GREAT WOLF RESORTS - Geht es wieder aufwärts? - 500 Beiträge pro Seite

[Elsner]

Die Aktie hat eine beachtliche Talfahrt von über 22 USD auf 7 USD hinter sich gebracht.



Im dritten Quartal wurde wieder Geld verdient. Der Ausblick für das üblicherweise schwächere 4. Quartal sieht allerdings einen kleinen Verlust( nett-loss 8-11 Cent). Für das Gesamtjahr rechnet man mit -3 bis +1 Cent. Es scheint, als wenn die Umstrukturierungen greifen und 2006 der Turnaround geschafft werden könnte. Dementsprechend gibt es jetzt auch wieder die ersten Kaufempfehlungen.

Geht es jetzt wieder aufwärts?

[Elsner]

Nach 3 Monaten jetzt bereits bei 11 USD. Das sind über 57% Kursgewinn. Wenn der Turnaround bestätigt wird, dann sind die 20 USD wieder im Visier.

[Elsner]

[posting]20.343.819 von Elsner am 23.02.06 15:01:51[/posting]Bewegt sich in den letzten Tagen so um kanpp über 10 USD.

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Great Wolf Resorts Completes Financing for Two Properties in Joint Venture with CNL Income Properties
Thursday March 2, 3:55 pm ET

MADISON, Wis., March 2 /PRNewswire-FirstCall/ -- Great Wolf Resorts, Inc. (Nasdaq: WOLF - News), the nation`s largest owner, operator and developer of drive-to family resorts featuring indoor waterparks and other family-oriented entertainment activities, today announced that it had closed on the previously announced $63 million mortgage financing of two properties owned in a joint venture with CNL Income Properties, Inc. The seven-year, fixed-rate term loan carries a coupon rate of approximately 6 percent and is secured by the 309- suite Great Wolf Lodge-Wisconsin Dells, Wis., and the 271-suite Great Wolf Lodge-Sandusky, Ohio. According to terms of the joint venture, Great Wolf Resorts received approximately 30 percent of the loan proceeds, or approximately $18.6 million in cash.

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The joint venture acquired the two properties from Great Wolf Resorts in October 2005. Great Wolf Resorts owns 30 percent of the joint venture and retained 25-year licensing and management contracts on the properties.

Citigroup was the sole underwriter for the new loan.

About Great Wolf Resorts, Inc.

Madison, Wis.-based Great Wolf Resorts, Inc. is the nation`s leader in indoor waterpark destination resorts and owns and operates its family resorts under the Great Wolf Lodge® and Blue Harbor Resort brands. Great Wolf Resorts is a fully integrated resort company and owns and/or manages Great Wolf Lodge locations in: Wisconsin Dells, Wis.; Sandusky, Ohio; Traverse City, Mich.; Kansas City, Kan.; Williamsburg, Va.; the Pocono Mountains, Pa.; and Blue Harbor Resort & Conference Center in Sheboygan, Wis. Great Wolf Resorts also has projects currently under construction or in pre-development in: Niagara Falls, Ontario; Mason, Ohio; Chehalis, Wash.; and Grapevine, Texas.

The company`s resorts are family-oriented destination facilities that generally feature 300 to 400 rooms and a large indoor entertainment area measuring 40,000 to 100,000 square feet. The all-suite properties offer a variety of room styles, arcade/game rooms, fitness centers, themed restaurants, spas, supervised children`s activities and other amenities. Additional information may be found on the company`s website at http://www.greatwolf.com.

[Elsner]

Ganz interessante Kolumne:

Great Wolf Gets Back in the Hunt
By Michael Brush

3/6/2006 8:45 AM EST

As hard as the naysayers try to marshal evidence to support their gloomy outlook on the consumer, shoppers continue to prove them wrong.

February sales data released by many retailers Thursday were weak, but the broader consumption data for January, including spending on services, are convincing. Personal spending surged 0.9% -- the biggest advance in six months.

Consumers also recently delivered another poke in the eye to the naysayers who have forecast a slowdown based on misperceptions about the savings rate and concerns about fuel costs. Consumer have been spending more than ever on something as frivolous as having fun, when the gloomy Gus crowd expected them to stay home wringing their hands about wobbly home values and the price of gas.

In January, consumer spending on fun -- dining out, recreational services and hotels -- was up 7.1% compared to the same month a year ago, according to the latest government data. Consumers spent close to $1 trillion on fun-related services last year, a record 10.2% of their disposable incomes, Oak Associates economist Ed Yardeni points out.

What`s a good way to play this robust spending on fun?

One approach might be to go with a beaten-down name trading close to book value -- but one with a plan that suggests investors could see 50% upside or more in a year or so.


I believe that`s what you have with Great Wolf Resorts (WOLF:Nasdaq), a Wisconsin-based company that operates vacation hotels with indoor water parks.

Great Wolf is a prime example of a busted IPO -- an initial public offering that sinks well below its opening bid.

The company went public 15 months ago and performed reasonably well for two quarters. But last July, Great Wolf infuriated investors when it missed second-quarter numbers in a big way. What rankled was that management had offered no hint of trouble during a roadshow just a few days before the quarter`s close.
Within months, the stock slipped to $8 from $22. Recently, Great Wolf has risen to $10. This is well below its book value of $13 a share, and just above the $9 in tangible value investors could reap if the company broke up and sold its assets, estimates Jefferies & Co. analyst Samir Jain.

