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)) |
99.1 | Press Release of Gaylord Entertainment Company dated August 4, 2009 |
GAYLORD ENTERTAINMENT COMPANY | ||||||
Date: August 4, 2009
|
By: | /s/ Carter R. Todd | ||||
Name: | ||||||
Title: | Executive Vice President, General Counsel and Secretary |
NASHVILLE, Tenn. (Aug 4, 2009) Gaylord Entertainment Co. (NYSE: GET) today reported its financial results for the second quarter of 2009. Highlights from the second quarter of 2009 include: |
| Consolidated revenue decreased 15.5 percent to $218.3 million in the second quarter of 2009 from $258.3 million in the same period last year. Hospitality segment total revenue decreased 14.2 percent to $200.5 million in the second quarter of 2009 compared to $233.6 million in the prior-year quarter. Gaylord Hotels revenue per available room1 (RevPAR) decreased 13.1 percent and total revenue per available room2 (Total RevPAR) decreased 14.3 percent in the second quarter of 2009 compared to the second quarter of 2008. 2009 Total RevPAR includes attrition and cancellation fees of approximately $8.2 million collected during the quarter compared to $3.6 million in fees for the prior-year quarter. | ||
| Income from continuing operations was $10.1 million, or $0.25 per share, in the second quarter of 2009 compared to $8.5 million, or $0.21 per share, in the prior-year quarter. Income from continuing operations in the second quarter of 2009 included an $8.2 million pre-tax gain on the repurchase of $28.3 million in aggregate principal amount of the Companys outstanding Senior Notes, a $3.6 million gain related to a payment received in connection with a tax increment financing (TIF) arrangement related to the Ryman Auditorium, and $2.8 million in special expense related to severance costs associated with the Companys cost containment initiatives. Income from continuing operations in the second quarter of 2008 included $3.2 million in pre-opening expenses. |
2
| Adjusted EBITDA3 was $49.0 million in the second quarter of 2009 compared to $57.9 million in the prior-year quarter. | ||
| Consolidated Cash Flow4 (CCF) decreased 13.5 percent to $55.8 million in the second quarter of 2009 compared to $64.5 million in the same period last year. CCF results for the second quarter of 2009 included approximately $2.4 million of special expense related to severance costs and the gain under the TIF arrangement related to the Ryman Auditorium of $3.6 million. |
| Gaylord Hotels gross advance group bookings in the second quarter of 2009 for all future years was 498,247 room nights; a decrease of 9.8 percent when compared to the same period last year. Net of attrition and cancellation, advance bookings in the second quarter for all future years were 171,712 room nights; a decrease of 59.9 percent when compared to the same period last year. |
