	171.22		$	162.49		$	172.49		$	165.01
RevPAR	$	130.61		$	130.18		$	132.47		$	129.91
OtherPAR	$	178.72		$	180.18		$	183.94		$	179.19
Total RevPAR	$	309.33		$	310.36		$	316.41		$	309.10

Revenue	$	171,775		$	168,408		$	349,719		$	334,869
CCF (3)	$	55,753		$	51,521		$	111,597		$	97,475
CCF Margin		32.5	%		30.6	%		31.9	%		29.1	%


(1)		Excludes 0 and 12,574 room nights that were taken out of service during the three months ended June 30, 2008 and 2007, respectively, and 5,171 and 20,907 room nights that were taken out of service during the six months ended June 30, 2008 and 2007, respectively, as a result of the rooms renovation program at Gaylord Opryland.

(2)		Excludes 1,408 and 0 room nights that were not in service during the three months and six months ended June 30, 2008 and 2007, respectively, as these rooms were not released from construction at the opening of Gaylord National.

(3)		Includes a non-recurring $2,862 charge to terminate a tenant lease related to certain food and beverage space at Gaylord Opryland for the six months ended June 30, 2007.

(4)		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
	Full Year 2008
	Low			High
Hospitality segment (same store)
Estimated Operating income (loss)	$	124,500		$	127,000
Estimated Depreciation & amortization		64,000			66,000

Estimated Adjusted EBITDA	$	188,500		$	193,000
Estimated Pre-opening costs		500			550
Estimated Non-cash lease expense		6,100			6,100
Estimated Stock Option Expense		1,900			2,200
Estimated Gains and (losses), net		0			150

Estimated CCF	$	197,000		$	202,000


Gaylord National
Estimated Operating income (loss)	$	5,500		$	12,000
Estimated Depreciation & amortization		19,500			21,500

Estimated Adjusted EBITDA	$	25,000		$	33,500
Estimated Pre-opening costs		19,800			21,100
Estimated Stock Option Expense		200			300
Estimated Gains and (losses), net		0			100

Estimated CCF	$	45,000		$	55,000


Opry and Attractions segment
Estimated Operating income (loss)	$	7,700		$	8,250
Estimated Depreciation & amortization		5,000			5,250

Estimated Adjusted EBITDA	$	12,700		$	13,500
Estimated Stock Option Expense		300			450
Estimated Gains and (losses), net		0			50

Estimated CCF	$	13,000		$	14,000


Corporate and Other segment
Estimated Operating income (loss)		($61,050	)		($57,200	)
Estimated Depreciation & amortization		7,550			7,000

Estimated Adjusted EBITDA		($53,500	)		($50,200	)
Estimated Stock Option Expense		4,500			4,000
Estimated Gains and (losses), net		0			200

Estimated CCF		($49,000	)		($46,000	)

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Table of Contents

Table of Contents

Table of Contents


⁴		As discussed in footnote 3 above, Adjusted EBITDA is used herein as essentially operating income plus depreciation and amortization. Consolidated Cash Flow (which is used in this release as that term is defined in the Indentures governing the Company’s 8 percent and 6.75 percent senior notes) is a non-GAAP financial measure which also excludes the impact of pre-opening costs, impairment charges, the non-cash portion of the Florida ground lease expense, stock option expense, the non-cash gains and losses on the disposal of certain fixed assets and our investment in Bass Pro, 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 Indentures calculate whether or not the Company can incur 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. CCF Margin is defined as CCF divided by revenue.