Delaware
|
51-0291762
|
|
(State
or Other Jurisdiction of Incorporation or Organization)
|
(I.R.S.
Employer Identification No.)
|
|
390
Interlocken Crescent, Suite 1000,
Broomfield,
Colorado
|
80021
|
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
(303)
404-1800
|
(Registrant’s
Telephone Number, Including Area
Code)
|
·
|
Part
I – Item 1 – Financial Statements (Consolidated Condensed Statements of
Cash Flows, Note 13 Guarantor Subsidiaries and Non-Guarantor Subsidiaries
– Restated, Note 15 Restatement)
and
|
·
|
Part
I – Item 2 – Management’s Discussion and Analysis of Financial Condition
and Results of Operations (Liquidity and Capital
Resources).
|
Table
of Contents
|
||
PART
I
|
FINANCIAL
INFORMATION
|
|
Item
1.
|
F-1
|
|
Item
2.
|
1
|
|
Item
3.
|
13
|
|
Item
4.
|
13
|
|
PART
II
|
OTHER
INFORMATION
|
|
Item
1.
|
13
|
|
Item
1A.
|
13
|
|
Item
2.
|
13
|
|
Item
3.
|
14
|
|
Item
4.
|
14
|
|
Item
5.
|
14
|
|
Item
6.
|
14
|
PART
I
|
FINANCIAL
INFORMATION
|
|
Item
1.
|
||
F-2
|
||
F-3
|
||
F-4
|
||
F-5
|
||
F-6
|
January
31,
|
July
31,
|
January
31,
|
||||||||||
2007
|
2006
|
2006
|
||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||
Assets
|
||||||||||||
Current
assets:
|
||||||||||||
Cash
and cash equivalents
|
$
|
254,866
|
$
|
191,794
|
$
|
175,541
|
||||||
Restricted
cash
|
26,792
|
20,322
|
23,715
|
|||||||||
Trade
receivables, net
|
43,728
|
35,949
|
39,712
|
|||||||||
Inventories,
net
|
49,825
|
42,278
|
43,977
|
|||||||||
Other
current assets
|
38,918
|
35,631
|
43,909
|
|||||||||
Total
current assets
|
414,129
|
325,974
|
326,854
|
|||||||||
Property,
plant and equipment, net (Note 5)
|
868,185
|
851,112
|
858,200
|
|||||||||
Real
estate held for sale and investment
|
293,219
|
259,384
|
221,048
|
|||||||||
Goodwill,
net
|
135,811
|
135,811
|
135,811
|
|||||||||
Intangible
assets, net
|
73,715
|
75,109
|
77,541
|
|||||||||
Other
assets
|
47,557
|
40,253
|
33,226
|
|||||||||
Total
assets
|
$
|
1,832,616
|
$
|
1,687,643
|
$
|
1,652,680
|
||||||
Liabilities
and Stockholders’ Equity
|
||||||||||||
Current
liabilities:
|
||||||||||||
Accounts
payable and accrued expenses (Note 5)
|
$
|
305,690
|
$
|
230,762
|
$
|
295,092
|
||||||
Income
taxes payable
|
9,103
|
17,517
|
6,324
|
|||||||||
Long-term
debt due within one year (Note 4)
|
440
|
5,915
|
5,673
|
|||||||||
Total
current liabilities
|
315,233
|
254,194
|
307,089
|
|||||||||
Long-term
debt (Note 4)
|
551,866
|
525,313
|
517,638
|
|||||||||
Other
long-term liabilities (Note 5)
|
185,849
|
158,490
|
132,933
|
|||||||||
Deferred
income taxes
|
83,967
|
73,064
|
77,037
|
|||||||||
Commitments
and contingencies (Note 11)
|
||||||||||||
Put
option liabilities (Note 9)
|
1,245
|
1,245
|
--
|
|||||||||
Minority
interest in net assets of consolidated subsidiaries
|
36,035
|
32,560
|
31,345
|
|||||||||
Stockholders’
equity:
|
||||||||||||
Preferred
stock, $0.01 par value, 25,000,000 shares authorized, zero shares
issued
and outstanding
|
--
|
--
|
--
|
|||||||||
Common