| Same-store RevPAR decreased 19.8 percent to $104.85 in the second quarter of 2009 compared to $130.68 in the prior-year quarter. Same-store Total RevPAR decreased 19.6 percent to $248.72 in the second quarter compared to $309.50 in the prior-year quarter. Same-store hotels excludes Gaylord National for all periods presented. In the second quarter of 2009, Gaylord National RevPAR increased 6.1 percent to $145.25 compared to $136.85 in the prior-year quarter. Gaylord National Total RevPAR was flat in the second quarter at $343.99 compared to $343.12 in the prior-year quarter. | ||
| Second quarter 2009 same-store CCF decreased 29.9 percent to $39.1 million compared to $55.8 million in the prior-year quarter. Same-store CCF included approximately $0.4 million of special expense related to severance costs in the second quarter of 2009. Same-store CCF margin4 declined 420 basis points to 28.3 percent compared to 32.5 percent for the same period last year. In the second quarter of 2009, Gaylord National generated CCF of $20.6 million compared to |
3
$14.1 million in the prior-year quarter. Gaylord National second quarter CCF results include approximately $0.2 million of special expense related to severance costs. Gaylord National CCF margin improved 1,030 basis points to 33.0 percent versus 22.7 percent for the same period last year. | |||
| Same-store attrition in the second quarter was 14.0 percent of the agreed upon room block compared to 9.8 percent for the same period in 2008 and 16.7 percent in the first quarter of 2009. Same-store cancellations in the second quarter totaled approximately 29,381 room nights compared to 12,847 in the same period of 2008 and 66,872 in the first quarter of 2009. Gaylord Hotels attrition and cancellation fee collections totaled $8.2 million in the quarter compared to $3.6 million for the same period in 2008 and $7.6 million in the first quarter of 2009. |
4
5
6
2009 Guidance | ||||
Consolidated Cash Flow |
||||
Gaylord Hotels (Same Store) |
$155 165 Million | |||
Gaylord National |
$55 65 Million | |||
Opry and Attractions |
$12 13 Million | |||
Corporate and Other |
$(44 40) Million | |||
Totals |
$178 203 Million | |||
Gaylord Hotels Same-Store RevPAR |
(20)% - (15)% | |||
Gaylord Hotels Same-Store Total RevPAR |
(18)% - (13)% |
7
8
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 | |
Gaylord Entertainment
|
Sloane & Company | |
615-316-6282
|
(212) 446-1892 | |
pchaffin@gaylordentertainment.com
|
jhochberg@sloanepr.com |
9
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
Revenues |
$ | 218,256 | $ | 258,269 | $ | 430,575 | $ | 453,504 | ||||||||
Operating expenses: |
||||||||||||||||
Operating costs |
126,379 | 149,043 | 257,744 | 262,531 | ||||||||||||
Selling, general and administrative (a) |
42,883 | 48,114 | 87,744 | 87,656 | ||||||||||||
Impairment charges |
| | | 12,031 | ||||||||||||
Preopening costs |
| 3,246 | | 18,821 | ||||||||||||
Depreciation and amortization |
28,647 | 28,998 | 56,718 | 50,209 | ||||||||||||
Operating income |
