UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
|
||||||
FORM
10-Q/A
AMENDMENT
No. 1
|
||||||
x
QUARTERLY REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF
1934
|
||||||
For
the quarterly period ended October 31, 2006
|
||||||
¨
TRANSITION REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF
1934
|
||||||
For
the transition period
from to
|
||||||
Commission
File Number: 1-9614
|
||||||
Vail
Resorts, Inc.
|
||||||
(Exact
Name of Registrant as Specified in Its Charter)
|
||||||
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)
|
||||||
Indicate
by check mark whether the registrant: (1) has filed all reports
required
to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934
during the preceding 12 months (or for such shorter period that
the
registrant was required to file such reports), and (2) has been
subject to
such filing requirements for the past 90 days.
|
||||||
x Yes ¨ No
|
||||||
Indicate
by check mark whether the registrant is a large accelerated filer,
an
accelerated filer, or a non-accelerated filer. See definition
of “accelerated filer and large accelerated filer” in Rule 12b-2 of the
Exchange Act.
|
||||||
Large
accelerated filer x Accelerated
filer ¨ Non-accelerated
filer ¨
|
||||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). | ||||||
¨ Yes x No
|
||||||
As of December 5, 2006, 38,745,330 shares of the registrant’s common stock were outstanding. |
·
|
Part
I – Item 1 – Financial Statements (Consolidated Statements of Cash Flows,
Note 12 Guarantor Subsidiaries and Non-Guarantor Subsidiaries – Restated,
Note 13 Restatement) and
|
·
|
Part
I – Item 2 – Management’s Discussion and Analysis of Financial Condition
and Results of Operations (Liquidity and Capital
Resources).
|
PART
I
|
FINANCIAL
INFORMATION
|
|
Item
1.
|
F-1
|
|
Item
2.
|
1
|
|
Item
3.
|
10
|
|
Item
4.
|
11
|
|
PART
II
|
OTHER
INFORMATION
|
|
Item
1.
|
11
|
|
Item
1A.
|
11
|
|
Item
2.
|
11
|
|
Item
3.
|
12
|
|
Item
4.
|
12
|
|
Item
5.
|
12
|
|
Item
6.
|
12
|
PART
I
|
FINANCIAL
INFORMATION
|
|
Item
1.
|
||
F-2
|
||
F-3
|
||
F-4
|
||
F-5
|
Consolidated
Condensed Balance Sheets
|
||||||||||||
(In
thousands, except share and per share amounts)
|
||||||||||||
October
31,
|
July
31,
|
October
31,
|
||||||||||
2006
|
2006
|
2005
|
||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||
Assets
|
||||||||||||
Current
assets:
|
||||||||||||
Cash
and cash equivalents
|
$
|
117,311
|
$
|
191,794
|
$
|
58,692
|
||||||
Restricted
cash
|
20,354
|
20,322
|
17,400
|
|||||||||
Trade
receivables, net
|
27,532
|
35,949
|
25,458
|
|||||||||
Inventories,
net
|
56,623
|
42,278
|
50,571
|
|||||||||
Other
current assets
|
39,082
|
35,631
|
42,258
|
|||||||||
Assets
held for sale
|
--
|
--
|
26,857
|
|||||||||
Total
current assets
|
260,902
|
325,974
|
221,236
|
|||||||||
Property,
plant and equipment, net (Note 5)
|
856,502
|
851,112
|
857,960
|
|||||||||
Real
estate held for sale and investment
|
301,781
|
259,384
|
194,697
|
|||||||||
Goodwill,
net
|
135,811
|
135,811
|
135,507
|
|||||||||
Intangible