stock, $0.01, 100,000,000 shares authorized, 38,802,817 (unaudited),
39,036,282 and 37,965,853 (unaudited) shares issued and outstanding
as of
January 31, 2007, July 31, 2006 and January 31, 2006,
respectively
|
395
|
390
|
380
|
|||||||||
Additional
paid-in capital
|
522,941
|
509,505
|
479,611
|
|||||||||
Retained
earnings
|
160,931
|
143,721
|
106,647
|
|||||||||
Treasury
stock (Note 12)
|
(25,846
|
)
|
(10,839
|
)
|
--
|
|||||||
Total
stockholders’ equity
|
658,421
|
642,777
|
586,638
|
|||||||||
Total
liabilities and stockholders’ equity
|
$
|
1,832,616
|
$
|
1,687,643
|
$
|
1,652,680
|
Three
Months Ended
|
||||||||
January
31,
|
||||||||
2007
|
2006
|
|||||||
Net
revenue:
|
||||||||
Mountain
|
$
|
272,026
|
$
|
246,228
|
||||
Lodging
|
32,796
|
32,079
|
||||||
Real
estate
|
56,216
|
9,709
|
||||||
Total
net revenue
|
361,038
|
288,016
|
||||||
Segment
operating expense:
|
||||||||
Mountain
|
159,871
|
150,666
|
||||||
Lodging
|
30,757
|
32,894
|
||||||
Real
estate
|
50,391
|
6,383
|
||||||
Total
segment operating expense
|
241,019
|
189,943
|
||||||
Other
operating (expense) income:
|
||||||||
Depreciation
and amortization
|
(21,759
|
)
|
(21,431
|
)
|
||||
Relocation
and separation charges (Note 7)
|
(500
|
)
|
--
|
|||||
Mold
remediation credit (Note 11)
|
--
|
852
|
||||||
Loss
on disposal of fixed assets, net
|
(10
|
)
|
(486
|
)
|
||||
Income
from operations
|
97,750
|
77,008
|
||||||
Mountain
equity investment income, net
|
1,496
|
1,455
|
||||||
Real
estate equity investment income
|
--
|
31
|
||||||
Investment
income
|
2,417
|
1,046
|
||||||
Interest
expense, net
|
(7,911
|
)
|
(9,502
|
)
|
||||
Gain
on sale of businesses, net (Note 8)
|
--
|
4,625
|
||||||
Contract
dispute charges (Note 11)
|
(672
|
)
|
--
|
|||||
Gain
on put options (Note 9)
|
--
|
1,026
|
||||||
Other
income, net
|
--
|
51
|
||||||
Minority
interest in income of consolidated subsidiaries, net
|
(6,152
|
)
|
(5,231
|
)
|
||||
Income
before provision for income taxes
|
86,928
|
70,509
|
||||||
Provision
for income taxes
|
(33,902
|
)
|
(27,498
|
)
|
||||
Net
income
|
$
|
53,026
|
$
|
43,011
|
||||
Per
share amounts (Note 3):
|
||||||||
Basic
net income per share
|
$
|
1.37
|
$
|
1.15
|
||||
Diluted
net income per share
|
$
|
1.35
|
$
|
1.12
|
Six
Months Ended
|
||||||||
January
31,
|
||||||||
2007
|
2006
|
|||||||
Net
revenue:
|
||||||||
Mountain
|
$
|
318,189
|
$
|
286,505
|
||||
Lodging
|
73,204
|
73,829
|
||||||
Real
estate
|
83,138
|
13,102
|
||||||
Total
net revenue
|
474,531
|
373,436
|
||||||
Segment
operating expense:
|
||||||||
Mountain
|
239,358
|
222,957
|
||||||
Lodging
|
67,106
|
70,535
|
||||||
Real
estate
|
76,509
|
12,452
|
||||||
Total
segment operating expense
|
382,973
|
305,944
|
||||||
Other
operating (expense) income:
|
||||||||
Depreciation
and amortization
|
(43,344
|
)
|
(40,354
|
)
|
||||
Relocation
and separation charges (Note 7)
|
(1,235
|
)
|
--
|
|||||
Asset
impairment charge
|
--
|
(136
|
)
|
|||||
Mold
remediation credit (Note 11)
|
--