However, Great Wolf has an expansion plan that could increase 2007 cash flow 64% over this year`s estimates to $47 million, Jain said. The expansion plan could push the stock up into the high teens inside a year, according to one money manager who owns the stock.

Why should anyone trust management to pull off such a feat? That`s a good question following last summer`s meltdown.

"It created a confidence issue with the company," concedes Chief Executive John Emery. "We are working our way out of it." The company has beefed up internal controls and delivered two quarters without nasty surprises.

But investors are still cautious. "It`s not so much that we can`t trust them now. I would say that we just look at everything twice," says Damon Andres, a portfolio manager at the Delaware REIT Fund (DPREX), which held the stock when it blew up. He`s traded around the name since and still holds a position.

Perhaps Great Wolf`s biggest problem is that potential investors still focus on the credibility issue when they really should be looking at its aggressive growth plan, which Andres believes could add $7 or $8 to the stock in a year or so.

Last year, Great Wolf shed exposure to the Midwest, where economic problems dragged down results. It also opened two parks, in Pennsylvania`s Pocono Mountains and Williamsburg, Va., that give a hint of things to come.

Its strategy is to pick locations near cities and tourist attractions and build bigger parks with more rides and amenities like spas and shops that tease more money out visitors` wallets.
Families at the two new resorts spend anywhere from $50 to $100 more a day than the $300 average at its older resorts. "Every time we take our experience up another notch, the consumers are right there with us," says Emery.

If the trend continues, Great Wolf`s revenue and cash flow could rise nicely as it adds more parks. This spring, Great Wolf will open a big park in Ontario near Niagara Falls. Another is scheduled to open in the fall in Mason, Ohio, near a popular theme park called Paramount`s Kings Island that draws 3.5 million visitors a year.

If those parks replicate the higher spending at the Pennsylvania and Williamsburg resorts, Great Wolf shares could move into the high teens by the end of the year, Andres says. "They have proven that they can get into great markets and that is their strategy," says Andres. In the meantime, he doesn`t rule out a buyout in the $15 a share range.

Late next year, Great Wolf plans to open a water park and resort in Grapevine, Texas, near the Gaylord Texan Resort and Convention Center, 20 miles from Dallas. It also has another planned for Chehalis, Wash., near the Chehalis Indian reservation.

After 2007, the company will add one or two parks a year. Jain, the Jefferies analyst, calculates each park could add $1 to $2 per share. "I think that is what is getting lost in the shuffle, because there is such negative sentiment towards this company. All people see is a broken IPO," he says.

[Elsner]

Great Wolf Lodge in Kansas City Sustains Minor Tornado Damage Tuesday March 14, 8:30 am ET
Resort Remains Open; Waterpark Area Expected to Re-open March 15

MADISON, Wis., March 14 /PRNewswire-FirstCall/ --

Great Wolf Resorts, Inc. (Nasdaq: WOLF - News), the nation`s largest owner, operator and developer of drive-to family resorts featuring indoor waterparks and other family-oriented entertainment activities, today announced that, according to initial assessments, its Kansas City, Kan. Great Wolf Lodge sustained only minor tornado-wind damage following severe weather that struck the Kansas City area over the weekend.

"A preliminary engineering survey indicates that the damage appears to be limited to the skylight area on the roof of the indoor waterpark," said John Emery, Great Wolf Resorts chief executive officer. "Most importantly, no staff or guests were injured. Engineers are at our property assessing the total extent of the damage, but the initial conclusion is that there was no serious structural damage to the resort. The resort remains open, although the waterpark will be closed until the skylight is repaired."

Emery noted that, weather permitting, temporary repairs to the waterpark roof should be completed and the waterpark reopened by Wednesday, March 15th. "Based on our initial review, we expect lost revenue and property repairs to total between $500,000 and $700,000. The property is covered by insurance, including coverage for business interruption. We will bear the cost of any insurance deductibles, and we currently are determining property repair and lost business estimates with our insurance carrier. The permanent replacement of the skylight will take several days and will be scheduled to occur during a slower business period in the late spring. We anticipate minimal disruption to our business at this time. We expect to have a full report from engineers within several days. At this point, we expect that the tornado-related events will have a minor impact on our first quarter 2006 results. We will provide an update when the assessment is complete."

[Elsner]

Great Wolf Resorts Announces Filing of Form 10-K and Final 2005 Financial Results

2006-03-16 16:52 ET - News Release

MADISON, Wis., March 16 /PRNewswire-FirstCall/ -- Great Wolf Resorts, Inc. , the nation`s largest owner, operator and developer of drive-to family resorts featuring indoor waterparks and other family-oriented entertainment activities, today announced that the company has filed its Annual Report on Form 10-K for the year ended December 31, 2005. In its Form 10-K for 2005, Great Wolf Resorts reported a net loss for 2005 of USD (24.4) million, or USD (0.81) per diluted share. In its press release on February 22, 2006, the company previously had reported a net loss for 2005 of USD (36.1) million, or USD (1.20) per diluted share.

The company`s final financial results presented in the Form 10-K filing differ from the financial results presented in the company`s press release dated February 22, 2006 due to a reduction of income tax expense associated with the company`s accounting for tax-basis goodwill related to the company`s sale of two resorts to a joint venture during the fourth quarter of 2005. The change in the reported results for 2005 has no impact on the company`s cash flows, cash position, revenues or Adjusted EBITDA.