assets, net
|
74,252
|
75,109
|
77,642
|
|||||||||
Other
assets
|
45,737
|
40,253
|
32,762
|
|||||||||
Total
assets
|
$
|
1,674,985
|
$
|
1,687,643
|
$
|
1,519,804
|
||||||
Liabilities
and Stockholders' Equity
|
||||||||||||
Current
liabilities:
|
||||||||||||
Accounts
payable and accrued expenses (Note 5)
|
$
|
268,490
|
$
|
230,762
|
$
|
246,801
|
||||||
Income
taxes payable
|
14,986
|
17,517
|
12,191
|
|||||||||
Long-term
debt due within one year (Note 4)
|
430
|
5,915
|
6,128
|
|||||||||
Total
current liabilities
|
283,906
|
254,194
|
265,120
|
|||||||||
Long-term
debt (Note 4)
|
542,990
|
525,313
|
524,174
|
|||||||||
Other
long-term liabilities
|
165,746
|
158,490
|
133,140
|
|||||||||
Deferred
income taxes
|
46,959
|
73,064
|
49,741
|
|||||||||
Commitments
and contingencies (Note 10)
|
||||||||||||
Put
option liabilities (Note 8)
|
1,245
|
1,245
|
1,026
|
|||||||||
Minority
interest in net assets of consolidated subsidiaries
|
29,835
|
32,560
|
26,659
|
|||||||||
Stockholders'
equity:
|
||||||||||||
Preferred
stock, $0.01 par value, 25,000,000 shares authorized, zero shares
issued
and outstanding
|
--
|
--
|
--
|
|||||||||
Common
stock, $0.01 par value, 100,000,000 shares authorized, 39,210,917
(unaudited), 39,036,282 and 37,166,504 (unaudited) shares issued
as of
October 31, 2006, July 31, 2006 and October 31, 2005,
respectively
|
392
|
390
|
372
|
|||||||||
Additional
paid-in capital
|
514,345
|
509,505
|
455,935
|
|||||||||
Retained
earnings
|
107,906
|
143,721
|
63,637
|
|||||||||
Treasury
stock (Note 11)
|
(18,339
|
)
|
(10,839
|
)
|
--
|
|||||||
Total
stockholders' equity
|
604,304
|
642,777
|
519,944
|
|||||||||
Total
liabilities and stockholders' equity
|
$
|
1,674,985
|
$
|
1,687,643
|
$
|
1,519,804
|
Consolidated
Condensed Statements of Operations
|
|||||||||
(In
thousands, except per share amounts)
|
|||||||||
(Unaudited)
|
|||||||||
Three
Months Ended
|
|||||||||
October
31,
|
|||||||||
2006
|
2005
|
||||||||
Net
revenue:
|
|||||||||
Mountain
|
$
|
46,164
|
$
|
40,277
|
|||||
Lodging
|
40,408
|
41,750
|
|||||||
Real
estate
|
26,922
|
3,393
|
|||||||
Total
net revenue
|
113,494
|
85,420
|
|||||||
Segment
operating expense:
|
|||||||||
Mountain
|
79,487
|
72,291
|
|||||||
Lodging
|
36,349
|
37,641
|
|||||||
Real
estate
|
26,118
|
6,069
|
|||||||
Total
segment operating expense
|
141,954
|
116,001
|
|||||||
Other
operating expense:
|
|||||||||
Depreciation
and amortization
|
(21,585
|
)
|
(18,923
|
)
|
|||||
Relocation
and separation charges (Note 7)
|
(735
|
)
|
--
|
||||||
Asset
impairment charges
|
--
|
(136
|
)
|
||||||
Loss
on disposal of fixed assets, net
|
(81
|
)
|
(240
|
)
|
|||||
Loss
from operations
|
(50,861
|
)
|
(49,880
|
)
|
|||||
Mountain
equity investment income, net
|
835
|
850
|
|||||||
Real
estate equity investment income, net
|
--
|
69
|
|||||||
Investment
income, net
|
2,063
|
1,188
|
|||||||
Interest
expense, net
|
(8,936
|
)
|
(9,437
|
)
|
|||||
Contract
dispute charges (Note 10)
|
(3,605
|
)
|
--
|
||||||
Loss
on put options, net (Note 8)
|
--