|
852
|
||||||
Loss
on disposal of fixed assets, net
|
(91
|
)
|
(726
|
)
|
||||
Income
from operations
|
46,888
|
27,128
|
||||||
Mountain
equity investment income, net
|
2,331
|
2,305
|
||||||
Real
estate equity investment income
|
--
|
100
|
||||||
Investment
income
|
4,481
|
2,234
|
||||||
Interest
expense, net
|
(16,847
|
)
|
(18,939
|
)
|
||||
Gain
on sale of businesses, net (Note 8)
|
--
|
4,625
|
||||||
Contract
dispute charges (Note 11)
|
(4,276
|
)
|
--
|
|||||
Gain
on put options (Note 9)
|
--
|
34
|
||||||
Other
income, net
|
--
|
51
|
||||||
Minority
interest in income of consolidated subsidiaries, net
|
(4,363
|
)
|
(3,305
|
)
|
||||
Income
before provision for income taxes
|
28,214
|
14,233
|
||||||
Provision
for income taxes
|
(11,004
|
)
|
(5,551
|
)
|
||||
Net
income
|
$
|
17,210
|
$
|
8,682
|
||||
Per
share amounts (Note 3):
|
||||||||
Basic
net income per share
|
$
|
0.44
|
$
|
0.23
|
||||
Diluted
net income per share
|
$
|
0.44
|
$
|
0.23
|
Six
Months Ended
|
||||||||
January
31,
|
||||||||
2007
|
2006
|
|||||||
(as
restated,
|
(as
restated,
|
|||||||
see
Note 15)
|
see
Note 15)
|
|||||||
Net
cash provided by operating activities
|
$
|
108,319
|
$
|
35,521
|
||||
Cash
flows from investing activities:
|
||||||||
Capital
expenditures
|
(62,058
|
)
|
(55,112
|
)
|
||||
Proceeds
from sale of businesses
|
--
|
30,712
|
||||||
Other
investing activities, net
|
354
|
(4,018
|
)
|
|||||
Net
cash used in investing activities
|
(61,704
|
)
|
(28,418
|
)
|
||||
Cash
flows from financing activities:
|
||||||||
Repurchases
of common stock
|
(15,007
|
)
|
--
|
|||||
Proceeds
from borrowings under Non-Recourse Real Estate Financings
|
33,067
|
5,233
|
||||||
Payments
of Non-Recourse Real Estate Financings
|
(1,493
|
)
|
--
|
|||||
Proceeds
from borrowings under other long-term debt
|
48,012
|
20,980
|
||||||
Payments
of other long-term debt
|
(58,508
|
)
|
(24,909
|
)
|
||||
Proceeds
from exercise of stock options
|
6,803
|
27,635
|
||||||
Other
financing activities, net
|
3,583
|
2,919
|
||||||
Net
cash provided by financing activities
|
16,457
|
31,858
|
||||||
Net
increase in cash and cash equivalents
|
63,072
|
38,961
|
||||||
Cash
and cash equivalents:
|
||||||||
Beginning
of period
|
191,794
|
136,580
|
||||||
End
of period
|
$
|
254,866
|
$
|
175,541
|
Three
Months Ended January 31,
|
||||||||||||||||
2007
|
2006
|
|||||||||||||||
Basic
|
Diluted
|
Basic
|
Diluted
|
|||||||||||||
Net
income per share:
|
||||||||||||||||
Net
income
|
$
|
53,026
|
$
|
53,026
|
$
|
43,011
|
$
|
43,011
|
||||||||
Weighted-average
shares outstanding
|
38,753
|
38,753
|
37,467
|
37,467
|
||||||||||||
Effect
of dilutive securities
|
--
|
486
|
--
|
855
|
||||||||||||
Total
shares
|
38,753
|
39,239
|
37,467
|
38,322
|
||||||||||||
Net
income per share
|
$
|
1.37
|
$
|
1.35
|
$
|
1.15
|
$
|
1.12
|
Six
Months Ended January 31,
|
|||||||||||||||
2007
|
2006
|
||||||||||||||
Basic
|
Diluted
|
Basic
|
Diluted
|
||||||||||||
Net
income per share:
|
