SUPPLEMENTAL GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables)

9 Months Ended

Sep. 30, 2012

Unaudited Condensed Consolidating Balance Sheet

	Parent			Issuers			Subsidiary Guarantors			Non Guarantor Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	10,581		$	19,545		$	(1,158	)	$	6,563	$	0		$	35,531
Escrows		0			0			0			5,758		0			5,758
Accounts receivable		409			(2, 054	)		5,350			3,539		0			7,244
Accounts receivable – affiliate		(11	)		(1,780	)		2,398			1,434		0			2,041
Accounts receivable – consolidating entities		268,223			475,558			495,465			68,963		(1,308,209	)		0
Inventory		0			0			2,643			4,370		0			7,013
Other current assets		1,235			0			2,742			6,427		0			10,404
Total current assets		280,437			491,269			507,440			97,054		(1,308,209	)		67,991
Property and equipment, net		0			0			331,650			292,839		0			624,489
Investments in consolidating entities		268,670			276,846			0			0		(545,516	)		0
Investments in and advances to affiliate		0			0			1,056			24,567		0			25,623
Other assets		2,473			1			7,507			181		0			10,162
Goodwill		0			0			43,285			54,212		0			97,497
Intangible assets		0			0			47,615			3,021		0			50,636
Total assets	$	551,580		$	768,116		$	938,553		$	471,874	$	(1,853,725	)	$	876,398
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$	0		$	0		$	0		$	67, 201	$	0		$	67,201
Accounts payable		0			0			2,161			1,459		0			3,620
Accounts payable – affiliate		0			0			0			17		0			17
Accounts payable – consolidating entities		203,668			227,249			691,680			185,612		(1,308,209	)		0
Accrued interest payable		627			12,506			0			948		0			14,081
Accrued expenses		2,860			13			13,255			8,623		0			24,751
Advance deposits		0			0			4,396			5,457		0			9,853
Other current liabilities		2,849			0			2,886			2,910		0			8,645
Total current liabilities		210,004			239,768			714,378			272,227		(1,308,209	)		128,168

	Parent			Issuers		Subsidiary Guarantors		Non Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Mortgage debt		0			259,678		0		140,029			0			399,707
Other long-term debt		60,893			0		0		0			0			60,893
Deferred Tax liability		17,200			0		0		0			0			17,200
Deferred compensation liability		0			0		2,086		0			0			2,086
Total liabilities		288,097			499,446		716,464		412,256			(1,308,209	)		608,054
Commitments and contingencies
Great Wolf Resorts Inc. stockholders’ equity:
Common stock		0			0		0		0			0			0
Preferred stock		0			0		0		0			0			0
Additional paid-in-capital		264,973			262,773		207,615		55,158			(525,546	)		264,973
Accumulated deficit		(1,490	)		5,897		14,474		(401	)		(19,970	)		(1,490	)
Total Great Wolf Resorts, Inc. stockholders’ equity		263,483			268,670		222,089		54,757			(545,516	)		263,483
Noncontrolling interest		0			0		0		4,861			0			4,861
Total equity		263,483			268,670		222,089		59,618			(545,516	)		268,344
Total liabilities and equity	$	551,580		$	768,116	$	938,553	$	471,874		$	(1,853,725	)	$	876,398

	Parent		Issuers		Subsidiary Guarantors		Non Guarantor Subsidiaries		Consolidating Adjustments			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	10,039	$	15,980	$	814	$	6,934	$	0		$	33,767
Escrows		0		0		0		2,618		0			2,618
Accounts receivable		327		0		1,335		1,998		0			3,660
Accounts receivable – affiliate		0		0		1,461		1,782		0			3,243
Accounts receivable – consolidating entities		10,417		472,289		582,378		206,399		(1,271,483	)		0
Inventory		0		0		2,882		4,688		0			7,570
Other current assets		1,138		0		1,673		3,401		0			6,212
Total current assets		21,921		488,269		590,543		227,820		(1,271,483	)		57,070
Property and equipment, net		0		0		330,496		245,766		0			576,262
Investment in consolidating entities		200,123		274,959		0		0		(475,082	)		0
Investment in and advances to affiliate		0		0		0		24,311		0			24,311
Other assets		4,272		6,702		7,964		1,618		0			20,556
Goodwill		1,365		0		0		0		0			1,365
Intangible assets		0		0		4,668		20,642		0			25,310
Total assets	$	227,681	$	769,930	$	933,671	$	520,157	$	(1,746,565	)	$	704,874
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$	0	$	0	$	14	$	67,664	$	0		$	67,678
Accounts payable		1		0		1,907		3,393		0			5,301
Accounts payable – affiliate		0		0		10		17		0			27
Accounts payable – consolidating entities		5,730		341,588		747,086		177,079		(1,271,483	)		0
Accrued interest payable		723		6,253		0		1,036		0			8,012
Accrued expenses		866		12		13,702		9,631		0			24,211
Advance deposits		0		0		2,685		5,030		0			7,715
Other current liabilities		4,384		0		1,132		2,013		0			7,529
Total current liabilities		11,704		347,853		766,536		265,863		(1,271,483	)		120,473