|
(992
|
)
|
||||||
Minority
interest in loss of consolidated subsidiaries, net
|
1,790
|
1,926
|
|||||||
Loss
before benefit from income taxes
|
(58,714
|
)
|
(56,276
|
)
|
|||||
Benefit
from income taxes
|
22,899
|
21,947
|
|||||||
Net
loss
|
$
|
(35,815
|
)
|
$
|
(34,329
|
)
|
|||
Per
share amounts (Note 3):
|
|||||||||
Basic
net loss per share
|
$
|
(0.93
|
)
|
$
|
(0.93
|
)
|
|||
Diluted
net loss per share
|
$
|
(0.93
|
)
|
$
|
(0.93
|
)
|
Consolidated
Condensed Statements of Cash Flows
|
|||||||||
(In
thousands)
|
|||||||||
(Unaudited)
|
|||||||||
Three
Months Ended
|
|||||||||
October
31,
|
|||||||||
2006
|
2005
|
||||||||
(as
restated,
|
(as
restated,
|
||||||||
see
Note 13)
|
see
Note 13)
|
||||||||
Net
cash used in operating activities
|
$
|
(52,760
|
)
|
$
|
(61,194
|
)
|
|||
Cash
flows from investing activities:
|
|||||||||
Capital
expenditures
|
(28,558
|
)
|
(32,448
|
)
|
|||||
Other
investing activities, net
|
89
|
(3,953
|
)
|
||||||
Net
cash used in investing activities
|
(28,469
|
)
|
(36,401
|
)
|
|||||
Cash
flows from financing activities:
|
|||||||||
Repurchases
of common stock
|
(7,500
|
)
|
--
|
||||||
Proceeds
from borrowings under long-term debt
|
42,039
|
18,887
|
|||||||
Payments
of long-term debt
|
(29,847
|
)
|
(10,303
|
)
|
|||||
Proceeds
from exercise of stock options
|
2,324
|
11,502
|
|||||||
Other
financing activities, net
|
(270
|
)
|
(379
|
)
|
|||||
Net
cash provided by financing activities
|
6,746
|
19,707
|
|||||||
Net
decrease in cash and cash equivalents
|
(74,483
|
)
|
(77,888
|
)
|
|||||
Cash
and cash equivalents:
|
|||||||||
Beginning
of period
|
191,794
|
136,580
|
|||||||
End
of period
|
$
|
117,311
|
$
|
58,692
|
Three
Months Ended October 31,
|
|||||||||||||||
2006
|
2005
|
||||||||||||||
Basic
|
Diluted
|
Basic
|
Diluted
|
||||||||||||
Net
loss per common share:
|
|||||||||||||||
Net
loss
|
$
|
(35,815
|
)
|
$
|
(35,815
|
)
|
$
|
(34,329
|
)
|
$
|
(34,329
|
)
|
|||
Weighted-average
shares outstanding
|
38,715
|
38,715
|
36,790
|
36,790
|
|||||||||||
Effect
of dilutive securities
|
--
|
--
|
--
|
--
|
|||||||||||
Total
shares
|
38,715
|
38,715
|
36,790
|
36,790
|
|||||||||||
Net
loss per common share
|
$
|
(0.93
|
)
|
$
|
(0.93
|
)
|
$
|
(0.93
|
)
|
$
|
(0.93
|
)
|
October
31,
|
July
31,
|
October
31,
|
|||||
Maturity
(a)
|
2006
|
2006
|
2005
|
||||
Credit
Facility Revolver
|
2010
|
$
|
--
|
$
|
--
|
$
|
--
|
SSV
Facility
|
2011
|
--
|
6,261
|
17,785
|
|||
Industrial
Development Bonds
|
2007-2020
|
57,700
|
61,700
|
61,700
|
|||
Employee
Housing Bonds
|
2027-2039
|
52,575
|
52,575
|
52,575
|
|||
Non-Recourse
Real Estate Financings (b)
|
2009
|
35,970
|
13,357
|
382
|
|||
6.75%
Senior Subordinated Notes ("6.75% Notes")
|
2014
|
390,000
|
390,000
|
390,000
|
|||
Other
|
2007-2029
|
7,175
|
7,335
|
7,860
|
|||
Total
debt
|
543,420
|
531,228
|
530,302
|
||||
Less: Current
maturities (c)
|
430
|
5,915
|
6,128
|
||||
Long-term
debt
|
$
|
542,990
|
$
|
525,313
|
$
|
524,174
|
(a)
|
Maturities
are based on the Company's July 31 fiscal year
end.
