Great Wolf Resorts, Inc. (WOLF) [Rocket]

In millions, except per share items	Dec-31-11	Sep-30-11	Dec-31-10	Sep-30-10	Dec-31-09	Aug-05-09	Dec-31-08	Dec-31-07
	10-K	8-K	10-K	8-K	10-K	10-K/A	10-K	10-K/A
Revenues:
Rooms		174.3	159.0	159.0	150.6	14.0	143.4	24.0
Food and beverage			44.4		41.2
Other			43.2		36.2
Other operating departments						2.6		4.9
Other		122.4	29.3	117.0	28.3	3.2	102.1	5.7
Total revenues [+]	0.0	296.7	276.0	276.0	256.2	19.7	245.5	34.6
Food & beverage			44.4		41.2
Room / occupancy			159.0		150.6
Reimbursements			11.1		4.2
Other hotel			43.2		36.2
Revenue growth [+]	-100.0%	7.5%	7.7%		4.4%		609.7%	-7.6%
Rooms		9.6%	5.6%		5.0%		497.1%	-8.2%
Food and beverage			7.8%
Other			19.5%
Other operating departments								-8.0%
Cost of goods sold [+]	1.4	46.5	101.3	44.4	88.0	5.9	98.8	10.8
Food and beverage costs			33.2		31.9		69.8
Occupancy costs			23.1		21.4
Other cost of sales							29.0
Reimbursable costs			11.1		4.2
Other direct hotel costs			33.9		30.6
Gross profit	-1.4	250.2	174.7	231.5	168.2	13.8	146.8	23.8
Gross margin		84.3%	63.3%	83.9%	65.6%	69.9%	59.8%	68.9%
Selling, general and administrative [+]		62.1	65.1	63.3	58.7	4.5	51.9	7.2
Sales and marketing						2.3		3.3
General and administrative	0.0					2.2		3.9
Equity in earnings	0.0		-0.6		-2.4
Other operating expenses	-1.4	165.0	44.0	160.5	29.3	5.5	57.0	12.3
EBITDA [+]		75.0	65.2	62.5	80.7	3.8	37.8	4.4
EBITDA growth	-100.0%	19.9%	-19.3%		113.3%		760.4%	19.8%
EBITDA margin		25.3%	23.6%	22.6%	31.5%	19.2%	15.4%	12.7%
Depreciation	-0.2	51.9	58.5	54.8	56.4	4.4	46.1	7.1
EBITA	0.2	23.1	6.7	7.7	24.3	-0.6	-8.2	-2.7
EBITA margin		7.8%	2.4%	2.8%	9.5%	-3.1%	-3.4%	-7.8%
Amortization of intangibles	0.2
EBIT [+]	0.0	23.1	6.7	7.7	24.3	-0.6	-8.2	-2.7
EBIT growth	-100.3%	200.8%	-72.5%		-395.4%		203.5%	-0.8%
EBIT margin		7.8%	2.4%	2.8%	9.5%	-3.1%	-3.4%	-7.8%
Non-recurring items [+]		1.5	18.8	19.2	24.3		17.4
Asset impairment			18.7	18.7	24.0		17.4
Loss (gain) on sale of assets			0.0		0.3
Interest expense, net [+]		47.7	45.0	45.0	32.7		25.9
Interest expense		47.9	45.5	45.5	33.3		27.3
Interest income		0.2	0.5	0.5	0.6		1.4
Other income (expense), net	-25.2	0.9	1.7	0.5	4.7	-2.4	-1.2	-3.9
Pre-tax income	-25.2	-25.2	-55.4	-56.0	-27.9	-3.0	-52.7	-6.6
Income taxes	7.1	7.1	-5.4	-5.4	0.2	0.0	-12.0	0.0
Tax rate			9.8%	9.7%		0.0%	22.7%	0.0%
Minority interest	0.0	0.0	0.0	0.0
Earnings from continuing ops	-58.0	-19.0	-51.0	-51.5	-58.5	-3.0	-40.7	-6.6
Earnings from discontinued ops		-6.6		0.5
Net income	-58.0	-25.7	-51.0	-51.0	-58.5	-3.0	-40.7	-6.6
Net margin		-8.6%	-18.5%	-18.5%	-22.8%	-15.1%	-16.6%	-19.0%

Basic EPS [+]	($0.82)	($0.61)	($1.65)	($1.66)	($1.90)		($1.32)
Growth	-50.2%	-63.4%	-13.4%		44.0%
Diluted EPS [+]	($0.82)	($0.61)	($1.65)	($1.66)	($1.90)		($1.32)
Growth	-50.2%	-63.4%	-13.4%		44.0%

Shares outstanding (basic) [+]	70.7	31.3	31.0	31.0	30.7		30.8
Growth	128.2%	1.1%	0.8%		-0.3%
Shares outstanding (diluted) [+]	70.7	31.3	31.0	31.0	30.7		30.8
Growth	128.2%	1.1%	0.8%		-0.3%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.