| 2 percent, on the Big Board 2 million, or 12 cents a share, in last year's second quarter 9 million
Gaylord stock at $19
Gaylord shares closed Monday at $20 11, valuing each ResortQuest share at $5 Gaylord Entertainment to Buy ResortQuest
Aug 5, 9:29 AM EST
Gaylord Entertainment Co
Net income declined to $1
Gaylord is swapping 0
The acquisition is expected to close in early 2004 3 million, or 7 cents a share, from $2 , has a national online-booking service for vacation condominiums and home rentals 275 of its shares for each share of ResortQuest 10
Shares of ResortQuest were up 7 cents at $5
Separately, ResortQuest said Tuesday its second-quarter net income fell 42 percent from a year ago, despite revenue per available unit rising 3
Total revenue decreased to $39
Gaylord said the deal will add about $2 million to its 2004 EBITDA and add about $5 million to 2005 EBITDA, or earnings before interest, taxes, depreciation, amortization, pre-opening expense, non-cash lease and naming rights agreement expenses, as well as other items
ResortQuest, which is based in Destin, Fla 8 percent 17 in Tuesday morning trading on the New York Stock Exchange for about $102 million in stock , the Nashville-based operator of attractions including the Grand Ole Opry, said Tuesday it has agreed to acquire ResortQuest International Inc 4 percent over their Monday closing price of $5 26, down 85 cents, or 4 4 million from $39 Income for the latest period includes a relocation expense of $366,000
ResortQuest will continue to operate as a separate brand led by its chief executive, Jim Olin, and the company's existing senior management team 53, a premium of 8
Gaylord is also assuming $71 million in ResortQuest senior debt and $3 million in unrestricted cash
Gaylord said it expects the acquisition to transform it into a multi-product hospitality company
Analysts surveyed by Thomson First Call had anticipated second-quarter earnings of about 8 cents a share |