|
(b)
|
At
October 31, 2006 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 three months ended October 31,
2006.
|
(c)
|
Current
maturities represent principal payments due in the next 12
months.
|
Fiscal
2007
|
$
|
270
|
|
Fiscal
2008
|
344
|
||
Fiscal
2009
|
51,235
|
||
Fiscal
2010
|
262
|
||
Fiscal
2011
|
1,738
|
||
Thereafter
|
489,571
|
||
Total
debt
|
$
|
543,420
|
October
31,
|
July
31,
|
October
31,
|
||||||||
2006
|
2006
|
2005
|
||||||||
Land
and land improvements
|
$
|
244,786
|
$
|
248,941
|
$
|
236,441
|
||||
Buildings
and building improvements
|
531,829
|
529,316
|
506,281
|
|||||||
Machinery
and equipment
|
426,886
|
426,457
|
396,705
|
|||||||
Vehicles
|
25,502
|
25,671
|
24,867
|
|||||||
Furniture
and fixtures
|
117,574
|
113,696
|
101,743
|
|||||||
Construction
in progress
|
57,678
|
39,149
|
75,064
|
|||||||
Gross
property, plant and equipment
|
1,404,255
|
1,383,230
|
1,341,101
|
|||||||
Accumulated
depreciation
|
(547,753
|
)
|
(532,118
|
)
|
(483,141
|
)
|
||||
Property,
plant and equipment, net
|
$
|
856,502
|
$
|
851,112
|
$
|
857,960
|
October
31,
|
July
31,
|
October
31,
|
||||||||||
2006
|
2006
|
2005
|
||||||||||
Trade
payables
|
$
|
103,975
|
$
|
82,599
|
$
|
85,482
|
||||||
Deferred
revenue
|
68,277
|
30,785
|
59,737
|
|||||||||
Deferred
credits and deposits
|
24,318
|
24,026
|
31,779
|
|||||||||
Accrued
salaries, wages and deferred compensation
|
17,370
|
31,954
|
15,488
|
|||||||||
Accrued
benefits
|
23,428
|
24,538
|
17,864
|
|||||||||
Accrued
interest
|
7,434
|
14,969
|
6,803
|
|||||||||
Liabilities
to complete real estate projects, short term
|
4,363
|
5,951
|
9,597
|
|||||||||
Other
accruals
|
19,325
|
15,940
|
20,051
|
|||||||||
Total
accounts payable and accrued expenses
|
$
|
268,490
|
$
|
230,762
|
$
|
246,801
|
|
|
|
|
|
|
|
|
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
|
|
66
|
|
|
33
|
|
|
636
|
|
|
735
|
|
Payments
|
|
(768
|
)
|
|
(33
|
)
|
|
(880
|
)
|
|
(1,681
|
)
|
Balance
at October, 31, 2006
|
$
|
171
|
|
$
|
--
|
|
$
|
39
|
|
$
|
210
|
|
Supplemental
Condensed Consolidating Balance Sheet
|
|||||||||||||||||||
As
of October 31, 2006
|
|||||||||||||||||||
(in
thousands)
|
|||||||||||||||||||
100%
Owned
|
|||||||||||||||||||
Parent
|
Guarantor
|
Other
|
Eliminating
|
||||||||||||||||
Company
|
Subsidiaries
|
Subsidiaries
|
Entries
|
Consolidated
|
|||||||||||||||
Current
assets:
|
|||||||||||||||||||
Cash
and cash equivalents
|
$
|
--
|
$
|
108,569
|
$
|
8,742
|
$
|
--
|
$
|
117,311
|
|||||||||
Restricted
cash
|
--
|
16,341
