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 the Company previously entered into multi-year interest rate swap agreements, none of which expire until 2010, the interest rate on approximately 88 percent of the Credit Facility is fixed, and the effective interest rate on the entire Credit Facility during the third quarter of 2008 was approximately 6.7 percent."
LodgeNet Interactive Corporation will release its third quarter financial results after market on Tuesday, October 28, 2008. The company will also host a teleconference to discuss its results October 28, 2008 at 5:00 P.M. Eastern Time. To access the teleconference, please dial 888-546-9658 and use conference code 68876375. A live webcast of the teleconference will be available via InterCall and can be accessed via LodgeNet's company website at http://www.lodgenet.com. The webcast will be archived on the LodgeNet homepage for one month. If you cannot listen to the teleconference at its normal time, there will also be a replay available for one week following the call, and can be accessed by dialing 800-642-1687 or 706-645-9291, passcode 68876375.
|SOURCE LodgeNet Interactive Corporation|
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