|||||||||||||||
Net
income
|
$
|
17,210
|
$
|
17,210
|
$
|
8,682
|
$
|
8,682
|
|||||||
Weighted-average
shares outstanding
|
38,734
|
38,734
|
37,133
|
37,133
|
|||||||||||
Effect
of dilutive securities
|
--
|
465
|
--
|
848
|
|||||||||||
Total
shares
|
38,734
|
39,199
|
37,133
|
37,981
|
|||||||||||
Net
income per share
|
$
|
0.44
|
$
|
0.44
|
$
|
0.23
|
$
|
0.23
|
January
31,
|
July
31,
|
January
31,
|
|||||
Maturity
(a)
|
2007
|
2006
|
2006
|
||||
Credit
Facility Revolver
|
2010
|
$
|
--
|
$
|
--
|
$
|
--
|
SSV
Facility
|
2011
|
--
|
6,261
|
6,233
|
|||
Industrial
Development Bonds
|
2009-2020
|
57,700
|
61,700
|
61,700
|
|||
Employee
Housing Bonds
|
2027-2039
|
52,575
|
52,575
|
52,575
|
|||
Non-Recourse
Real Estate Financings (b)
|
2009
|
44,931
|
13,357
|
5,233
|
|||
6.75%
Senior Subordinated Notes ("6.75% Notes")
|
2014
|
390,000
|
390,000
|
390,000
|
|||
Other
|
2007-2029
|
7,100
|
7,335
|
7,570
|
|||
Total
debt
|
552,306
|
531,228
|
523,311
|
||||
Less: Current
maturities (c)
|
440
|
5,915
|
5,673
|
||||
Long-term
debt
|
$
|
551,866
|
$
|
525,313
|
$
|
517,638
|
(a)
|
Maturities
are based on the Company's July 31 fiscal year end.
|
|
|
(b)
|
At
January 31, 2007, Non-Recourse Real Estate Financings consist of
borrowings under the $175 million construction agreement for Arrabelle
at
Vail Square, LLC (“Arrabelle”). At July 31, 2006, Non-Recourse
Real Estate Financings also included borrowings under the $30 million
construction agreement for Gore Creek Place, LLC (“Gore Creek”) which were
paid in full during the six months ended January 31,
2007.
|
(c)
|
Current
maturities represent principal payments due in the next 12
months.
|
Fiscal
2007
|
$
|
175
|
|
Fiscal
2008
|
363
|
||
Fiscal
2009
|
60,197
|
||
Fiscal
2010
|
262
|
||
Fiscal
2011
|
1,738
|
||
Thereafter
|
489,571
|
||
Total
debt
|
$
|
552,306
|
January
31,
|
July
31,
|
January
31,
|
|||||||||||
2007
|
2006
|
2006
|
|||||||||||
Land
and land improvements
|
$
|
247,997
|
$
|
248,941
|
$
|
244,841
|
|||||||
Buildings
and building improvements
|
538,426
|
529,316
|
526,808
|
||||||||||
Machinery
and equipment
|
455,382
|
426,457
|
426,726
|
||||||||||
Vehicles
|
27,121
|
25,671
|
25,436
|
||||||||||
Furniture
and fixtures
|
124,201
|
113,696
|
111,610
|
||||||||||
Construction
in progress
|
41,035
|
39,149
|
21,024
|
||||||||||
Gross
property, plant and equipment
|
1,434,162
|
1,383,230
|
1,356,445
|
||||||||||
Accumulated
depreciation
|
(565,977
|
)
|
(532,118
|
)
|
(498,245
|
)
|
|||||||
Property,
plant and equipment, net
|
$
|
868,185
|
$
|
851,112
|
$
|
858,200
|
January
31,
|
July
31,
|
January
31,
|
|||||||||||
2007
|
2006
|
2006
|
|||||||||||
Trade
payables
|
$
|
103,718
|
$
|
82,599
|
$
|
92,565
|
|||||||
Deferred
revenue
|
66,627
|
30,785
|
62,048
|
||||||||||
Deferred
credits and deposits
|
27,071
|
24,026
|
43,885
|
||||||||||
Accrued
salaries, wages and deferred compensation
|
34,709
|
31,954
|
29,181
|
||||||||||
Accrued
benefits
|
26,704
|
24,538
|
20,011
|
||||||||||
Accrued