|
4,013
|
--
|
20,354
|
||||||||||||||
Trade
receivables, net
|
--
|
23,150
|
4,382
|
--
|
27,532
|
||||||||||||||
Inventories,
net
|
--
|
8,587
|
48,036
|
--
|
56,623
|
||||||||||||||
Other
current assets
|
12,676
|
23,590
|
2,816
|
--
|
39,082
|
||||||||||||||
Total
current assets
|
12,676
|
180,237
|
67,989
|
--
|
260,902
|
||||||||||||||
Property,
plant and equipment, net
|
--
|
788,984
|
67,518
|
--
|
856,502
|
||||||||||||||
Real
estate held for sale and investment
|
--
|
165,788
|
135,993
|
--
|
301,781
|
||||||||||||||
Goodwill,
net
|
--
|
118,475
|
17,336
|
--
|
135,811
|
||||||||||||||
Intangible
assets, net
|
--
|
57,518
|
16,734
|
--
|
74,252
|
||||||||||||||
Other
assets
|
5,179
|
26,536
|
14,022
|
--
|
45,737
|
||||||||||||||
Investments
in subsidiaries and advances to
|
|||||||||||||||||||
(from)
parent
|
1,002,008
|
(483,368
|
)
|
(58,742
|
)
|
(459,898
|
)
|
--
|
|||||||||||
Total
assets
|
$
|
1,019,863
|
$
|
854,170
|
$
|
260,850
|
$
|
(459,898
|
)
|
$
|
1,674,985
|
||||||||
Current
liabilities:
|
|||||||||||||||||||
Accounts
payable and accrued expenses
|
$
|
10,630
|
$
|
192,742
|
$
|
65,118
|
$
|
--
|
$
|
268,490
|
|||||||||
Income
taxes payable
|
14,913
|
73
|
--
|
--
|
14,986
|
||||||||||||||
Long-term
debt due within one year
|
--
|
44
|
386
|
--
|
430
|
||||||||||||||
Total
current liabilities
|
25,543
|
192,859
|
65,504
|
--
|
283,906
|
||||||||||||||
Long-term
debt
|
390,000
|
57,726
|
95,264
|
--
|
542,990
|
||||||||||||||
Other
long-term liabilities
|
16
|
126,507
|
39,223
|
--
|
165,746
|
||||||||||||||
Deferred
income taxes
|
--
|
46,877
|
82
|
--
|
46,959
|
||||||||||||||
Put
option liabilities
|
--
|
1,245
|
--
|
--
|
1,245
|
||||||||||||||
Minority
interest in net assets of consolidated
|
|||||||||||||||||||
subsidiaries
|
--
|
--
|
29,835
|
--
|
29,835
|
||||||||||||||
Total
stockholders' equity
|
604,304
|
428,956
|
30,942
|
(459,898
|
)
|
604,304
|
|||||||||||||
Total
liabilities and stockholders' equity
|
$
|
1,019,863
|
$
|
854,170
|
$
|
260,850
|
$
|
(459,898
|
)
|
$
|
1,674,985
|
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 October 31, 2005
|
|||||||||||||||||||
(in
thousands)
|
|||||||||||||||||||
100%
Owned
|
|||||||||||||||||||
Parent
|
Guarantor
|
Other
|
Eliminating
|
||||||||||||||||
Company
|
Subsidiaries
|
Subsidiaries
|
Entries
|
Consolidated
|
|||||||||||||||
Current
assets:
|
|||||||||||||||||||
Cash
and cash equivalents
|
$
|
--
|
$
|
18,127
|
$
|
40,565
|
$
|
--
|
$
|
58,692
|
|||||||||
Restricted
cash
|
--
|
14,865
|