20,347 | 28,868 | 28,369 | 22,256 | ||||||||||||
Interest expense, net of amounts capitalized |
(18,229 | ) | (18,548 | ) | (36,829 | ) | (22,127 | ) | ||||||||
Interest income |
4,183 | 3,773 | 8,029 | 4,097 | ||||||||||||
(Loss) income from unconsolidated companies |
(12 | ) | (454 | ) | 117 | (218 | ) | |||||||||
Gain on extinguishment of debt |
8,169 | | 24,726 | | ||||||||||||
Other gains and (losses), net |
3,654 | (9 | ) | 3,504 | 50 | |||||||||||
Income before provision for income taxes |
18,112 | 13,630 | 27,916 | 4,058 | ||||||||||||
Provision for income taxes |
7,983 | 5,082 | 14,269 | 2,358 | ||||||||||||
Income from continuing operations |
10,129 | 8,548 | 13,647 | 1,700 | ||||||||||||
(Loss) income from discontinued operations, net of taxes |
(78 | ) | 239 | (169 | ) | (219 | ) | |||||||||
Net income |
$ | 10,051 | $ | 8,787 | $ | 13,478 | $ | 1,481 | ||||||||
Basic net income per share: |
||||||||||||||||
Income from continuing operations |
$ | 0.25 | $ | 0.21 | $ | 0.33 | $ | 0.04 | ||||||||
Income from discontinued operations, net of taxes |
| 0.01 | | | ||||||||||||
Net income |
$ | 0.25 | $ | 0.22 | $ | 0.33 | $ | 0.04 | ||||||||
Fully diluted net income (loss) per share: |
||||||||||||||||
Income from continuing operations |
$ | 0.25 | $ | 0.21 | $ | 0.33 | $ | 0.04 | ||||||||
Loss from discontinued operations, net of taxes |
(0.01 | ) | | | | |||||||||||
Net income |
$ | 0.24 | $ | 0.21 | $ | 0.33 | $ | 0.04 | ||||||||
Weighted
average common shares for the period: |
||||||||||||||||
Basic |
40,937 | 40,812 | 40,922 | 41,029 | ||||||||||||
Fully-diluted |
41,157 | 41,183 | 41,138 | 41,515 |
(a) | Includes non-cash lease expense of $1.5 million for the three months ended June 30, 2009 and 2008, and $3.0 million and $3.1 million for the six months ended June 30, 2009 and 2008, respectively, related to the effect of recognizing the Gaylord Palms ground lease expense on a straight-line basis. |
June 30, | Dec. 31, | |||||||
2009 | 2008 | |||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents unrestricted |
$ | 28,385 | $ | 1,043 | ||||
Cash and cash equivalents restricted |
1,158 | 1,165 | ||||||
Trade receivables, net |
52,243 | 49,114 | ||||||
Deferred income taxes |
5,272 | 6,266 | ||||||
Other current assets |
55,696 | 50,793 | ||||||
Current assets of discontinued operations |
62 | 197 | ||||||
Total current assets |
142,816 | 108,578 | ||||||
Property and equipment, net of accumulated depreciation |
2,194,149 | 2,227,574 | ||||||
Notes receivable, net of current portion |
138,721 | 146,866 | ||||||
Intangible assets, net of accumulated amortization |
94 | 121 | ||||||
Goodwill |
6,915 | 6,915 | ||||||
Indefinite lived intangible assets |
1,480 | 1,480 | ||||||
Investments |
937 | 1,131 | ||||||
Estimated fair value of derivative assets |
| 6,235 | ||||||
Long-term deferred financing costs |
15,580 | 18,888 | ||||||
Other long-term assets |
43,451 | 42,591 | ||||||
Total assets |
