Great Wolf Resorts loss widens, CEO plans to resign

The operator of indoor water-park resorts reported a loss of $2.3 million, or 8 cents per share, compared with a loss of $2 million, or 7 cents per share, in the prior year.

Excluding various resort opening costs and other items, the company reported a profit of $1.2 million, or 4 cents per share, compared with a loss of $2 million, or break-even per share, a year ago.

Analysts polled by Thomson Financial expected a loss of 4 cents per share. Analyst estimates typically exclude one-time items.

Total operating expenses increased to $60.1 million from $49.2 million.

For the period ended March 31, sales surged 32 percent to $64.2 million from $48.5 million to surpass Wall Street's estimate of $61.3 million.

Room revenue jumped to $38.9 million from $28.9 million, while food and beverage sales increased to $10.4 million from $7.8 million.

Great Wolf also said CEO Emery's planned resignation and shift to the private equity sector will allow him to spend more time at his Virginia residence, ending his commute to Great Wolf's Madison, Wis., headquarters. Emery is also expected to step down as a board member.

Great Wolf said it will name Director Randy Churchey as interim CEO.