interest
|
14,614
|
14,969
|
14,686
|
||||||||||
Liabilities
to complete real estate projects
|
5,262
|
5,951
|
7,575
|
||||||||||
Other
accruals
|
26,985
|
15,940
|
25,141
|
||||||||||
Total
accounts payable and accrued expenses
|
$
|
305,690
|
$
|
230,762
|
$
|
295,092
|
January
31,
|
July
31,
|
January
31,
|
|||||||||||
2007
|
2006
|
2006
|
|||||||||||
Private
club deferred initiation fee revenue
|
$
|
94,110
|
$
|
91,438
|
$
|
90,270
|
|||||||
Deferred
real estate credits
|
62,774
|
54,578
|
33,876
|
||||||||||
Private
club initiation deposits
|
9,330
|
1,308
|
1,253
|
||||||||||
Liabilities
to complete real estate projects
|
6,301
|
550
|
550
|
||||||||||
Other
long-term liabilities
|
13,334
|
10,616
|
6,984
|
||||||||||
Total
other long-term liabilities
|
$
|
185,849
|
$
|
158,490
|
$
|
132,933
|
|
|
|
|
|
|
|
|
Facility,
|
|
|
|
|
|
|
Severance
|
|
|
|
|
|
Employee
|
|
|
|
|
|
|
and
|
|
|
Contact
|
|
|
and
Other
|
|
|
|
|
|
|
Retention
|
|
|
Termination
|
|
|
Relocation
|
|
|
|
|
|
|
Benefits
|
|
|
Costs
|
|
|
Costs
|
|
|
Total
|
|
Balance
at July 31, 2006
|
$
|
873
|
|
$
|
--
|
|
$
|
283
|
|
$
|
1,156
|
|
Relocation
charges
|
|
67
|
|
|
303
|
|
|
865
|
|
|
1,235
|
|
Payments
|
|
(911
|
)
|
|
(106
|
)
|
|
(1,060
|
)
|
|
(2,077
|
)
|
Balance
at January 31, 2007
|
$
|
29
|
|
$
|
197
|
|
$
|
88
|
|
$
|
314
|
|
Supplemental
Condensed Consolidating Balance Sheet
|
||||||||||||||||
As
of January 31, 2007
|
||||||||||||||||
(in
thousands)
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
100%
Owned
|
||||||||||||||||
Parent
|
Guarantor
|
Other
|
Eliminating
|
|||||||||||||
Company
|
Subsidiaries
|
Subsidiaries
|
Entries
|
Consolidated
|
||||||||||||
Current
assets:
|
||||||||||||||||
Cash
and cash equivalents
|
$
|
--
|
$
|
247,083
|
$
|
7,783
|
$
|
--
|
$
|
254,866
|
||||||
Restricted
cash
|
--
|
25,404
|
1,388
|
--
|
26,792
|
|||||||||||
Trade
receivables, net
|
--
|
37,578
|
6,150
|
--
|
43,728
|
|||||||||||
Inventories,
net
|
--
|
9,034
|
40,791
|
--
|
49,825
|
|||||||||||
Other
current assets
|
13,338
|
23,509
|
2,071
|
--
|
38,918
|
|||||||||||
Total
current assets
|
13,338
|
342,608
|
58,183
|
--
|
414,129
|
|||||||||||
Property,
plant and equipment, net
|
--
|
784,486
|
83,699
|
--
|
868,185
|
|||||||||||
Real
estate held for sale and investment
|
--
|
118,917
|
174,302
|
--
|
293,219
|
|||||||||||
Goodwill,
net
|
--
|
118,475
|
17,336
|
--
|
135,811
|
|||||||||||
Intangible
assets, net
|
--
|
57,168
|
16,547
|
--
|
73,715
|
|||||||||||
Other
assets
|
5,001
|
26,948
|
15,608
|
--
|
47,557
|
|||||||||||
Investments
in subsidiaries and advances to (from) parent
|
1,059,064
|
(535,123
|
)
|
(64,043
|
)
|
(459,898
|
)
|
--
|
||||||||
Total
assets
|
$
|
1,077,403
|
$
|
913,479
|
$
|
301,632
|
$
|
(459,898
|
)
|
$
|
1,832,616
|
|||||
Current
liabilities:
|
||||||||||||||||
Accounts
payable and accrued expenses
|
$
|
19,866
|
$
|
231,873
|
$
|
53,951
|
$
|
--
|
$
|
305,690
|
||||||
Income
taxes payable
|
9,103
|
--
|
--
|
--
|
9,103