$ | 2,544,143 | $ | 2,560,379 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Current liabilities: |
||||||||
Current portion of long-term debt and capital lease obligations |
$ | 1,881 | $ | 1,904 | ||||
Accounts payable and accrued liabilities |
145,104 | 168,155 | ||||||
Estimated fair value of derivative liabilities |
769 | 1,606 | ||||||
Current liabilities of discontinued operations |
1,209 | 1,329 | ||||||
Total current liabilities |
148,963 | 172,994 | ||||||
Long-term debt and capital lease obligations, net of current portion |
1,239,099 | 1,260,997 | ||||||
Deferred income taxes |
80,145 | 62,656 | ||||||
Estimated fair value of derivative liabilities |
26,016 | 28,489 | ||||||
Other long-term liabilities |
127,963 | 131,578 | ||||||
Long-term liabilities of discontinued operations |
444 | 446 | ||||||
Stockholders equity |
921,513 | 903,219 | ||||||
Total liabilities and stockholders equity |
$ | 2,544,143 | $ | 2,560,379 | ||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||||||||||||||||||
$ | Margin | $ | Margin | $ | Margin | $ | Margin | |||||||||||||||||||||||||
Consolidated |
||||||||||||||||||||||||||||||||
Revenue |
$ | 218,256 | 100.0 | % | $ | 258,269 | 100.0 | % | $ | 430,575 | 100.0 | % | $ | 453,504 | 100.0 | % | ||||||||||||||||
Net income |
$ | 10,051 | 4.6 | % | $ | 8,787 | 3.4 | % | $ | 13,478 | 3.1 | % | $ | 1,481 | 0.3 | % | ||||||||||||||||
Loss (income) from discontinued operations, net of taxes |
78 | 0.0 | % | (239 | ) | -0.1 | % | 169 | 0.0 | % | 219 | 0.0 | % | |||||||||||||||||||
Provision for income taxes |
7,983 | 3.7 | % | 5,082 | 2.0 | % | 14,269 | 3.3 | % | 2,358 | 0.5 | % | ||||||||||||||||||||
Other (gains) and losses, net |
(3,654 | ) | -1.7 | % | 9 | 0.0 | % | (3,504 | ) | -0.8 | % | (50 | ) | 0.0 | % | |||||||||||||||||
Gain on extinguishment of debt |
(8,169 | ) | -3.7 | % | | 0.0 | % | (24,726 | ) | -5.7 | % | | 0.0 | % | ||||||||||||||||||
Loss (income) from unconsolidated companies |
12 | 0.0 | % | 454 | 0.2 | % | (117 | ) | 0.0 | % | 218 | 0.0 | % | |||||||||||||||||||
Interest expense, net |
14,046 | 6.4 | % | 14,775 | 5.7 | % | 28,800 | 6.7 | % | 18,030 | 4.0 | % | ||||||||||||||||||||
Operating income |
20,347 | 9.3 | % | 28,868 | 11.2 | % | 28,369 | 6.6 | % | 22,256 | 4.9 | % | ||||||||||||||||||||
Depreciation & amortization |
28,647 | 13.1 | % | 28,998 | 11.2 | % | 56,718 | 13.2 | % | 50,209 | 11.1 | % | ||||||||||||||||||||
Adjusted EBITDA |
48,994 | 22.4 | % | 57,866 | 22.4 | % | 85,087 | 19.8 | % | 72,465 | 16.0 | % | ||||||||||||||||||||
Pre-opening costs |
| 0.0 | % | 3,246 | 1.3 | % | | 0.0 | % | 18,821 | 4.2 | % | ||||||||||||||||||||
Impairment charges |
| 0.0 | % | | 0.0 | % | | 0.0 | % | 12,031 | 2.7 | % | ||||||||||||||||||||
Other non-cash expenses |
1,504 | 0.7 | % | 1,530 | 0.6 | % | 3,010 | 0.7 | % | 3,060 | 0.7 | % | ||||||||||||||||||||
Stock option expense |
1,641 | 0.8 | % | 1,793 | 0.7 | % | 3,265 | 0.8 | % | 3,319 | 0.7 | % | ||||||||||||||||||||
