I feel like it's been a long time since I used the word "profit" and "up" in a blog post. These times "profit" is more apt to partner with "lost," "down," or the slightly kinder "struggling." Yet here I am posting two blogs in the same week about rising profits!
Gaylord Entertainment has just posted a first-quarter net income profit of $3.24 million. This compares to a loss of $7.3 million in the same period last year.
If you recall, times were tough recently for Gaylord, a leading hospitality and entertainment company based in Nashville that owns and operates Gaylord Hotels. Though its fourth-quarter earnings in 2008 doubled, its net income for the full year 2008 was $4.6 million, or 11 cents per share, compared to the income of $102 million in the full year 2007. In the fourth quarter and the full year 2008, Gaylord Hotels reported modest declines in RevPAR.
Chairman and CEO Colin V. Reed attributes the company's Q1 success to aggressive cost management and a group-centric business model.