2,535
|
--
|
17,400
|
||||||||||||||
Trade
receivables, net
|
--
|
20,386
|
5,072
|
--
|
25,458
|
||||||||||||||
Inventories,
net
|
--
|
8,458
|
42,113
|
--
|
50,571
|
||||||||||||||
Other
current assets
|
12,140
|
23,714
|
6,404
|
--
|
42,258
|
||||||||||||||
Assets
held for sale
|
--
|
26,857
|
--
|
--
|
26,857
|
||||||||||||||
Total
current assets
|
12,140
|
112,407
|
96,689
|
--
|
221,236
|
||||||||||||||
Property,
plant and equipment, net
|
--
|
790,406
|
67,554
|
--
|
857,960
|
||||||||||||||
Real
estate held for sale and investment
|
--
|
127,484
|
67,213
|
--
|
194,697
|
||||||||||||||
Goodwill,
net
|
--
|
135,507
|
--
|
--
|
135,507
|
||||||||||||||
Intangible
assets, net
|
--
|
43,121
|
34,521
|
--
|
77,642
|
||||||||||||||
Other
assets
|
5,889
|
16,674
|
10,199
|
--
|
32,762
|
||||||||||||||
Investments
in subsidiaries and advances to
|
|||||||||||||||||||
(from)
parent
|
911,105
|
(390,002
|
)
|
(61,205
|
)
|
(459,898
|
)
|
--
|
|||||||||||
Total
assets
|
$
|
929,134
|
$
|
835,597
|
$
|
214,971
|
$
|
(459,898
|
)
|
$
|
1,519,804
|
||||||||
Current
liabilities:
|
|||||||||||||||||||
Accounts
payable and accrued expenses
|
$
|
6,631
|
$
|
181,890
|
$
|
58,280
|
$
|
--
|
$
|
246,801
|
|||||||||
Income
taxes payable
|
12,191
|
--
|
--
|
--
|
12,191
|
||||||||||||||
Long-term
debt due within one year
|
--
|
4,476
|
1,652
|
--
|
6,128
|
||||||||||||||
Total
current liabilities
|
18,822
|
186,366
|
59,932
|
--
|
265,120
|
||||||||||||||
Long-term
debt
|
390,000
|
57,777
|
76,397
|
--
|
524,174
|
||||||||||||||
Other
long-term liabilities
|
368
|
98,768
|
34,004
|
--
|
133,140
|
||||||||||||||
Deferred
income taxes
|
--
|
49,412
|
329
|
--
|
49,741
|
||||||||||||||
Put
option liabilities
|
--
|
1,026
|
--
|
--
|
1,026
|
||||||||||||||
Minority
interest in net assets of consolidated
|
|||||||||||||||||||
subsidiaries
|
--
|
--
|
26,659
|
--
|
26,659
|
||||||||||||||
Total
stockholders' equity
|
519,944
|
442,248
|
17,650
|
(459,898
|
)
|
519,944
|
|||||||||||||
Total
liabilities and stockholders' equity
|
$
|
929,134
|
$
|
835,597
|
$
|
214,971
|
$
|
(459,898
|
)
|
$
|
1,519,804
|
Supplemental
Condensed Consolidating Statement of
Operations
|
|||||||||||||||||||||
For
the three months ended October 31, 2006
|
|||||||||||||||||||||
(in
thousands)
|
|||||||||||||||||||||
100%
Owned
|
|||||||||||||||||||||
Parent
|
Guarantor
|
Other
|
Eliminating
|
||||||||||||||||||
Company
|
Subsidiaries
|
Subsidiaries
|
Entries
|
Consolidated
|
|||||||||||||||||
Total
net revenue
|
$
|
--
|
$
|
75,962