	Parent			Issuers			Subsidiary Guarantors		Non Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Mortgage debt		0			221,954			0		144,997			0			366,951
Other long-term debt		80,545			0			0		0			0			80,545
Deferred tax liability		11,907			0			0		0			0			11,907
Deferred compensation liability		0			0			1,502		0			0			1,502
Total liabilities		104,156			569,807			768,038		410,860			(1,271,483	)		581,378
Commitments and contingencies
Great Wolf Resorts stockholders’ equity:
Common stock		325			0			0		0			0			325
Preferred stock		0			0			0		0			0			0
Additional paid-in-capital		404,714			456,693			163,514		293,179			(913,386	)		404,714
Accumulated deficit		(281,314	)		(256,570	)		2,119		(183,853	)		438,304			(281,314	)
Deferred compensation		(200	)		0			0		0			0			(200	)
Total Great Wolf Resorts stockholders’ equity		123,525			200,123			165,633		109,326			(475,082	)		123,525
Noncontrolling interest		0			0			0		(29	)		0			(29	)
Total equity		123,525			200,123			165,633		109,297			(475,082	)		123,496
Total liabilities and equity	$	227,681		$	769,930		$	933,671	$	520,157		$	(1,746,565	)	$	704,874

Unaudited Condensed Consolidating Statement of Operations

	Parent			Issuers			Subsidiary Guarantors		Non Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Revenues:
Rooms	$	0		$	0		$	27,426	$	24,797		$	0		$	52,223
Food and beverage		0			0			7,081		6,333			0			13,414
Other		0			0			6,327		7,274			0			13,601
Management and other fees		169			0			7,222		6			(6,216	)		1,181
Management and other fees – affiliates		0			0			1,002		0			0			1,002
		169			0			49,058		38,410			(6,216	)		81,421
Other revenue from managed properties		0			0			3,129		0			0			3,129
Other revenue from managed properties – affiliates		0			0			2,811		0			0			2,811
Total revenues		169			0			54,998		38,410			(6,216	)		87,361
Operating expenses by department:
Rooms		0			0			4,226		3,903			(1,047	)		7,082
Food and beverage		0			0			5,112		4,491			0			9,603
Other		0			0			4,872		5,749			0			10,621
Other operating expenses:
Selling, general and administrative		2,970			35			12,172		8,096			(5,169	)		18,104
Selling, general and administrative – affiliates		815			193			0		0			0			1,008
Property operating costs		0			0			4,583		4,888			0			9,471
Depreciation and amortization		1			2			5,788		5,975			0			11,766
Loss on disposition of assets		0			0			0		151			0			151
		3,786			230			36,753		33,253			(6,216	)		67,806
Other expenses from managed properties		0			0			3,129		0			0			3,129
Other expenses from managed properties – affiliates		0			0			2,811		0			0			2,811
Total operating expenses		3,786			230			42,693		33,253			(6,216	)		73,746
Net operating (loss) income		(3,617	)		(230	)		12,305		5,157			0			13,615
Investment income – affiliates		0			0			0		(220	)		0			(220	)
Interest income		(41	)		(3	)		0		(4	)		0			(48	)
Interest expense		1,532			4,920			0		3,563			0			10,015
(Loss) income from continuing operations before income taxes and equity in income of unconsolidated affiliates		(5,108	)		(5,147	)		12,305		1,818			0			3,868
Income tax expense		26			0			172		52			0			250
Equity in (income) loss of unconsolidated affiliates, net of tax		(8,906	)		(14,053	)		0		(138	)		22,959			(138	)
Net income (loss) from continuing operations		3,772			8,906			12,133		1,904			(22,959	)		3,756
Discontinued operations, net of tax		0			0			0		(2	)		0			(2	)
Net income (loss)		3,772			8,906			12,133		1,906			(22,959	)		(3,758	)
Net income attributable to noncontrolling interest, net of tax		0			0			0		(14	)		0			(14	)
Net income (loss) attributable to Great Wolf Resorts, Inc.	$	3,772		$	8,906		$	12,133	$	1,920		$	(22,959	)	$	3,772

