Privileged Access, LP Reports Second Quarter 2008 Financial Results at the Request of Equity Lifestyle Properties
FRISCO, Texas--(Business Wire)--
The following results are provided by Privileged Access, LP for
the quarters and six months ended June 26, 2008 and June 28, 2007 at
the request of its landlord, Equity LifeStyle Properties. Privileged
Access, LP prepared this Condensed Statement of Operations,
Operational Statistics, Select Balance Sheet Data, and Reconciliation
of Non-GAAP Measures and its auditors have not independently verified
the accuracy of this information.
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PRIVILEGED ACCESS, LP
Quarters Ended June 26, 2008 and June 28, 2007
Amounts in Thousands ($000s), Except Operational Statistics
Quarter Ended Six Months Ended
----------------- -----------------
Condensed Statement of Operations June 26, June 28, June 26, June 28,
(unaudited) 2008 2007 2008 2007
-------- ----------------- --------
Cash revenues $39,992 $42,023 $70,990 $73,111
Cash operating expenses
(before lease payment) (32,194) (31,703) (57,207) (55,676)
-------- -------- -------- --------
Cash EBITDA (before lease
payment) 7,798 10,320 13,783 17,435
GAAP Adjustments:
Sales revenue deferral (2,763) (5,511) (2,748) (3,695)
Selling expense deferral 1,192 1,619 1,843 2,860
Getaway cost of goods and
future occupancy (564) (2,393) (1,163) (4,490)
-------- -------- -------- --------
GAAP EBITDA (before lease
payment) 5,663 4,035 11,715 12,110
Interest and related
amortization (91) (318) (313) (592)
Amortization of intangible
assets (231) (231) (465) (481)
Depreciation (142) (61) (280) (85)
Income taxes (29) (30) (80) (31)
Gain on sale of property (1) 21 - 58
Lease payment to ELS (6,363) (5,020) (12,733) (9,976)
-------- -------- -------- --------
Net (loss) income ($1,194) ($1,604) ($2,156) $1,003
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Operational Statistics
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Number of members, period end 127,910 131,988 127,910 131,988
Camper nights 539,908 567,662 945,686 993,062
Average camper nights used per
member 4.2 4.3 7.4 7.5
Average revenue per diem $63.05 $58.81 $67.47 $65.68
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PRIVILEGED ACCESS, LP
Quarters Ended June 26, 2008 and June 28, 2007
Dollars in Thousands ($000s)
Select Balance Sheet Data
------------------------------------------------
June 26, December 27,
Select Assets 2008 2007
-------- ------------
Cash (including restricted cash) $6,335 $11,988
Contracts receivable, net 25,559 25,116
Buildings and equipment, net 6,438 5,875
Select Liabilities
Accrued payables and other 11,888 13,288
Note payable 5,000 10,000
Accrued Club Getaway costs and other 12,263 11,743
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Quarter Ended Six Months Ended
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Reconciliation of Non-GAAP June 26, June 28, June 26, June 28,
Measures 2008 2007 2008 2007
-------- ----------------- --------
Cash revenue $39,992 $42,023 70,990 73,111
Sales revenue deferral (2,763) (5,511) (2,748) (3,695)
-------- -------- -------- --------
GAAP revenues 37,229 36,512 68,242 69,416
Cash expenses 32,194 31,703 57,207 55,676
Selling expense deferral (1,192) (1,619) (1,843) (2,860)
Getaway and VIP cost of goods and
future occupancy 564 2,393 1,163 4,490
-------- -------- -------- --------
GAAP operating expenses 31,566 32,477 56,527 57,306
-------- -------- -------- --------
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Use of Non-GAAP Measures
Privileged Access provides non-GAAP revenue, non-GAAP operating
expenses and non-GAAP operating income (EBITDA) as supplemental
measures to GAAP regarding Privileged Access operational performance.
These financial measures exclude the impact of certain items and,
therefore, have not been calculated in accordance with GAAP.
Management of Privileged Access uses non-GAAP financial measures
(a) to evaluate its historical and prospective financial performance,
(b) to set internal sales targets and spending budgets, (c) to
allocate resources, (d) to measure operational profitability and the
accuracy of forecasting, (e) to assess financial discipline over
operational expenditures, and (f) as an important factor in
determining variable compensation for management and its employees.
Cash revenues, a non-GAAP Financial measure, includes membership
revenues for which Privileged Assess has provided financing to the
customer. Cash revenues and cash operating expenses exclude deferrals
related to membership revenue and expenses, and costs of goods and
future occupancy costs related to sales of Getaway and VIP
memberships.
Non-GAAP financial measures are not in accordance with, or an
alternative for, generally accepted accounting principles in the
United States. Privileged Access's non-GAAP financial measures are not
meant to be considered in isolation or as a substitute for comparable
GAAP financial measures.
Average revenue per diem equals GAAP revenues, net of GAAP revenue
from non-membership campground subsidiaries, divided by camper nights.
Privileged Access, LP
Bryan Reed, 214-618-7200
Copyright Business Wire 2008
