Gaylord Entertainment Posts Bigger 3Q Loss

NASHVILLE, Tenn. (AP) — Gaylord Entertainment Co. on Tuesday posted a wider loss in the third quarter as it recorded an impairment charge and a decline in a key hotel revenue figure.

The hotel and leisure company lost $12.9 million, or 31 cents per share, compared with a loss of $5.5 million, or 14 cents per share, during the same period a year earlier.

Loss from continuing operations was $13.1 million or 32 cents per share, compared with a loss from continuing operations of $6.5 million, or 16 cents per share, last year.

Quarterly results included a $6.6 million impairment charge related to the write-off of goodwill of Corporate Magic, a unit within its Opry & Attractions division. Also included was a $3 million charge for compensation expense related to the surrender of some executives' tax options.

Revenue for the three months ended Sept. 30 dropped 12 percent to $199.1 million from $226.7 million.

Analysts surveyed by Thomson Reuters forecast a loss of 11 cents per share on revenue of $202.4 million. Analysts' estimates typically exclude one-time items.