|
$
|
39,295
|
$
|
(1,763
|
)
|
$
|
113,494
|
||||||||||
Total
operating expense
|
2,995
|
121,376
|
41,747
|
(1,763
|
)
|
164,355
|
|||||||||||||||
Loss
from operations
|
(2,995
|
)
|
(45,414
|
)
|
(2,452
|
)
|
--
|
(50,861
|
)
|
||||||||||||
Equity
investment income, net
|
--
|
835
|
--
|
--
|
835
|
||||||||||||||||
Other
expense
|
(6,757
|
)
|
(2,675
|
)
|
(1,046
|
)
|
--
|
(10,478
|
)
|
||||||||||||
Minority
interest in loss of consolidated subsidiaries, net
|
--
|
--
|
1,790
|
--
|
1,790
|
||||||||||||||||
Loss
before income taxes
|
(9,752
|
)
|
(47,254
|
)
|
(1,708
|
)
|
--
|
(58,714
|
)
|
||||||||||||
Benefit
from income taxes
|
3,803
|
19,051
|
45
|
--
|
22,899
|
||||||||||||||||
Net
loss before equity in (loss) income of consolidated
subsidiaries
|
(5,949
|
)
|
(28,203
|
)
|
(1,663
|
)
|
--
|
(35,815
|
)
|
||||||||||||
Equity
in (loss) income of consolidated subsidiaries
|
(29,866
|
)
|
--
|
--
|
29,866
|
--
|
|||||||||||||||
Net
(loss) income
|
$
|
(35,815
|
)
|
$
|
(28,203
|
)
|
$
|
(1,663
|
)
|
$
|
29,866
|
$
|
(35,815
|
)
|
Supplemental
Condensed Consolidating Statement of
Operations
|
|||||||||||||||||||||
For
the three months ended October 31, 2005
|
|||||||||||||||||||||
(in
thousands)
|
|||||||||||||||||||||
100%
Owned
|
|||||||||||||||||||||
Parent
|
Guarantor
|
Other
|
Eliminating
|
||||||||||||||||||
Company
|
Subsidiaries
|
Subsidiaries
|
Entries
|
Consolidated
|
|||||||||||||||||
Total
net revenue
|
$
|
--
|
$
|
60,797
|
$
|
26,630
|
$
|
(2,007
|
)
|
$
|
85,420
|
||||||||||
Total
operating expense
|
3,768
|
100,706
|
32,833
|
(2,007
|
)
|
135,300
|
|||||||||||||||
Loss
from operations
|
(3,768
|
)
|
(39,909
|
)
|
(6,203
|
)
|
--
|
(49,880
|
)
|
||||||||||||
Equity
investment income, net
|
--
|
919
|
--
|
--
|
919
|
||||||||||||||||
Loss
on put options, net
|
--
|
(992
|
)
|
--
|
--
|
(992
|
)
|
||||||||||||||
Other
expense
|
(6,760
|
)
|
(849
|
)
|
(640
|
)
|
--
|
(8,249
|
)
|
||||||||||||
Minority
interest in loss of consolidated subsidiaries, net
|
--
|
--
|
1,926
|
--
|
1,926
|
||||||||||||||||
Loss
before income taxes
|
(10,528
|
)
|
(40,831
|
)
|
(4,916
|
)
|
--
|
(56,276
|
)
|
||||||||||||
Benefit
from income taxes
|
4,106
|
17,795
|
46
|
--
|
21,947
|
||||||||||||||||
Net
loss before equity in (loss) income of consolidated
subsidiaries
|
(6,422
|
)
|
(23,036
|
)
|
(4,870
|
)
|
--
|
(34,329
|
)
|
||||||||||||
Equity
in (loss) income of consolidated subsidiaries
|
(27,907
|
)
|
--
|
--
|
27,907
|
--
|
|||||||||||||||
Net
(loss) income
|
$
|
(34,329
|
)
|
