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NASHVILLE, Tenn. - Gaylord Entertainment Co. said Thursday it swung to a first-quarter loss because of an impairment charge and increased preopening costs.
| GET | 20.81 |  2.92 |
The lodging company reported a loss of $7.3 million, or 18 cents per share, compared with a profit of $3.5 million, or 8 cents per share, a year earlier.
Loss from continuing operations was $6.8 million, or 17 cents per share, compared with income from continuing operations of $657,000, or 2 cents per share.
Analysts polled by Thomson Financial predicted a loss of 14 cents per share.
Quarterly results included a $12 million impairment charge related to the cancellation of its deal to buy the Westin La Cantera Resort in San Antonio. Preopening costs surged to $15.6 million from $2.9 million in the previous year.
Revenue for the period ending March 31 grew 7 percent to $195.2 million from $182.4 million on banquet revenue at Gaylord Opryland and Gaylord Palms as well as an increased average daily rate at Gaylord hotels.
The results beat Wall Street's estimate of $193.9 million.
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