	Parent			Issuers			Subsidiary Guarantors		Non Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Revenues:
Rooms	$	—		$	—		$	26,387	$	23,953		$	—		$	50,340
Food and beverage		—			—			7,001		5,828			—			12,829
Other		—			—			5,907		7,013			—			12,920
Management and other fees		183			—			6,689		5			(5,965	)		912
Management and other fees – affiliates		—			—			957		—			—			957
		183			—			46,941		36,799			(5,965	)		77,958
Other revenue from managed properties		—			—			2,969		—			—			2,969
Other revenue from managed properties – affiliates		—			—			2,624		—			—			2,624
Total revenues		183			—			52,534		36,799			(5,965	)		83,551
Operating expenses by department:
Rooms		—			—			4,031		3,654			(1,009	)		6,676
Food and beverage		—			—			5,063		4,255			—			9,318
Other		—			—			4,585		5,158			—			9,743
Other operating expenses:
Selling, general and administrative		654			35			11,928		7,779			(5,040	)		15,356
Property operating costs		—			—			4,450		4,094			—			8,544
Depreciation and amortization		38			348			6,420		7,993			—			14,799
Loss on disposition of assets		—			—			—		330			—			330
		692			383			36,477		33,263			(6,049	)		64,766
Other expenses from managed properties		—			—			2,969		—			—			2,969
Other expenses from managed properties – affiliates		—			—			2,624		—			—			2,624
Total operating expenses		692			383			42,070		33,263			(6,049	)		70,359
Net operating (loss) income		(509	)		(383	)		10,464		3,536			84			13,192
Investment income – affiliates		—			—			—		(220	)		—			(220	)
Interest income		(48	)		—			—		(2	)		—			(50	)
Interest expense		1,584			6,637			1		3,747			—			11,969
(Loss) income from continuing operations before income taxes and equity in income of unconsolidated affiliates		(2,045	)		(7,020	)		10,463		11			84			1,493
Income tax (benefit) expense		(4	)		—			159		63			—			218
Equity in (income) loss of unconsolidated affiliates, net of tax		(3,294	)		(10,314	)		—		(101	)		13,608			(101	)
Net income (loss) from continuing operations		1,253			3,294			10,304		49			(13,524	)		1,376
Discontinued operations, net of tax		—			—			—		22			83			105
Net income (loss)		1,253			3,294			10,304		27			(13,607	)		1,271
Net loss attributable to noncontrolling interest, net of tax		—			—			—		18			—			18
Net income (loss) attributable to Great Wolf Resorts, Inc.	$	1,253		$	3,294		$	10,304	$	9		$	(13,607	)	$	1,253

	Parent			Issuers			Subsidiary Guarantors		Non Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Revenues:
Rooms	$	0		$	0		$	42,684	$	37,593		$	0		$	80,277
Food and beverage		0			0			11,372		10,163			0			21,535
Other		0			0			9,760		11,108			0			20,868
Management and other fees		221			0			11,052		9			(9,621	)		1,661
Management and other fees – affiliates		0			0			1,537		0			0			1,537
		221			0			76,405		58,873			(9,621	)		125,878
Other revenue from managed properties		0			0			5,007		0			0			5,007
Other revenue from managed properties – affiliates		0			0			4,540		0			0			4,540
Total revenues		221			0			85,952		58,873			(9,621	)		135,425
Operating expenses by department:
Rooms		0			0			6,617		6,297			(1,610	)		11,304
Food and beverage		0			0			8,435		7,297			0			15,732
Other		0			0			7,795		9,411			0			17,206
Other operating expenses:
Selling, general and administrative		4,319			55			21,967		13,150			(8,011	)		31,480
Selling, general and administrative – affiliates		815			193			0		0			0			1,008
Property operating costs		0			0			7,236		7,109			0			14,345
Depreciation and amortization		1			2			9,615		9,927			0			19,545
Loss on disposition of assets		0			0			0		151			0			151
		5,135			250			61,665		53,342			(9,621	)		110,771
Other expenses from managed properties		0			0			5,007		0			0			5,007
Other expenses from managed properties – affiliates		0			0			4,540		0			0			4,540
Total operating expenses		5,135			250			71,212		53,342			(9,621	)		120,318
Net operating (loss) income		(4,914	)		(250	)		14,740		5,531			0			15,107
Investment income – affiliates		0			0			0		(3 57	)		0			(357	)
Interest income		(72	)		(3	)		0		(4	)		0			(79	)
Interest expense		2,463			7,929			0		5,882			0			16,274
(Loss) income from continuing operations before income taxes and equity in income of unconsolidated affiliates		(7,305	)		(8,176	)		14,740		10			0			(731	)
Income tax expense		82			0			266		181			0			529
Equity in (income) loss of unconsolidated affiliates, net of tax		(5,897	)		(14,073	)		0		264			19,970			264
Net (loss) income from continuing operations		(1,490	)		5,897			14,474		(435	)		(19,970	)		(1,524	)
Discontinued operations, net of tax		0			0			0		(9	)		0			(9	)
Net (loss) income		(1,490	)		5,897			14,474		(426	)		(19,970	)		(1,515	)
Net income attributable to noncontrolling interest, net of tax		0			0			0		(25	)		0			(25	)
Net (loss) income attributable to Great Wolf Resorts, Inc.	$	(1,490	)	$	5,897		$	14,474	$	(401	)	$	(19,970	)	$	(1,490	)

