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Altman Z-Score, Trailing 12 Months: 0.81Altman Z-Score, Last Fiscal Year: 0.82Gaylord Entertainment(GET)
Gaylord Entertainment's Z-Score softened slightly to a reading of 0.81, from 0.82, in the trailing 12 months, indicating the hotel operator has some work to do to move its ranking out of Altman's danger zone.
The Gaylord Opryland Resort and Convention Center in Nashville, Tenn. is its flagship property, and the company also operates hotels in Florida, Texas and Washington.
Gaylord recently announced plans to build an $824 million complex in Aurora, Colo., just outside Denver. The company also intends to build a similar $750 million-plus complex in Mesa, Ariz., near Phoenix, and is looking around for other locations to build potential new sites as Gaylord looks to expand in the western U.S. and capture the market for hosting conventions.
In early May, Gaylord said its first-quarter revenue increased 2.9% to $220.7 million. Net losses widened to $2 million, or 4 cents loss per share, from $1.9 million a year earlier.
RevPar increased 0.5% year-over-year, while Gaylord Opryland revPAR increased 5% and Gaylord Opryland total revPAR increased 10.3%.
Advance group bookings for all future periods were 360,338 room nights, a decrease of 31.2% year-over-year, which may not bode well for the company's full-year 2011 and 2012 results. Even so, Gaylord expects revPAR and occupancy to grow throughout this year, particularly in the second half.