Ryman Hospitality Properties, Inc. (RHP) has reported a 25.86 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $33.59 million, or $0.66 a share in the quarter, compared with $26.69 million, or $0.52 a share for the same period last year.
Revenue during the quarter grew 7.48 percent to $271.72 million from $252.82 million in the previous year period.
Cost of revenue rose 3.91 percent or $6.44 million during the quarter to $170.90 million. Gross margin for the quarter expanded 216 basis points over the previous year period to 37.10 percent.
Total expenses were $225.15 million for the quarter, up 2.32 percent or $5.10 million from year-ago period. Operating margin for the quarter expanded 418 basis points over the previous year period to 17.14 percent.
Operating income for the quarter was $46.57 million, compared with $32.77 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $83.05 million compared with $71.19 million in the prior year period. At the same time, adjusted EBITDA margin improved 240 basis points in the quarter to 30.56 percent from 28.16 percent in the last year period.
Occupancy revenue was $101.08 million for the quarter, up 8.89 percent or $8.26 million. Food and beverage revenue was $113.10 million during the quarter, up 4.18 percent or $4.54 million from year-ago period. Revenue from other hotel operating activities was $26.83 million for the quarter, up 14.40 percent or $3.38 million from year-ago period.
Other income during the quarter was $30.70 million, up 9.73 percent or $2.72 million from year-ago period.
Colin Reed, chairman and chief executive officer of Ryman Hospitality Properties, said, "We are pleased with the year-over-year results that the Hospitality and Entertainment segments of our business produced in the third quarter, and most notably our 8.9 percent increase in Same-Store RevPAR compared to third quarter 2015. Lastly, we are very excited about our recently announced joint venture that will bring country music's most famous brand to the heart of Times Square in April 2017. Opry City Stage's four-stories of country music entertainment and restaurant dining represents a key piece of our strategy for the growth of the Opry brand as we seek to expand our Entertainment business and promote interest in our Nashville-based assets. We believe this concept has significant long-term growth potential through expansion opportunities in other major metropolitan destinations across the globe, and we look forward to further developing it over the next few years."
Net receivables were at $208.77 million as on Sep. 30, 2016, down 2.16 percent or $4.61 million from year-ago.
Total assets were almost stable over the past one year at $2,375.11 million on Sep. 30, 2016.
Debt moves up marginally
Total debt was at $1,486.84 million as on Sep. 30, 2016, up 1.17 percent or $17.26 million from year-ago. Shareholders equity stood at $350.20 million as on Sep. 30, 2016, down 6.21 percent or $23.20 million from year-ago. As a result, debt to equity ratio went up 31 basis points to 4.25 percent in the quarter.
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