	Parent			Issuers			Subsidiary Guarantors		Non Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Revenues:
Rooms	$	0		$	0		$	30,243	$	33,550		$	0		$	63,793
Food and beverage		0			0			8,399		8,874			0			17,273
Other		0			0			7,206		8,714			0			15,920
Management and other fees		191			0			8,872		7			(7,672	)		1,398
Management and other fees – affiliates		0			0			1,414		0			0			1,414
		191			0			56,134		51,145			(7,672	)		99,798
Other revenue from managed properties		0			0			4,193		0			0			4,193
Other revenue from managed properties – affiliates		0			0			3,901		0			0			3,901
Total revenues		191			0			64,228		51,145			(7,672	)		107,892
Operating expenses by department:
Rooms		0			0			5,325		5,412			(1,279	)		9,458
Food and beverage		0			0			6,466		6,480			0			12,946
Other		0			0			5,908		7,542			0			13,450
Other operating expenses:
Selling, general and administrative		15,470			59			20,803		12,266			(6,393	)		42,205
Property operating costs		0			0			5,266		6,081			0			11,347
Depreciation and amortization		53			480			8,391		7,545			0			16,469
Loss on disposition of assets		0			0			47		0			0			47
		15,523			539			52,206		45,326			(7,672	)		105,922
Other expenses from managed properties		0			0			4,193		0			0			4,193
Other expenses from managed properties – affiliates		0			0			3,901		0			0			3,901
Total operating expenses		15,523			539			60,300		45,326			(7,672	)		114,016
Net operating (loss) income		(15,332	)		(539	)		3,928		5,819			0			(6,124	)
Investment income – affiliates		0			0			0		(303	)		0			(303	)
Interest income		(74	)		(7	)		0		(1	)		0			(82	)
Interest expense		2,179			9,136			0		4,701			0			16,016
(Loss) income from continuing operations before income taxes and equity in income of unconsolidated affiliates		(17,437	)		(9,668	)		3,928		1,422			0			(21,755	)
Income tax expense		66			0			141		62			0			269
Equity in loss (income) of unconsolidated affiliates, net of tax		3,978			(5,690	)		0		(551	)		1,712			(551	)
Net (loss) income from continuing operations		(21,481	)		(3,978	)		3,787		1,911			(1,712	)		(21,473	)
Discontinued operations, net of tax		0			0			0		23			0			23
Net (loss) income		(21,481	)		(3,978	)		3,787		1,888			(1,712	)		(21,496	)
Net income attributable to noncontrolling interest, net of tax		0			0			0		(15	)		0			(15	)
Net (loss) income attributable to Great Wolf Resorts, Inc.	$	(21,481	)	$	(3,978	)	$	3,787	$	1,903		$	(1,712	)	$	(21,481	)