$
|
(23,036
|
)
|
$
|
(4,870
|
)
|
$
|
27,907
|
$
|
(34,329
|
)
|
Supplemental
Condensed Consolidating Statement of Cash
Flows
|
||||||||||||||||||
For
the three months ended October 31, 2006
|
||||||||||||||||||
(in
thousands)
|
||||||||||||||||||
(as
restated, see Note 13)
|
||||||||||||||||||
100%
Owned
|
||||||||||||||||||
Parent
|
Guarantor
|
Other
|
||||||||||||||||
Company
|
Subsidiaries
|
Subsidiaries
|
Consolidated
|
|||||||||||||||
Net
cash used in operating activities
|
$
|
(16,714
|
)
|
$
|
(10,004
|
)
|
$
|
(26,042
|
)
|
$
|
(52,760
|
)
|
||||||
Cash
flows from investing activities:
|
||||||||||||||||||
Capital
expenditures
|
--
|
(27,737
|
)
|
(821
|
)
|
(28,558
|
)
|
|||||||||||
Other
investing activities, net
|
--
|
(59
|
)
|
148
|
89
|
|||||||||||||
Net
cash used in investing activities
|
--
|
(27,796
|
)
|
(673
|
)
|
(28,469
|
)
|
|||||||||||
Cash
flows from financing activities:
|
||||||||||||||||||
Repurchases
of common stock
|
--
|
(7,500
|
)
|
--
|
(7,500
|
)
|
||||||||||||
Proceeds
from borrowings under long-term debt
|
--
|
19,577
|
22,462
|
42,039
|
||||||||||||||
Payments
of long-term debt
|
--
|
(23,586
|
)
|
(6,261
|
)
|
(29,847
|
)
|
|||||||||||
Proceeds
from exercise of stock options
|
2,324
|
--
|
--
|
2,324
|
||||||||||||||
Other
financing activities, net
|
968
|
453
|
(1,691
|
)
|
(270
|
)
|
||||||||||||
Advances
(to) from affiliates
|
13,422
|
(22,573
|
)
|
9,151
|
--
|
|||||||||||||
Net
cash provided by (used in ) financing activities
|
16,714
|
(33,629
|
)
|
23,661
|
6,746
|
|||||||||||||
Net
(decrease) increase in cash and cash equivalents
|
--
|
(71,429
|
)
|
(3,054
|
)
|
(74,483
|
)
|
|||||||||||
Cash
and cash equivalents:
|
||||||||||||||||||
Beginning
of period
|
--
|
179,998
|
11,796
|
191,794
|
||||||||||||||
End
of period
|
$
|
--
|
$
|
108,569
|
$
|
8,742
|
$
|
117,311
|
Supplemental
Condensed Consolidating Statement of Cash
Flows
|
|||||||||||||||||||
For
the three months ended October 31, 2005
|
|||||||||||||||||||
(in
thousands)
|
|||||||||||||||||||
(as
restated, see Note 13)
|
|||||||||||||||||||
100%
Owned
|
|||||||||||||||||||
Parent
|
Guarantor
|
Other
|
|||||||||||||||||
Company
|
Subsidiaries
|
Subsidiaries
|
Consolidated
|
||||||||||||||||
Net
cash used in operating activities
|
$
|
(16,180
|
)
|
$
|
(30,188
|
)
|
$
|
(14,826
|
)
|
$
|
(61,194
|
)
|
|||||||
Cash
flows from investing activities:
|
|||||||||||||||||||
Capital
expenditures
|
--
|
(30,642
|
)
|
(1,806
|
)
|
(32,448
|
)
|
||||||||||||
Other
investing activities, net
|