For the month of October, same-store total hospitality revenue declined 1.2 percent from the same month last year, to $61.0 million
Gaylord Entertainment Co. (NYSE: GET) reported its operating results for October 2008 and preliminary revenue results for November. During this two month reporting period the Company's hotels experienced group attendance below prior year volumes while transient volumes were higher than the prior year.
• For the month of October, same-store total hospitality revenue declined a modest 1.2 percent from the same month last year, to $61.0 million.
• Same-store hospitality segment Consolidated Cash Flow(1) ('CCF') for October 2008 also declined from the same period last year to $21.0 million, down 1.6 percent. October operating income for the same-store hospitality segment was $14.4 million.
• Gaylord National total revenues for October 2008 were $22.8 million with occupancy of 70.4 percent. Gaylord National reported CCF of $6.0 million for the month of October 2008. Operating income for the month was $3.1 million.
• Preliminary results for November 2008 indicate that same-store total hospitality revenue declined 5.4 percent from the same period last year to $54.9 million.
• Preliminary November total revenue results for Gaylord National were $16.2 million.
October and November performance is consistent with the expectations reflected in the guidance previously provided on the Company's November 5th earnings call. Gaylord Entertainment will continue to provide periodic financial performance updates as changes in business conditions warrant.
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