|
|||||||||||
Long-term
debt due within one year
|
--
|
35
|
405
|
--
|
440
|
|||||||||||
Total
current liabilities
|
28,969
|
231,908
|
54,356
|
--
|
315,233
|
|||||||||||
Long-term
debt
|
390,000
|
57,727
|
104,139
|
--
|
551,866
|
|||||||||||
Other
long-term liabilities
|
13
|
124,415
|
61,421
|
--
|
185,849
|
|||||||||||
Deferred
income taxes
|
--
|
83,946
|
21
|
--
|
83,967
|
|||||||||||
Put
option liabilities
|
--
|
1,245
|
--
|
--
|
1,245
|
|||||||||||
Minority
interest in net assets of consolidated subsidiaries
|
--
|
--
|
36,035
|
--
|
36,035
|
|||||||||||
Total
stockholders' equity
|
658,421
|
414,238
|
45,660
|
(459,898
|
)
|
658,421
|
||||||||||
Total
liabilities and stockholders' equity
|
$
|
1,077,403
|
$
|
913,479
|
$
|
301,632
|
$
|
(459,898
|
)
|
$
|
1,832,616
|
Supplemental
Condensed Consolidating Balance Sheet
|
|||||||||||||||||||||
As
of July 31, 2006
|
|||||||||||||||||||||
(in
thousands)
|
|||||||||||||||||||||
100%
Owned
|
|||||||||||||||||||||
Parent
|
Guarantor
|
Other
|
Eliminating
|
||||||||||||||||||
Company
|
Subsidiaries
|
Subsidiaries
|
Entries
|
Consolidated
|
|||||||||||||||||
Current
assets:
|
|||||||||||||||||||||
Cash
and cash equivalents
|
$
|
--
|
$
|
179,998
|
$
|
11,796
|
$
|
--
|
$
|
191,794
|
|||||||||||
Restricted
cash
|
--
|
14,787
|
5,535
|
--
|
20,322
|
||||||||||||||||
Trade
receivables, net
|
--
|
31,030
|
4,919
|
--
|
35,949
|
||||||||||||||||
Inventories,
net
|
--
|
8,595
|
33,683
|
--
|
42,278
|
||||||||||||||||
Other
current assets
|
11,945
|
21,308
|
2,378
|
--
|
35,631
|
||||||||||||||||
Total
current assets
|
11,945
|
255,718
|
58,311
|
--
|
325,974
|
||||||||||||||||
Property,
plant and equipment, net
|
--
|
782,158
|
68,954
|
--
|
851,112
|
||||||||||||||||
Real
estate held for sale and investment
|
--
|
154,330
|
105,054
|
--
|
259,384
|
||||||||||||||||
Goodwill,
net
|
--
|
118,475
|
17,336
|
--
|
135,811
|
||||||||||||||||
Intangible
assets, net
|
--
|
58,185
|
16,924
|
--
|
75,109
|
||||||||||||||||
Other
assets
|
5,356
|
20,510
|
14,387
|
--
|
40,253
|
||||||||||||||||
Investments
in subsidiaries and advances to (from) parent
|
1,053,209
|
(541,621
|
)
|
(51,690
|
)
|
(459,898
|
)
|
--
|
|||||||||||||
Total
assets
|
$
|
1,070,510
|
$
|
847,755
|
$
|
229,276
|
$
|
(459,898
|
)
|
$
|
1,687,643
|
||||||||||
Current
liabilities:
|
|||||||||||||||||||||
Accounts
payable and accrued expenses
|
$
|
19,857
|
$
|
161,179
|
$
|
49,726
|
$
|
--
|
$
|
230,762
|
|||||||||||
Income
taxes payable
|
17,517
|
--
|
--
|
--
|
17,517
|
||||||||||||||||
Long-term
debt due within one year
|
--
|
4,045
|
1,870
|
--
|
5,915
|
||||||||||||||||
Total
current liabilities
|
37,374
|
165,224
|
51,596
|
--
|
254,194
|
||||||||||||||||
Long-term
debt
|
390,000
|
57,734
|
77,579
|
--
|
525,313
|
||||||||||||||||
Other
long-term liabilities
|
359
|
121,995
|
36,136
|
--
|
158,490
|
||||||||||||||||
Deferred
income taxes
|
--
|
72,919
|
145
|
--
|
73,064
|
||||||||||||||||
Put
option liabilities
|
--
|
1,245
