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FINANCIAL REPORTING BY BUSINESS SEGMENTS
 9 Months Ended
Sep. 30, 2014
Segment Reporting [Abstract]  
FINANCIAL REPORTING BY BUSINESS SEGMENTS
14. 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     Nine Months Ended  
     September 30,     September 30,  
     2014     2013     2014     2013  

Revenues:

         

Hospitality

    $ 219,102      $ 199,304      $ 684,235      $ 631,716   

Opry and Attractions

      25,913        21,892        65,144        56,776   

Corporate and Other

      —          —          —          —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $ 245,015      $ 221,196      $ 749,379      $ 688,492   
  

 

 

    

 

 

    

 

 

    

 

 

  

Depreciation and amortization:

         

Hospitality

    $ 25,886      $ 25,599      $ 77,403      $ 77,928   

Opry and Attractions

      1,327        1,317        3,983        4,002   

Corporate and Other

      820        1,000        2,882        7,049   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $ 28,033      $ 27,916      $ 84,268      $ 88,979   
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating income (loss):

         

Hospitality

    $ 28,826      $ 22,445      $ 115,033      $ 83,879   

Opry and Attractions

      8,029        5,164        16,922        11,448   

Corporate and Other

      (7,772 )      (6,699 )      (22,589 )      (26,050 ) 

REIT conversion costs

      —          (971 )      —          (21,383 ) 

Casualty loss

      —          (26 )      —          (75 ) 

Impairment and other charges

      —          (110 )      —          (1,357 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total operating income

      29,083        19,803        109,366        46,462   

Interest expense

      (17,135 )      (15,187 )      (48,277 )      (45,934 ) 

Interest income

      3,001        3,020        9,070        9,123   

Income from unconsolidated companies

      —          10        —          10   

Loss on extinguishment of debt

      —          (4,181 )      (2,148 )      (4,181 ) 

Other gains and (losses), net

      (295 )      2,318        (4,644 )      2,365   
  

 

 

    

 

 

    

 

 

    

 

 

  

Income before income taxes and discontinued operations

    $ 14,654      $ 5,783      $ 63,367      $ 7,845