	Parent			Issuers			Subsidiary Guarantors		Non Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Revenues:
Rooms	$	0		$	0		$	69,815	$	67,543		$	0		$	137,358
Food and beverage		0			0			19,068		16,952			0			36,020
Other		0			0			16,257		19,381			0			35,638
Management and other fees		466			0			18,321		29			(16,497	)		2,319
Management and other fees – affiliates		0			0			2,984		0			0			2,984
		466			0			126,445		103,905			(16,497	)		214,319
Other revenue from managed properties		0			0			8,751		0			0			8,751
Other revenue from managed properties – affiliates		0			0			8,091		0			0			8,091
Total revenues		466			0			143,287		103,905			(16,497	)		231,161
Operating expenses by department:
Rooms		0			0			11,280		10,775			(2,756	)		19,299
Food and beverage		0			0			14,433		12,634			0			27,067
Other		0			0			12,927		15,378			0			28,305
Other operating expenses:
Selling, general and administrative		2,192			103			36,417		24,206			(13,657	)		49,261
Property operating costs		0			0			12,562		13,262			0			25,824
Depreciation and amortization		115			1,021			19,154		21,072			0			41,362
Loss on disposition of property		0			0			21		1,347			0			1,368
		2,307			1,124			106,794		98,674			(16,413	)		192,486
Other expenses from managed properties		0			0			8,751		0			0			8,751
Other expenses from managed properties – affiliates		0			0			8,091		0			0			8,091
Total operating expenses		2,307			1,124			123,636		98,674			(16,413	)		209,328
Net operating (loss) income		(1,841	)		(1,124	)		19,651		5,231			(84	)		21,833
Investment income – affiliates		0			0			0		(682	)		0			(682	)
Interest income		(145	)		(5	)		0		(6	)		0			(156	)
Interest expense		4,752			19,909			2		11,511			0			36,174
(Loss) income from continuing operations before income taxes and equity in income of unconsolidated affiliates		(6,448	)		(21,028	)		19,649		(5,592	)		(84	)		(13,503	)
Income tax expense		60			0			386		393			0			839
Equity in loss (income) of unconsolidated affiliates, net of tax		564			(20,464	)		0		(552	)		19,900			(552	)
Net (loss) income from continuing operations		(7,072	)		(564	)		19,263		(5,433	)		(19,984	)		(13,790	)
Discontinued operations, net of tax		0			0			0		(6,620	)		(84	)		(6,704	)
Net (loss) income		(7,072	)		(564	)		19,263		1,187			(19,900	)		(7,086	)
Net loss attributable to noncontrolling interest, net of tax		0			0			0		(14	)		0			(14	)
Net (loss) income attributable to Great Wolf Resorts, Inc.	$	(7,072	)	$	(564	)	$	19,263	$	1,201		$	(19,900	)	$	(7,072	)

Unaudited Condensed Consolidating Statement of Cash Flows

	Parent			Issuers			Subsidiary Guarantors			Non Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Operating activities:
Net (loss) income	$	(1,490	)	$	5,897		$	14,474		$	(426	)	$	(19,970	)	$	(1,515	)
Adjustment to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization		1			2			9,615			9,927			0			19,545
Bad debt expense		0			0			18			98			0			116
Amortization of debt fair value		(7	)		(2,222	)		0			151			0			(2,078	)
Non-cash employee compensation and professional fees expense		0			0			1,120			0			0			1,120
Loss on disposition of assets		0			0			0			151			0			151
Equity in (income) loss of affiliates		(5,897	)		(14,073	)		0			409			19,821			260
Deferred tax benefit		163			0			0			0			0			163
Changes in operating assets and liabilities		69,599			144,101			(66,859	)		(148,308	)		149			(1,318	)
Net cash provided by (used in) operating activities		62,369			133,705			(41,632	)		(137,998	)		0			16,444
Investing activities:
Capital expenditures for property and equipment		0			0			(2,826	)		(3,342	)		0			(6,168	)
Investment in development		0			0			(43	)		0			0			(43	)
Increase in restricted cash		0			0			0			(488	)		0			(488	)
Net cash used in investing activities		0			0			(2,869	)		(3,830	)		0			(6,699	)
Financing activities:
Principal payments on debt		0			0			0			(3,021	)		0			(3,021	)
Payment of loan costs		(4	)		(3	)		0			(52	)		0			(59	)
Member contributions		1,091			0			0			0			0			1,091
Advances from consolidating entities, net		(76,215	)		(118,066	)		47,284			146,997			0			0
Net cash (used in) provided by financing activities		(75,128	)		(118,069	)		47,284			143,924			0			(1,989	)
Net (decrease) increase in cash and cash equivalents		(12,759	)		15,636			2,783			2,096			0			7,756
Cash and cash equivalents, beginning of period		23,340			3,909			(3,941	)		4,467			0			27,775
Cash and cash equivalents, end of period	$	10,581		$	19,545		$	(1,158	)	$	6,563		$	0		$	35,531

