The company, preparing to be acquired by Nashville-based Gaylord Entertainment Co., logged revenue of $48.4 million compared to $48.9 million in second quarter 2002.
Earnings before interest, taxes, depreciation and amortization totaled $5.9 million. Last year at this time, the figure was $6.5 million. The company, formerly based in Memphis, TN, showed some highlights, however. Revenue per available unit increased 3.8% compared to second quarter 2002. The first quarter experienced an 8.1% decline compared to last year's same period. The overall average daily rate rose 6.8% to $146.96 versus $137.55 in the same 2002 period. The first quarter of this year showed a 2.1% increase in the average daily rate.
"As anticipated, our business experienced a rebound in the second quarter after a challenging first quarter," says ResortQuest president and CEO Jim Olin. "Our strategy of increasing our focus on the drive-to markets is paying off and we are seeing solid performance in these markets as progress through the summer months."
A specific closing date hasn't been set for Gaylord's $177 million stock-for-stock acquisition of ResortQuest, Olin says. The purchase price includes about $68 million of ResortQuest net debt ($71 million in senior debt and $3 million in unrestricted cash).
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