Record Same-Store Bookings Highlight Continued Demand and
Strength of Brand -
- Announces $80 Million Stock Buy-Back Program -
Gaylord Entertainment Co. (NYSE: GET) today reported its financial results for the fourth quarter and full-year of 2007.
For the fourth quarter and full-year ended December 31, 2007:
-- Consolidated revenue increased 5.0 percent to $209.1 million
in the fourth quarter of 2007 from $199.1 million in the same
period last year, primarily driven by continued strong
occupancy and increased Average Daily Rate ("ADR") for Gaylord
Hotels. For the full-year 2007, consolidated revenue increased
3.5 percent to $747.7 million.
-- Income from continuing operations was $5.5 million, or $0.13
per share, compared to income from continuing operations of
$7.0 million, or $0.17 per share, in the prior-year quarter.
For the full-year 2007, income from continuing operations was
$102.0 million, or $2.49 per share, compared to $4.8 million
in the full-year 2006, or $0.12 per share.
-- Hospitality segment total revenue increased 4.3 percent to
$188.4 million in the fourth quarter of 2007 compared to
$180.5 million in the prior-year quarter. Hospitality revenue
for the full-year 2007 grew 3.8 percent to $669.7 million.
Gaylord Hotels' revenue per available room(1) ("RevPAR") and
total revenue per available room(2) ("Total RevPAR") increased
2.9 percent and 4.9 percent, respectively, compared to the
fourth quarter of 2006. For the full-year 2007, Gaylord Hotels
achieved RevPAR and Total RevPAR growth of 3.5 percent and 5.1
percent, respectively, compared to 2006.
-- Adjusted EBITDA(3) was $30.2 million in the fourth quarter of
2007 compared to $30.4 million in the prior-year quarter. For
the full-year 2007, Adjusted EBITDA was $120.5 million
compared to $118.7 million in the prior-year.
-- Consolidated Cash Flow(4) ("CCF") increased 11.1 percent to
$40.5 million in the fourth quarter of 2007 compared to $36.5
million in the same period last year. CCF for the full-year
2007 increased by 5.0 percent from 2006 to $151.5 million.
"This was another solid year of growth for Gaylord Entertainment. Our financial performance was the direct result of our continued commitment to building and sustaining the premier hospitality brand in the meetings and convention industry in the country today," said Colin V. Reed, chairman and chief executive officer of Gaylord Entertainment. "Even in the face of challenging economic forecasts, we were gratified to book a record number of advance room nights across our properties, including our soon to be opened Gaylord National. This accomplishment underscores the strength of our operating model."
Reed continued, "We believe that the recent market conditions have unreasonably impacted the market value of our company, which continues to trade at a deep discount relative to the value of our assets and to the strength of our core business. Because of this, our Board of Directors has approved up to an $80 million stock buy-back program, which will deliver more immediate shareholder value."