	Parent			Issuers			Subsidiary Guarantors			Non Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Operating activities:
Net (loss) income	$	(21,481	)	$	(3,978	)	$	3,787		$	1,888		$	(1,712	)	$	(21,496	)
Adjustment to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization		53			480			8,391			7,545			0			16,469
Bad debt expense		0			0			1			25			0			26
Non-cash employee compensation and professional fees expense		0			0			3,348			0			0			3,348
Loss on disposition of assets		0			0			47			0			0			47
Equity in loss (income) of affiliates		3,978			(5,690	)		0			(559	)		1,712			(559	)
Deferred tax benefit		73			0			0			0			0			73
Changes in operating assets and liabilities		14,315			(3,747	)		(3,218	)		(3,580	)		0			3,770
Net cash (used in) provided by operating activities		(3,062	)		(12,935	)		12,356			5,319			0			1,678
Investing activities:
Capital expenditures for property and equipment		0			0			(1,248	)		(989	)		0			(2,237	)
Investment in development		0			0			(75	)		0			0			(75	)
Proceeds from sale of assets		0			0			3			0			0			3
Increase in restricted cash		0			0			0			(3,464	)		0			(3,464	)
Net cash used in investing activities		0			0			(1,320	)		(4,453	)		0			(5,773	)
Financing activities:
Principal payments on debt		0			527			(14	)		(2,290	)		0			(1,777	)
Payment of loan costs		3			(121	)		0			(2	)		0			(120	)
Advances from consolidating entities, net		16,360			458			(15,777	)		(1,041	)		0			0
Net cash provided by (used in) financing activities		16,363			864			(15,791	)		(3,333	)		0			(1,897	)
Net increase (decrease) in cash and cash equivalents		13,301			(12,071	)		(4,755	)		(2,467	)		0			(5,992	)
Cash and cash equivalents, beginning of period		10,039			15,980			814			6,934			0			33,767
Cash and cash equivalents, end of period	$	23,340		$	3,909		$	(3,941	)	$	4,467		$	0		$	27,775

	Parent			Issuers			Subsidiary Guarantors			Non  Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Operating activities:
Net (loss) income	$	(7,072	)	$	(564	)	$	19,263		$	1,187		$	(19,900	)	$	(7,086	)
Adjustment to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization		115			1,021			19,157			21,170			—			41,463
Bad debt expense		—			—			3			35			—			38
Non-cash employee compensation and professional fees expense		—			—			1,638			—			—			1,638
Loss on disposition of assets		—			—			21			1,347			—			1,368
Gain on disposition of property included in discontinued operations		—			—			—			(6,667	)		—			(6,667	)
Equity in loss (income) of unconsolidated affiliates		564			(20,464	)		—			(653	)		19,900			(653	)
Deferred tax expense		159			—			—			—			—			159
Changes in operating assets and liabilities		(662	)		5,577			(2,339	)		(5,567	)		—			(2,991	)
Net cash (used in) provided by operating activities		(6,896	)		(14,430	)		37,743			10,852			—			27,269
Investing activities:
Capital expenditures for property and equipment		—			—			(2,883	)		(4,837	)		—			(7,720	)
Loan repayment from unconsolidated affiliates		—			—			—			807			—			807
Investment in development		—			—			(316	)		—			—			(316	)
Proceeds from sale of a discontinued operation		—			—			—			4,200			—			4,200
Proceeds from sale of assets		—			—			—			2			—			2
Increase in restricted cash		(1,001	)		—			—			(909	)		—			(1,910	)
Net cash used in investing activities		(1,001	)		—			(3,199	)		(737	)		—			(4,937	)
Financing activities:
Principal payments on long-term debt		—			1,149			(24	)		(80,364	)		—			(79,239	)
Proceeds from issuance of long-term debt		—			—			—			56,000			—			56,000
Payment of loan costs		(107	)		(122	)		—			(1,320	)		—			(1,549	)
Advances from consolidating entities, net		8,004			10,450			(35,773	)		17,319			—			—
Net cash provided by (used in) financing activities		7,897			11,477			(35,797	)		(8,365	)		—			(24,788	)
Net (decrease) increase in cash and cash equivalents		—			(2,953	)		(1,253	)		1,750			—			(2,456	)
Cash and cash equivalents, beginning of period		10,047			24,168			(328	)		3,101			—			36,988
Cash and cash equivalents, end of period	$	10,047		$	21,215		$	(1,581	)	$	4,851		$	—		$	34,532