Company Also Announces It Reduced Debt by $6.1 Million in the Third Quarter
SIOUX FALLS, S.D., Oct. 21 /PRNewswire-FirstCall/ -- LodgeNet Interactive Corporation (Nasdaq: LNET), the leading provider of media and connectivity solutions to hospitality and healthcare businesses, today announced that it will report its Third Quarter 2008 results after market on Tuesday, October 28, 2008.
"In these challenging times, we continue to proactively manage our operating and capital investment plans to balance the cash being generated by our company with the goal of reducing our debt," said Scott C. Petersen, Chairman and CEO of LodgeNet Interactive. "Our business model provides significant flexibilities to respond to changes in the market. We significantly reduced operating expenses in the third quarter of 2008 and plan to reduce operating expenses to a greater degree in the fourth quarter. As previously announced, we also reduced our capital investment levels during the third quarter by approximately 20 percent over those existing in the prior two quarters. We are implementing further reductions in our capital investment program for the fourth quarter, targeting between $13 and $14 million of capital investment. Our organization is clearly focused on meeting our financial covenants and managing our capital structure," concluded Petersen.
"We continued to pay down our debt on an accelerated basis during the
quarter," said LodgeNet CFO Gary H. Ritondaro. "Our Credit Facility, which
matures in April 2013, has an interest rate of 200 basis points over LIBOR.
Additionally, because t
|SOURCE LodgeNet Interactive Corporation|
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