Gaylord Entertainment Company Reports Second Quarter 2012 Results
Gaylord Entertainment Co. (NYSE: GET) today reported its financial results for the second quarter of 2012. Highlights include:
- Consolidated revenue increased 6.9 percent to $253.2 million in the second quarter of 2012 from $236.8 million in the same period last year. Gaylord Hotels total revenue increased 6.8 percent to $233.0 million in the second quarter of 2012 compared to $218.2 million in the prior-year quarter.
- Gaylord Hotels revenue per available room 1 (“RevPAR”) increased 7.5 percent and Gaylord Hotels total revenue per available room 2 (“Total RevPAR”) increased 6.7 percent in the second quarter of 2012, each compared to the second quarter of 2011. Gaylord Hotels Total RevPAR for the second quarter of 2012 included attrition and cancellation fees of $1.7 million collected during the quarter compared to $2.9 million collected in the prior-year quarter.
- Income from continuing operations was $9.0 million, or $0.17 per fully diluted share (based on 53.2 million weighted average shares outstanding) in the second quarter of 2012 compared to income from continuing operations of $8.6 million, or $0.17 per fully diluted share, in the prior-year quarter (based on 50.9 million weighted average shares outstanding). Income from continuing operations for the second quarter 2012 includes $3.4 million in expenses related to the Company’s process of exploring opportunities to unlock shareholder value.
- Adjusted EBITDA 3 increased 2.3 percent to $61.9 million in the second quarter of 2012 compared to $60.5 million in the prior-year quarter.
- Consolidated Cash Flow 4 (“CCF”) increased 2.0 percent to $64.0 million in the second quarter of 2012 compared to $62.8 million in the same period last year. CCF for the second quarter 2012 includes $3.4 million in expenses related to the Company’s process of exploring opportunities to unlock shareholder value.
- Gaylord Hotels gross advance group bookings in the second quarter of 2012 for all future periods were 592,257 room nights, an increase of 45.7 percent compared to the same period last year. Net of attrition and cancellations, advance group bookings in the second quarter of 2012 for all future periods were 486,219 room nights, an increase of 79.1 percent compared to the same period last year.
Colin V. Reed, chairman and chief executive officer of Gaylord Entertainment, stated, “Our business performed well this quarter, highlighted by our strong bookings results and occupancy levels. We booked over 486,000 net room nights in the second quarter, an increase of over 79 percent from the same period last year. On a gross room night basis, we booked over 592,000 room nights, an over 45 percent increase from the second quarter in 2011. This performance is a promising indication that group bookings are continuing to strengthen, and a testament to the value groups and meeting planners recognize in our unique properties and the experience we provide.
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