Other gains and (losses), net |
3,654 | 1.7 | % | (9 | ) | 0.0 | % | 3,504 | 0.8 | % | 50 | 0.0 | % | |||||||||||||||||||
Losses on sales of assets |
3 | 0.0 | % | 80 | 0.0 | % | 55 | 0.0 | % | 112 | 0.0 | % | ||||||||||||||||||||
CCF |
$ | 55,796 | 25.6 | % | $ | 64,506 | 25.0 | % | $ | 94,921 | 22.0 | % | $ | 109,858 | 24.2 | % | ||||||||||||||||
Hospitality segment |
||||||||||||||||||||||||||||||||
Revenue |
$ | 200,505 | 100.0 | % | $ | 233,614 | 100.0 | % | $ | 401,152 | 100.0 | % | $ | 411,558 | 100.0 | % | ||||||||||||||||
Operating income |
32,877 | 16.4 | % | 38,417 | 16.4 | % | 59,028 | 14.7 | % | 58,334 | 14.2 | % | ||||||||||||||||||||
Depreciation & amortization |
24,949 | 12.4 | % | 25,985 | 11.1 | % | 49,538 | 12.3 | % | 44,246 | 10.8 | % | ||||||||||||||||||||
Pre-opening costs |
| 0.0 | % | 3,246 | 1.4 | % | | 0.0 | % | 18,821 | 4.6 | % | ||||||||||||||||||||
Other non-cash expenses |
1,504 | 0.8 | % | 1,530 | 0.7 | % | 3,010 | 0.8 | % | 3,060 | 0.7 | % | ||||||||||||||||||||
Stock option expense |
400 | 0.2 | % | 565 | 0.2 | % | 883 | 0.2 | % | 1,035 | 0.3 | % | ||||||||||||||||||||
Other gains and (losses), net |
| 0.0 | % | 68 | 0.0 | % | (134 | ) | 0.0 | % | 127 | 0.0 | % | |||||||||||||||||||
(Gains) losses on sales of assets |
(9 | ) | 0.0 | % | 3 | 0.0 | % | 27 | 0.0 | % | 35 | 0.0 | % | |||||||||||||||||||
CCF |
$ | 59,721 | 29.8 | % | $ | 69,814 | 29.9 | % | $ | 112,352 | 28.0 | % | $ | 125,658 | 30.5 | % | ||||||||||||||||
Hospitality segment (Same Store exludes Gaylord National) |
||||||||||||||||||||||||||||||||
Revenue |
$ | 138,024 | 100.0 | % | $ | 171,775 | 100.0 | % | $ | 282,580 | 100.0 | % | $ | 349,719 | 100.0 | % | ||||||||||||||||
Operating income |
20,657 | 15.0 | % | 35,694 | 20.8 | % | 39,910 | 14.1 | % | 71,100 | 20.3 | % | ||||||||||||||||||||
Depreciation & amortization |
16,620 | 12.0 | % | 17,818 | 10.4 | % | 33,453 | 11.8 | % | 36,060 | 10.3 | % | ||||||||||||||||||||
Pre-opening costs |
| 0.0 | % | 228 | 0.1 | % | | 0.0 | % | 333 | 0.1 | % | ||||||||||||||||||||
Other non-cash expenses |
1,504 | 1.1 | % | 1,530 | 0.9 | % | 3,010 | 1.1 | % | 3,060 | 0.9 | % | ||||||||||||||||||||
Stock option expense |
328 | 0.2 | % | 412 | 0.2 | % | 713 | 0.3 | % | 882 | 0.3 | % | ||||||||||||||||||||
Other gains and (losses), net |
| 0.0 | % | 68 | 0.0 | % | (134 | ) | 0.0 | % | 127 | 0.0 | % | |||||||||||||||||||
Losses on sales of assets |
(9 | ) | 0.0 | % | 3 | 0.0 | % | 27 | 0.0 | % | 35 | 0.0 | % | |||||||||||||||||||
CCF |
$ | 39,100 | 28.3 | % | $ | 55,753 | 32.5 | % | $ | 76,979 | 27.2 | % | $ | 111,597 | 31.9 | % | ||||||||||||||||
Gaylord National |
||||||||||||||||||||||||||||||||
Revenue |
$ | 62,481 | 100.0 | % | $ | 61,839 | 100.0 | % | $ | 118,572 | 100.0 | % | $ | 61,839 | 100.0 | % | ||||||||||||||||
Operating income (loss) |
12,220 | 19.6 | % | 2,723 | 4.4 | % | 19,118 | 16.1 | % | (12,766 | ) | -20.6 | % | |||||||||||||||||||
