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Gaylord Entertainment Second Quarter 2012 Preliminary Results

1The Company calculates revenue per available room (“RevPAR”) for its hotels by dividing room sales by room nights available to guests for the period.

2The Company calculates total revenue per available room (“Total RevPAR”) for its hotels by dividing the sum of room sales, food & beverage, and other ancillary services revenue by room nights available to guests for the period.

3Consolidated Cash Flow (which is used in this release as that term is defined in the Indentures governing the Company’s 6.75 percent senior notes) is a non-GAAP financial measure which represents operating income, excluding the impact of depreciation, amortization, preopening costs, the non-cash portion of the Florida ground lease expense, stock option expense, the non-cash gains and losses on the disposal of certain fixed assets, and adds (subtracts) other gains (losses). The Consolidated Cash Flow measure is one of the principal tools used by management in evaluating the operating performance of the Company’s business and represents the method by which the Indentures calculate whether or not the Company can incur additional indebtedness (for instance in order to incur certain additional indebtedness, Consolidated Cash Flow for the most recent four fiscal quarters as a ratio to debt service must be at least 2 to 1). The calculation of these amounts as well as a reconciliation of those amounts to net income or segment operating income (loss) is attached as part of this press release. CCF Margin is defined as CCF divided by revenue.

                           
 
GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES
PRELIMINARY FINANCIAL RESULTS RECONCILIATION
Unaudited
(in thousands, except operating metrics)
 
 
Consolidated Cash Flow ("CCF") reconciliation - preliminary: Three Months Ended Jun. 30,
2012 2011
$       Margin $       Margin

Consolidated

Revenue $ 253,229 100.0 % $ 236,775 100.0 %
 
Net income (loss) $ 8,954 3.5 % $ 8,637 3.6 %
(Income) loss from discontinued operations, net of taxes 19 0.0 % (4 ) 0.0 %
Provision for income taxes 11,314 4.5 % 4,799 2.0 %
Other (gains) and losses, net - 0.0 % (141 ) -0.1 %
Income from unconsolidated companies (109 ) 0.0 % (152 ) -0.1 %
Interest expense, net   11,430       4.5 %   18,061       7.6 %
Operating income 31,608 12.5 % 31,200 13.2 %
Depreciation & amortization   30,254       11.9 %   29,271       12.4 %
Adjusted EBITDA 61,862 24.4 % 60,471 25.5 %
Preopening costs 8 0.0 % 41 0.0 %
Other non-cash expenses 1,426 0.6 % 1,453 0.6 %
Stock option expense 749 0.3 % 798 0.3 %
Other gains and (losses), net - 0.0 % 141 0.1 %
(Gain) loss on sales of assets   -       0.0 %   (141 )     -0.1 %
CCF $ 64,045       25.3 % $ 62,763       26.5 %
 

Hospitality segment

Revenue $ 233,047 100.0 % $ 218,173 100.0 %
Operating income 46,415 19.9 % 41,672 19.1 %
Depreciation & amortization 26,346 11.3 % 25,291 11.6 %
Preopening costs 8 0.0 % 41 0.0 %
Other non-cash expenses 1,426 0.6 % 1,453 0.7 %
Stock option expense 185 0.1 % 252 0.1 %
Other gains and (losses), net - 0.0 % 138 0.1 %
(Gain) loss on sales of assets   -       0.0 %   (138 )     -0.1 %
CCF $ 74,380       31.9 % $ 68,709       31.5 %
 
 




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