Courtesy of Benzinga.
Gaylord Entertainment Co. (NYSE: GET) today announced preliminary results for the quarter ended March 31, 2012. Consolidated revenues increased an estimated 8.2 percent to approximately $238.9 million in the first quarter of 2012 and Gaylord Hotels total revenues increased an estimated 8.0 percent to approximately $226.0 million in the first quarter of 2012 compared to the first quarter of 2011. Gaylord Hotels revenue per available room1 (“RevPAR”) increased an estimated 3.8 percent and Gaylord Hotels total revenue per available room2 (“Total RevPAR”) increased an estimated 4.9 percent in the first quarter of 2012 compared to the first quarter of 2011. Income from continuing operations was approximately $6.0 million, or $0.12 per diluted share (based on 50.1 million weighted average shares outstanding) in the first quarter of 2012. Consolidated Cash Flow3 (“CCF”) increased an estimated 23.0 percent to approximately $56.6 million in the first quarter of 2012 compared to the prior-year quarter. Gaylord Hotels CCF increased an estimated 24.3 percent in the first quarter of 2012 to approximately $70.2 million compared to the prior-year quarter. Gaylord Hotels CCF Margin3 increased an estimated 410 basis points to approximately 31.1 percent in the first quarter of 2012 compared to the same period last year.
Gaylord Hotels gross advance group bookings in the first quarter of 2012 for all future periods were approximately 372,000 room nights, an increase of 3.3 percent compared to the same period last year. Net of attrition and cancellations, advance group bookings in the first quarter of 2012 for all future periods were approximately 306,000 room nights, an increase of approximately 11.6 percent compared to the same period last year.
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