Depreciation & amortization |
8,329 | 13.3 | % | 8,167 | 13.2 | % | 16,085 | 13.6 | % | 8,186 | 13.2 | % | ||||||||||||||||||||
Pre-opening costs |
| 0.0 | % | 3,018 | 4.9 | % | | 0.0 | % | 18,488 | 29.9 | % | ||||||||||||||||||||
Stock option expense |
72 | 0.1 | % | 153 | 0.2 | % | 170 | 0.1 | % | 153 | 0.2 | % | ||||||||||||||||||||
Other losses, net |
| 0.0 | % | | 0.0 | % | | 0.0 | % | | 0.0 | % | ||||||||||||||||||||
Losses on sales of assets |
| 0.0 | % | | 0.0 | % | | 0.0 | % | | 0.0 | % | ||||||||||||||||||||
CCF |
$ | 20,621 | 33.0 | % | $ | 14,061 | 22.7 | % | $ | 35,373 | 29.8 | % | $ | 14,061 | 22.7 | % | ||||||||||||||||
Opry and Attractions segment |
||||||||||||||||||||||||||||||||
Revenue |
$ | 17,729 | 100.0 | % | $ | 24,474 | 100.0 | % | $ | 29,373 | 100.0 | % | $ | 41,590 | 100.0 | % | ||||||||||||||||
Operating income (loss) |
2,308 | 13.0 | % | 3,247 | 13.3 | % | (200 | ) | -0.7 | % | 2,203 | 5.3 | % | |||||||||||||||||||
Depreciation & amortization |
1,269 | 7.2 | % | 1,269 | 5.2 | % | 2,383 | 8.1 | % | 2,569 | 6.2 | % | ||||||||||||||||||||
Stock option expense |
64 | 0.4 | % | 63 | 0.3 | % | 150 | 0.5 | % | 141 | 0.3 | % | ||||||||||||||||||||
Other gains and (losses), net |
3,611 | 20.4 | % | (1 | ) | 0.0 | % | 3,611 | 12.3 | % | (1 | ) | 0.0 | % | ||||||||||||||||||
Losses on sales of assets |
| 0.0 | % | 1 | 0.0 | % | | 0.0 | % | 1 | 0.0 | % | ||||||||||||||||||||
CCF |
$ | 7,252 | 40.9 | % | $ | 4,579 | 18.7 | % | $ | 5,944 | 20.2 | % | $ | 4,913 | 11.8 | % | ||||||||||||||||
Corporate and Other segment |
||||||||||||||||||||||||||||||||
Revenue |
$ | 22 | $ | 181 | $ | 50 | $ | 356 | ||||||||||||||||||||||||
Operating loss |
(14,838 | ) | (12,796 | ) | (30,459 | ) | (38,281 | ) | ||||||||||||||||||||||||
Depreciation & amortization |
2,429 | 1,744 | 4,797 | 3,394 | ||||||||||||||||||||||||||||
Impairment charges |
| | | 12,031 | ||||||||||||||||||||||||||||
Stock option expense |
1,177 | 1,165 | 2,232 | 2,143 | ||||||||||||||||||||||||||||
Other gains and (losses), net |
43 | (76 | ) | 27 | (76 | ) | ||||||||||||||||||||||||||
Losses on sales of assets |
12 | 76 | 28 | 76 | ||||||||||||||||||||||||||||
CCF |
$ | (11,177 | ) | $ | (9,887 | ) | $ | (23,375 | ) | $ | (20,713 | ) | ||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
HOSPITALITY OPERATING METRICS: |
||||||||||||||||
Gaylord Hospitality Segment (a) (b) |
||||||||||||||||
Occupancy |
65.4 | % | 73.4 | % | 63.3 | % | 75.1 | % | ||||||||
Average daily rate (ADR) |
$ | 175.66 | $ | 180.03 | $ | 180.14 | $ | 177.26 | ||||||||
RevPAR |
$ | 114.81 | $ | 132.19 | $ | 114.07 | $ | 133.11 | ||||||||
OtherPAR |
$ | 157.40 | $ | 185.55 | $ | 159.73 | $ | 187.12 | ||||||||
Total RevPAR |
$ | 272.21 | $ | 317.74 | $ | 273.80 | $ | 320.23 | ||||||||
Revenue |
$ | 200,505 | $ | 233,614 | $ | 401,152 | $ | 411,558 | ||||||||
CCF |
$ | 59,721 | $ | 69,814 | $ | 112,352 | $ | 125,658 | ||||||||
CCF Margin |
29.8 | % | 29.9 | % | 28.0 | % | 30.5 | % | ||||||||
