Great Wolf Results Q4 2011 Financials

Joe Kleiman

12 years ago

Madison, WI, USA (February 22, 2012) /BUSINESS WIRE/ — Great Wolf Resorts, Inc., North America’s largest family of indoor waterpark resorts, reported results today for the fourth quarter ended December 31, 2011.

Fourth Quarter and 2011 Highlights

Adjusted EBITDA increased 15.7 percent to $13.0 million in the fourth quarter from the prior year and 16.7 percent to $80.5 million for the full year.
Same store revenue per available room (RevPAR) increased 6.4 percent and total revenue per available room (Total RevPAR) increased 5.5 percent over the prior year quarter, and same store RevPAR increased 9.3 percent for year ended December 31, 2011 as compared to the year ended December 31, 2010.
Same store occupancy in the fourth quarter increased by 220 basis points and average daily rate (ADR) increased 2.0 percent as compared to the prior year quarter, and for the year same store occupancy increased 360 basis points and ADR increased 3.1 percent.
Improved its net debt to trailing twelve-month Adjusted EBITDA ratio to 5.98 times and eliminated all debt maturities until July 2014.

For the fourth quarter ended December 31, 2011, the Company reported net loss of $(14.4) million, or $(0.46) per share, compared to a net loss of $(29.2) million, or $(0.94) per share, for the same period a year earlier. The year over year improvement was due primarily to the effect of higher overall revenues, along with ongoing expense discipline, as well as the net effect of a non-cash impairment charge recorded in the 2010 fourth quarter.

Kim Schaefer, chief executive officer, commented, “Throughout 2011 we delivered outstanding operating results culminating in our second consecutive year of record Adjusted EBITDA. Our ongoing commitment to providing our guests with a superior experience, combined with the value of a Great Wolf Lodge® getaway, continues to resonate with consumers. During the year we successfully accomplished our goal of attracting an increased number of new guests to our resorts, creating a strong pipeline of potential future repeat visits. We continue to refine our sales and marketing strategies, which combined with enhanced amenities and a stabilizing economy, should result in ongoing growth as we progress through 2012 and beyond.”

Read the full press release on IPM NewsDocs

ABOUT GREAT WOLF RESORTS, INC.

Great Wolf Resorts, Inc.® (NASDAQ: WOLF), Madison, Wis., is North America’s largest family of indoor waterpark resorts, and, through its subsidiaries and affiliates, owns, licenses and/or operates its family resorts under the Great Wolf Lodge® brand. Great Wolf Resorts is a fully integrated resort company with Great Wolf Lodge locations in: Wisconsin Dells, Wis.; Sandusky, Ohio; Traverse City, Mich.; Kansas City, Kan.; Williamsburg, Va.; the Pocono Mountains, Pa.; Niagara Falls, Ontario; Mason, Ohio; Grapevine, Texas; Grand Mound, Wash.; and Concord, N.C.

The Company’s resorts are family-oriented destination facilities that generally feature 300 to 600 rooms and a large indoor entertainment area measuring 40,000 to 100,000 square feet. The all-suite properties offer a variety of room styles, arcade/game rooms, fitness rooms, themed restaurants, spas, supervised children’s activities and other amenities. The Company’s consolidated subsidiary, Creative Kingdoms, LLC, is a developer and operator of technology-based, interactive quest adventure experiences such as MagiQuest®.

Additional information may be found on the Company’s Web site at www.greatwolf.com.

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