Gaylord Entertainment Co. (GET) that operates hotels and entertainment venues, Tuesday reported a swing to profit for the first quarter from a loss last year, as revenues grew on higher occupancy and room rates. Both earnings and revenue for the quarter came in ahead of analysts' expectations.
Gaylord Hotels' total revenue per available room (RevPAR), an industry measure of occupancy and room rates, increased 4.9 percent to $306.99 from last year. However, the company believes it is difficult to compare RevPAR growth for the quarter with last year due to impact of the 2011 Super Bowl, which was held in Dallas, Texas. The event was responsible for the higher occupancy and room rates at the Gaylord Texan last year.
Gaylord's consolidated revenues for the first quarter grew 8.2 percent to $238.9 million, while topping analysts' estimate of $234.06 million.
Net income for the first quarter was $6.0 million or $0.12 per share, compared to a loss of $2.0 million or $0.04 per share in the prior-year quarter.
Chief Executive Colin Reed said, "We were pleased with our performance in the first quarter, as increases in ADR and outside-the-room spending contributed to Gaylord Hotels revenue growth of 8.0 percent."
Bookings increased 11.6 percent to 306,000 net room nights for the first quarter from last year. The company's preliminary sales reveals it contracted over 120,000 future group room nights bookings during April, compared to the 53,000 room nights booked in April last year.
"We are also optimistic that the first full year of the "DreamWorks Experience" at each of our properties as well as the first full year in operation of the resort pool attractions at Gaylord Texan and Gaylord Palms will help drive strong transient and leisure business as we progress through 2012," Reed added.
Looking forward, the company lifted Gaylord Hotels' total RevPAR to a range of 3 to 6 percent, from prior estimate of 2 to 5 percent.
GET is currently trading on the NYSE at $34.78, down $0.14 or 0.40%, on a volume of 0.8 million shares.
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