Gaylord Opryland (a) |
||||||||||||||||
Occupancy |
62.5 | % | 76.4 | % | 60.4 | % | 76.2 | % | ||||||||
Average daily rate (ADR) |
$ | 154.65 | $ | 162.97 | $ | 155.07 | $ | 160.13 | ||||||||
RevPAR |
$ | 96.67 | $ | 124.54 | $ | 93.67 | $ | 122.03 | ||||||||
OtherPAR |
$ | 114.47 | $ | 156.14 | $ | 117.11 | $ | 159.56 | ||||||||
Total RevPAR |
$ | 211.14 | $ | 280.68 | $ | 210.78 | $ | 281.59 | ||||||||
Revenue |
$ | 55,317 | $ | 73,535 | $ | 109,839 | $ | 146,126 | ||||||||
CCF |
$ | 13,569 | $ | 23,088 | $ | 22,858 | $ | 44,460 | ||||||||
CCF Margin |
24.5 | % | 31.4 | % | 20.8 | % | 30.4 | % | ||||||||
Gaylord Palms |
||||||||||||||||
Occupancy |
71.3 | % | 82.2 | % | 70.0 | % | 83.3 | % | ||||||||
Average daily rate (ADR) |
$ | 182.37 | $ | 185.90 | $ | 189.86 | $ | 195.65 | ||||||||
RevPAR |
$ | 129.95 | $ | 152.89 | $ | 132.94 | $ | 163.05 | ||||||||
OtherPAR |
$ | 176.61 | $ | 220.56 | $ | 201.57 | $ | 238.80 | ||||||||
Total RevPAR |
$ | 306.56 | $ | 373.45 | $ | 334.51 | $ | 401.85 | ||||||||
Revenue |
$ | 39,224 | $ | 47,781 | $ | 85,128 | $ | 102,831 | ||||||||
CCF |
$ | 11,937 | $ | 15,960 | $ | 27,918 | $ | 35,922 | ||||||||
CCF Margin |
30.4 | % | 33.4 | % | 32.8 | % | 34.9 | % | ||||||||
Gaylord Texan |
||||||||||||||||
Occupancy |
62.2 | % | 72.2 | % | 61.7 | % | 74.2 | % | ||||||||
Average daily rate (ADR) |
$ | 170.70 | $ | 183.53 | $ | 177.94 | $ | 183.96 | ||||||||
RevPAR |
$ | 106.13 | $ | 132.56 | $ | 109.74 | $ | 136.56 | ||||||||
OtherPAR |
$ | 196.15 | $ | 216.39 | $ | 197.26 | $ | 213.50 | ||||||||
Total RevPAR |
$ | 302.28 | $ | 348.95 | $ | 307.00 | $ | 350.06 | ||||||||
Revenue |
$ | 41,542 | $ | 47,981 | $ | 83,938 | $ | 96,268 | ||||||||
CCF |
$ | 13,030 | $ | 15,868 | $ | 25,398 | $ | 29,924 | ||||||||
CCF Margin |
31.4 | % | 33.1 | % | 30.3 | % | 31.1 | % | ||||||||
Gaylord National (b) |
||||||||||||||||
Occupancy |
67.9 | % | 64.5 | % | 64.9 | % | 64.5 | % | ||||||||
Average daily rate (ADR) |
$ | 213.84 | $ | 212.10 | $ | 219.41 | $ | 212.10 | ||||||||
RevPAR |
$ | 145.25 | $ | 136.85 | $ | 142.31 | $ | 136.85 | ||||||||
OtherPAR |
$ | 198.74 | $ | 206.27 | $ | 185.89 | $ | 206.27 | ||||||||
Total RevPAR |
$ | 343.99 | $ | 343.12 | $ | 328.20 | $ | 343.12 | ||||||||
Revenue |
$ | 62,481 | $ | 61,839 | $ | 118,572 | $ | 61,839 | ||||||||
CCF |
$ | 20,621 | $ | 14,061 | $ | 35,373 | $ | 14,061 | ||||||||
CCF Margin |
33.0 | % | 22.7 | % | 29.8 | % | 22.7 | % | ||||||||
Nashville Radisson and Other (c) |
||||||||||||||||
Occupancy |
64.0 | % | 68.4 | % | 58.1 | % | 65.3 | % | ||||||||
Average daily rate (ADR) |
$ | 93.18 | $ | 112.04 | $ | 96.23 | $ | 105.94 | ||||||||
RevPAR |
$ | 59.64 | $ | 76.62 | $ | 55.89 | $ | 69.14 | ||||||||
OtherPAR |
$ | 10.34 | $ | 15.62 | $ | 10.85 | $ | 14.32 | ||||||||
Total RevPAR |
$ | 69.98 | $ | 92.24 | $ | 66.74 | $ | 83.46 | ||||||||
Revenue |
$ | 1,941 | $ | 2,478 | $ | 3,675 | $ | 4,494 | ||||||||
CCF |