|
--
|
--
|
1,245
|
||||||||||||||||
Minority
interest in net assets of consolidated subsidiaries
|
--
|
13,285
|
19,275
|
--
|
32,560
|
||||||||||||||||
Total
stockholders’ equity
|
642,777
|
415,353
|
44,545
|
(459,898
|
)
|
642,777
|
|||||||||||||||
Total
liabilities and stockholders’ equity
|
$
|
1,070,510
|
$
|
847,755
|
$
|
229,276
|
$
|
(459,898
|
)
|
$
|
1,687,643
|
Supplemental
Condensed Consolidating Balance Sheet
|
|||||||||||||||||||
As
of January 31, 2006
|
|||||||||||||||||||
(in
thousands)
|
|||||||||||||||||||
(Unaudited)
|
|||||||||||||||||||
100%
Owned
|
|||||||||||||||||||
Parent
|
Guarantor
|
Other
|
Eliminating
|
||||||||||||||||
Company
|
Subsidiaries
|
Subsidiaries
|
Entries
|
Consolidated
|
|||||||||||||||
Current
assets:
|
|||||||||||||||||||
Cash
and cash equivalents
|
$
|
--
|
$
|
134,279
|
$
|
41,262
|
$
|
--
|
$
|
175,541
|
|||||||||
Restricted
cash
|
--
|
20,546
|
3,169
|
--
|
23,715
|
||||||||||||||
Receivables,
net
|
--
|
35,038
|
4,674
|
--
|
39,712
|
||||||||||||||
Inventories,
net
|
--
|
8,669
|
35,308
|
--
|
43,977
|
||||||||||||||
Other
current assets
|
12,769
|
24,764
|
6,376
|
--
|
43,909
|
||||||||||||||
Total
current assets
|
12,769
|
223,296
|
90,789
|
--
|
326,854
|
||||||||||||||
Property,
plant and equipment, net
|
--
|
787,860
|
70,340
|
--
|
858,200
|
||||||||||||||
Real
estate held for sale and investment
|
--
|
138,559
|
82,489
|
--
|
221,048
|
||||||||||||||
Goodwill,
net
|
--
|
135,811
|
--
|
--
|
135,811
|
||||||||||||||
Intangible
assets, net
|
--
|
42,902
|
34,639
|
--
|
77,541
|
||||||||||||||
Other
assets
|
5,711
|
16,292
|
11,223
|
--
|
33,226
|
||||||||||||||
Investments
in subsidiaries and advances to (from) parent
|
979,831
|
(449,031
|
)
|
(70,902
|
)
|
(459,898
|
)
|
--
|
|||||||||||
Total
assets
|
$
|
998,311
|
$
|
895,689
|
$
|
218,578
|
$
|
(459,898
|
)
|
$
|
1,652,680
|
||||||||
Current
liabilities:
|
|||||||||||||||||||
Accounts
payable and accrued expenses
|
$
|
14,986
|
$
|
224,339
|
$
|
55,767
|
$
|
--
|
$
|
295,092
|
|||||||||
Income
taxes payable
|
6,324
|
--
|
--
|
--
|
6,324
|
||||||||||||||
Long-term
debt due within one year
|
--
|
4,044
|
1,629
|
--
|
5,673
|
||||||||||||||
Total
current liabilities
|
21,310
|
228,383
|
57,396
|
--
|
307,089
|
||||||||||||||
Long-term
debt
|
390,000
|
57,767
|
69,871
|
--
|
517,638
|
||||||||||||||
Other
long-term liabilities
|
363
|
98,648
|
33,922
|
--
|
132,933
|
||||||||||||||
Deferred
income taxes
|
--
|
76,770
|
267
|
--
|
77,037
|
||||||||||||||
Minority
interest in net assets of consolidated subsidiaries
|
--
|
--
|
31,345
|
--
|
31,345
|
||||||||||||||
Total
stockholders' equity
|
586,638
|
434,121
|
25,777
|
(459,898
|
)
|
586,638
|
|||||||||||||
Total
liabilities and stockholders' equity
|
$
|
998,311
|
$
|
895,689
|
$
|
218,578
|
$
|
(459,898
|
)
|
$
|
1,652,680
|
Supplemental
Condensed Consolidating Statement of
Operations
|
|||||||||||||||||||
For
the three months ended January 31, 2007
|
|||||||||||||||||||
(in
