FINANCIAL REPORTING BY BUSINESS SEGMENTS

9 Months Ended

Sep. 30, 2012

FINANCIAL REPORTING BY BUSINESS SEGMENTS

15. FINANCIAL REPORTING BY BUSINESS SEGMENTS:

The Company’s continuing operations are organized into three principal business segments:

• Hospitality, which includes Gaylord Opryland, Gaylord Palms, Gaylord Texan, Gaylord National and the Radisson Hotel at Opryland, as managed by the Company prior to October 1, 2012;

• Opry and Attractions, which includes the Grand Ole Opry, WSM-AM, and the Company’s Nashville-based attractions; and

• Corporate and Other, which includes the Company’s corporate expenses.

The following information from continuing operations is derived directly from the segments’ internal financial reports used for corporate management purposes (amounts in thousands):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2012			2011			2012			2011
Revenues:
Hospitality	$	207,941		$	207,092		$	667,036		$	634,607
Opry and Attractions		20,166			18,108			53,154			48,044
Corporate and Other		22			32			83			94
Total	$	228,129		$	225,232		$	720,273		$	682,745
Depreciation and amortization:
Hospitality	$	26,095		$	28,388		$	80,977		$	78,954
Opry and Attractions		1,262			1,296			3,825			3,968
Corporate and Other		3,344			2,683			8,587			7,773
Total	$	30,701		$	32,367		$	93,389		$	90,695
Operating income (loss):
Hospitality	$	27,948		$	25,437		$	114,407		$	96,604
Opry and Attractions		4,687			3,498			10,280			6,721
Corporate and Other		(14,539	)		(14,591	)		(45,986	)		(42,546	)
REIT conversion costs		(51,371	)		—			(57,799	)		—
Casualty loss		(173	)		(162	)		(719	)		(630	)
Preopening costs		(1	)		(345	)		(340	)		(386	)
Total operating income (loss)		(33,449	)		13,837			19,843			59,763
Interest expense, net of amounts capitalized		(15,136	)		(18,075	)		(43,949	)		(60,261	)
Interest income		3,081			3,199			9,256			9,688
Income from unconsolidated companies		—			761			109			1,086
Other gains and (losses), net		2,251			(444	)		2,251			(494	)
Income (loss) before income taxes and discontinued operations	$	(43,253	)	$	(722	)	$	(12,490	)	$	9,782