$ | 564 | $ | 837 | $ | 805 | $ | 1,291 | ||||||||
CCF Margin |
29.1 | % | 33.8 | % | 21.9 | % | 28.7 | % | ||||||||
Gaylord Hospitality Segment Same Store (excludes Gaylord National) (a) | ||||||||||||||||
Occupancy |
64.5 | % | 76.3 | % | 62.8 | % | 76.8 | % | ||||||||
Average daily rate (ADR) |
$ | 162.51 | $ | 171.22 | $ | 166.87 | $ | 172.49 | ||||||||
RevPAR |
$ | 104.85 | $ | 130.68 | $ | 104.83 | $ | 132.50 | ||||||||
OtherPAR |
$ | 143.87 | $ | 178.82 | $ | 151.17 | $ | 184.00 | ||||||||
Total RevPAR |
$ | 248.72 | $ | 309.50 | $ | 256.00 | $ | 316.50 | ||||||||
Revenue |
$ | 138,024 | $ | 171,775 | $ | 282,580 | $ | 349,719 | ||||||||
CCF |
$ | 39,100 | $ | 55,753 | $ | 76,979 | $ | 111,597 | ||||||||
CCF Margin |
28.3 | % | 32.5 | % | 27.2 | % | 31.9 | % |
(a) | Excludes 5,171 room nights that were taken out of service during the six months ended June 30, 2008 as a result of the rooms renovation program at Gaylord Opryland. | |
(b) | Excludes 1,408 room nights that were not in service during the three months and six months ended June 30, 2008 as these rooms were not released from construction at the opening of Gaylord National. | |
(c) | Includes other hospitality revenue and expense. |
GUIDANCE RANGE | ||||||||
FULL YEAR 2009 | ||||||||
Low | High | |||||||
Hospitality Segment (same store) |
||||||||
Estimated Operating Income/(Loss) |
$ | 82,500 | $ | 89,750 | ||||
Estimated Depreciation & Amortization |
65,000 | 67,000 | ||||||
Estimated Adjusted EBITDA |
$ | 147,500 | $ | 156,750 | ||||
Estimated Pre-Opening Costs |
0 | 0 | ||||||
Estimated Non-Cash Lease Expense |
5,900 | 6,100 | ||||||
Estimated Stock Option Expense |
1,600 | 2,000 | ||||||
Estimated Gains/(Losses), Net |
0 | 150 | ||||||
Estimated CCF |
$ | 155,000 | $ | 165,000 | ||||
Gaylord National |
||||||||
Estimated Operating Income/(Loss) |
$ | 23,700 | $ | 31,550 | ||||
Estimated Depreciation & Amortization |
31,000 | 33,000 | ||||||
Estimated Adjusted EBITDA |
$ | 54,700 | $ | 64,550 | ||||
Estimated Pre-Opening Costs |
0 | 0 | ||||||
Estimated Stock Option Expense |
300 | 350 | ||||||
Estimated Gains/(Losses), Net |
0 | 100 | ||||||
Estimated CCF |
$ | 55,000 | $ | 65,000 | ||||
Opry and Attractions segment |
||||||||
Estimated Operating Income/(Loss) |
$ | 7,000 | $ | 7,700 | ||||
Estimated Depreciation & Amortization |
4,700 | 4,800 | ||||||
Estimated Adjusted EBITDA |
$ | 11,700 | $ | 12,500 | ||||
Estimated Stock Option Expense |
300 | 450 | ||||||
Estimated Gains/(Losses), Net |
0 | 50 | ||||||
Estimated CCF |
$ | 12,000 | $ | 13,000 | ||||
Corporate and Other segment |
||||||||
Estimated Operating Income/(Loss) |
$ | (58,000 | ) | $ | (53,200 | ) | ||
Estimated Depreciation & Amortization |
9,600 | 9,000 | ||||||
Estimated Adjusted EBITDA |
$ | (48,400 | ) | $ | (44,200 | ) | ||
Estimated Stock Option Expense |
4,400 | 4,000 | ||||||
Estimated Gains/(Losses), Net |
0 | 200 | ||||||
Estimated CCF |
$ | (44,000 | ) | $ | (40,000 | ) | ||