thousands)
|
|||||||||||||||||||
(Unaudited)
|
|||||||||||||||||||
100%
Owned
|
|||||||||||||||||||
Parent
|
Guarantor
|
Other
|
Eliminating
|
||||||||||||||||
Company
|
Subsidiaries
|
Subsidiaries
|
Entries
|
Consolidated
|
|||||||||||||||
Total
net revenue
|
$
|
--
|
$
|
259,244
|
$
|
104,346
|
$
|
(2,552
|
)
|
$
|
361,038
|
||||||||
Total
operating expense
|
4,584
|
181,996
|
79,260
|
(2,552
|
)
|
263,288
|
|||||||||||||
(Loss)
income from operations
|
(4,584
|
)
|
77,248
|
25,086
|
--
|
97,750
|
|||||||||||||
Other
expense, net
|
(6,751
|
)
|
1,584
|
(999
|
)
|
--
|
(6,166
|
)
|
|||||||||||
Equity
investment income, net
|
--
|
1,496
|
--
|
--
|
1,496
|
||||||||||||||
Minority
interest in income of
consolidated
subsidiaries, net
|
--
|
--
|
(6,152
|
)
|
--
|
(6,152
|
)
|
||||||||||||
(Loss)
income before income taxes
|
(11,335
|
)
|
80,328
|
17,935
|
--
|
86,928
|
|||||||||||||
Benefit
(provision) for income taxes
|
4,420
|
(38,400
|
)
|
78
|
--
|
(33,902
|
)
|
||||||||||||
Net
(loss) income before equity in income
|
|||||||||||||||||||
(loss)
of consolidated subsidiaries
|
(6,915
|
)
|
41,928
|
18,013
|
--
|
53,026
|
|||||||||||||
Equity
in income (loss) of
consolidated
subsidiaries
|
59,941
|
--
|
--
|
(59,941
|
)
|
--
|
|||||||||||||
Net
income (loss)
|
$
|
53,026
|
$
|
41,928
|
$
|
18,013
|
$
|
(59,941
|
)
|
$
|
53,026
|
Supplemental
Condensed Consolidating Statement of
Operations
|
|||||||||||||||||||
For
the three months ended January 31, 2006
|
|||||||||||||||||||
(in
thousands)
|
|||||||||||||||||||
(Unaudited)
|
|||||||||||||||||||
100%
Owned
|
|||||||||||||||||||
Parent
|
Guarantor
|
Other
|
Eliminating
|
||||||||||||||||
Company
|
Subsidiaries
|
Subsidiaries
|
Entries
|
Consolidated
|
|||||||||||||||
Total
net revenue
|
$
|
--
|
$
|
226,506
|
$
|
63,570
|
$
|
(2,060
|
)
|
$
|
288,016
|
||||||||
Total
operating expense
|
4,082
|
160,439
|
48,547
|
(2,060
|
)
|
211,008
|
|||||||||||||
(Loss)
income from operations
|
(4,082
|
)
|
66,067
|
15,023
|
--
|
77,008
|
|||||||||||||
Other
expense, net
|
(6,872
|
)
|
(722
|
)
|
(811
|
)
|
--
|
(8,405
|
)
|
||||||||||
Equity
investment income, net
|
--
|
1,486
|
--
|
--
|
1,486
|
||||||||||||||
Gain
on sale of businesses, net
|
--
|
4,625
|
--
|
--
|
4,625
|
||||||||||||||
Gain
on put options
|
--
|
1,026
|
--
|
--
|
1,026
|
||||||||||||||
Minority
interest in income of
consolidated
subsidiaries, net
|
--
|
--
|
(5,231
|
)
|
--
|
(5,231
|
)
|
||||||||||||
(Loss)
income before income taxes
|
(10,954
|
)
|
72,482
|
8,981
|
--
|
70,509
|
|||||||||||||
Benefit
(provision) for income taxes
|
4,272
|
(31,831
|
)
|
61
|
--
|
(27,498
|
)
|
||||||||||||
Net
(loss) income before equity in income
|
|||||||||||||||||||
(loss)
of consolidated subsidiaries
|
(6,682)
|
40,651
|
9,042
|
--
|
43,011
|
||||||||||||||
Equity
in income (loss) of
consolidated
subsidiaries
|
49,691
|
--
|
--
|
(49,691
|
)
|
--
|
|||||||||||||
Net
income (loss)
|
$
|
43,009
|
$
|
40,651
|
$
|
9,042
|
$
|
(49,691
|
)
|
$
|
43,011
|