Great Wolf Resorts, Inc.

CIK:0001294538|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Predecessor [Member] Affiliate [Member], USD $) In Thousands, unless otherwise specified	1 Months Ended	4 Months Ended
	May 04, 2012	May 04, 2013	May 04, 2012
Revenues:
Management and other fees	$ 441		$ 1,414
Other revenue from managed properties	1,129		3,901
Other operating expenses:
Selling, general and administrative (including $702, $0, $0, $1,613, $0 and $0 to affiliates, respectively)	0		0
Other expenses from managed properties	1,129		3,901
Net operating income (loss)	(8,611)		(6,124)
Investment income - affiliates	$ 83	$ 303	$ 303

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	2 Months Ended	6 Months Ended	4 Months Ended
	Jun. 30, 2012	Jun. 30, 2013	May 04, 2012 Predecessor [Member]
Operating activities:
Net loss	$ (5,273)	$ (1,210)	$ (21,496)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	7,779	22,336	16,469
Bad debt expense	9	42	26
Amortization of debt fair value	(887)	(2,469)	0
Non-cash share-based compensation expense	868	508	3,348
Loss on disposition of assets	0	170	47
Equity in unconsolidated affiliates	423	1,504	(558)
Deferred tax (benefit) expense	36	(101)	73
Changes in operating assets and liabilities:
Accounts receivable and other assets	(1,221)	277	(1,304)
Accounts payable, accrued expenses and other liabilities	(882)	1,689	3,694
Affiliate receivables and payables, net	93	655	1,379
Net cash (used in) provided by operating activities	945	23,401	1,678
Investing activities:
Capital expenditures for property and equipment	(3,264)	(11,341)	(2,237)
Investment in unconsolidated affiliates	0	(6,712)	0
Investment in development	(14)	(2,775)	(75)
Proceeds from sale of assets	0	15	3
Increase in restricted cash and escrows	(1,279)	(31)	(3,464)
Net cash used in investing activities	(4,557)	(20,844)	(5,773)
Financing activities:
Principal payments on debt	(392)	(3,331)	(1,777)
Payment of loan costs	(4)	(296)	(120)
Repurchase of stock for restricted stock tax withholding	0	(128)	0
Capital contribution	1,091	0	0
Net cash (used in) provided by financing activities	695	(3,755)	(1,897)
Net decrease in cash and cash equivalents	(2,917)	(1,198)	(5,992)
Cash and cash equivalents, beginning of period	27,775	28,124	33,767
Cash and cash equivalents, end of period	24,858	26,926	27,775
Supplemental Cash Flow Information:
Cash paid for interest	2,177	21,897	20,499
Cash paid for income taxes, net of refunds	423	606	211
Non-cash investing activities:
Accrued capital expenditures	$ 0	$ 706	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012	Jun. 30, 2012	May 04, 2012
Current assets:
Cash and cash equivalents	$ 26,926	$ 28,124	$ 24,858	$ 27,775
Restricted cash	6,119	4,159
Escrows	5,093	7,022
Accounts receivable, net of allowance for doubtful accounts of $11 and $0	5,865	7,620
Accounts receivable - affiliates	5,157	5,145
Inventory	7,556	7,203
Other current assets	4,826	4,284
Total current assets	61,542	63,557
Property and equipment, net of accumulated depreciation of $52,674 and $30,737	604,835	615,055
Investments in and advances to unconsolidated affiliates	33,236	25,697
Other assets	7,261	5,406
Goodwill	124,435	124,435
Intangible assets, net of accumulated amortization of $797 and $456	47,229	47,444
Total assets	878,538	881,594	869,695
Current liabilities:
Current portion of long-term debt	65,881	66,768
Accounts payable	7,681	7,459
Accounts payable - affiliates	2,402	1,741
Accrued interest payable	7,793	7,858
Accrued expenses	24,395	24,934
Advance deposits	13,790	8,360
Gift certificates payable	5,266	6,882
Other current liabilities	535	1,655
Total current liabilities	127,743	125,657
Mortgage debt	390,919	396,012
Other long-term debt	61,164	60,984
Deferred tax liability, net	43,840	43,713
Deferred compensation liability	2,616	2,164
Total liabilities	626,282	628,530
Commitments and contingencies (NOTE 8)
Stockholders' equity:
Common stock, $0.01 par value; 1,000 shares authorized; 200 shares issued and outstanding	0	0
Additional paid-in-capital	267,514	267,112
Accumulated deficit	(15,258)	(14,048)
Total stockholders' equity	252,256	253,064
Total liabilities and stockholders' equity	$ 878,538	$ 881,594