Great Wolf Resorts Provides Preliminary 2011 Results Above Prior Guidance
For the fourth quarter of 2011, the Company expects to report Adjusted EBITDA that will exceed $12.5 million, which was the top end of the Company’s previously-announced earnings guidance, with fourth quarter same store revenue per available room (RevPAR) growth of approximately 8.5 percent.
Great Wolf Resorts, Inc. (NASDAQ: WOLF) updated its preliminary Adjusted EBITDA results for the fourth quarter and full year 2011 as well as providing its preliminary financial guidance for the year ending December 31, 2012.
For the fourth quarter of 2011, the Company expects to report Adjusted EBITDA that will exceed $12.5 million, which was the top end of the Company’s previously-announced earnings guidance, with fourth quarter same store revenue per available room (RevPAR) growth of approximately 8.5 percent. For the full year 2011, the Company expects to report Adjusted EBITDA in excess of $80 million, with full year same store RevPAR growth of approximately 9 percent.
The Company is also introducing preliminary earnings guidance for full year 2012. Based on its current operating outlook, the Company anticipates Adjusted EBITDA to be in the range of $83 million to $89 million, based on same store RevPAR growth of approximately 3 percent to 7 percent. The outlook and earnings guidance information is based on the Company’s current assessment of business conditions, including a forecast of consumer demand and discretionary spending trends. The Company may update any portion of its business outlook at any time as conditions dictate. For a reconciliation of full year 2012 projected net income (loss) to Adjusted EBITDA, see table accompanying this press release.
Kim Schaefer, chief executive officer, commented, “Our operating performance throughout 2011 has been extremely strong, which should result in significantly better results than we had anticipated as we entered the year. Our message of a high-quality, convenient family vacation experience has continued to resonate with value-focused consumers. As we conclude 2011 and look ahead to 2012, with our heightened focus on new customer acquisition and improved year over year bookings, we expect to continue growing the business and increase value for our shareholders.”
| Great Wolf Resorts, Inc. | ||
| Reconciliation of Outlook Financial Information (1) | ||
| (in thousands) | ||
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Year Ending December 31, 2012 |
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| Net loss | $ (15,900) | |
| Adjustments: | ||
| Non-cash employee and director compensation | 2,400 | |
| Depreciation and amortization | 52,600 | |
| Interest expense, net | 45,800 | |
| Equity in income of unconsolidated affiliates | 200 | |
| Noncontrolling interest | 400 | |
| Income tax expense | 500 | |
| Adjusted EBITDA (2) | $ 86,000 | |
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(1) The company's outlook reconciliation uses the mid-point of its estimate of Adjusted EBITDA. |
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(2) See discussion of Adjusted EBITDA located in the "Non-GAAP Financial Measure" section of this press release. |
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