Ryman Hospitality loses money in 4th quarter
Gaylord Opryland owner Ryman loses money in 4th quarter as it pays to convert to REIT
NASHVILLE, Tenn. (AP) -- Ryman Hospitality Properties Inc. lost money in its fourth quarter as it dealt with costs tied to converting itself into a real estate investment trust.
The company, which has completed its transition to a REIT, lost $15 million, or 32 cents per share, for the period ended Dec. 31. In the prior-year period it earned $5.1 million, or 10 cents per share.
Analysts surveyed by FactSet expected earnings of 22 cents per share.
The company paid $44.2 million to convert to a REIT. As part of that move, Ryman handed over management of the day-to-day operations of its Gaylord properties — which include Gaylord Opryland and Gaylord Texan — to Marriott International Inc. in October. This also changed its revenue structure from the retail operations of the hotels. Ryman now receives lease payments rather than full revenue and expenses from that business.
Revenue fell 1 percent to $266.3 million from $269.4 million. Wall Street forecast $282.6 million in revenue. Ryland said Superstorm Sandy, which struck the East Coast in late October, led to cancelled bookings.
Shares of Ryman declined $1.68, or 3.9 percent, to $41.46 in Tuesday morning trading.
The Nashville, Tenn., company's full-year loss was $26.6 million, or 56 cents per share. That compares with a profit of $10.2 million, or 20 cents per share, in 2011. Revenue rose 4 percent to $986.6 million from $952.1 million.
Ryman said that it will give its 2013 outlook at its investor and analyst day on Friday.
