FINANCIAL REPORTING BY BUSINESS SEGMENTS

9 Months Ended

Sep. 30, 2013

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 Inn at Opryland;

• 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 September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Revenues:
Hospitality	$	199,304		$	207,941		$	631,716		$	667,036
Opry and Attractions		21,892			20,188			56,776			53,237
Corporate and Other		—			—			—			—
Total	$	221,196		$	228,129		$	688,492		$	720,273
Depreciation and amortization:
Hospitality	$	25,599		$	26,095		$	77,928		$	80,977
Opry and Attractions		1,317			1,262			4,002			3,826
Corporate and Other		1,000			3,344			7,049			8,586
Total	$	27,916		$	30,701		$	88,979		$	93,389
Operating income (loss):
Hospitality	$	22,445		$	27,947		$	83,879		$	114,407
Opry and Attractions		5,164			4,710			11,448			10,363
Corporate and Other		(6,699	)		(14,561	)		(26,050	)		(46,069	)
REIT conversion costs		(971	)		(51,371	)		(21,383	)		(57,799	)
Casualty loss		(26	)		(173	)		(75	)		(719	)
Preopening costs		—			(1	)		—			(340	)
Impairment and other charges (non-REIT conversion costs)		(110	)		—			(1,357	)		—
Total operating income (loss)		19,803			(33,449	)		46,462			19,843
Interest expense, net of amounts capitalized		(15,187	)		(15,136	)		(45,934	)		(43,949	)
Interest income		3,020			3,081			9,123			9,256
Income from unconsolidated companies		10			—			10			109
Loss on extinguishment of debt		(4,181	)		—			(4,181	)		—
Other gains and (losses), net		2,318			2,251			2,365			2,251
Income (loss) before income taxes and discontinued operations	$	5,783		$	(43,253	)	$	7,845		$	(12,490	)