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LodgeNet Reports Results For Fourth Quarter And Full Year 2010

SIOUX FALLS, S.D. Feb. 25, 2011 $452.2 million $484.5 million $(17.4) million $(0.71) $(13.3) million $(0.59) $9.3 million $0.41 $31.5 million $79.9 million $64.8 million

(Logo:  http://photos.prnewswire.com/prnh/20080115/AQTU120LOGO)

$107.3 million $113.3 million $(5.8) million $(0.23) $(7.4) million $(0.33) $18.4 million $18.5 million

The following financial highlights are in thousands, except per share data:

Twelve Months Ended December 31,

2010

2009

Total revenue

$ 452,172

$ 484,492

Income from operations

23,410

21,692

Net loss

(11,685)

(10,155)

Net loss attributable to common stockholders

(17,435)

(13,269)

Net loss per common share (basic and diluted)

$     (0.71)

$     (0.59)

Adjusted Operating Cash Flow (3)

$ 109,529

$ 124,328

Average shares outstanding (basic and diluted)

24,455

22,439

Three Months Ended December 31,

2010

2009

Total revenue

$ 107,255

$ 113,296

Income from operations

3,910

4,611

Net loss

(4,364)

(5,918)

Net loss attributable to common stockholders

(5,802)

(7,355)

Net loss per common share (basic and diluted)

$     (0.23)

$     (0.33)

Adjusted Operating Cash Flow (3)

$   24,642

$   28,016

Average shares outstanding (basic and diluted)

25,022

22,461

(1)Free Cash Flow, a non-GAAP measure, is defined by the Company as cash provided by operating activities less cash used for investing activities, including growth related capital.

(2)Net Debt, a non-GAAP measure, is defined by the Company as total outstanding debt less cash on the balance sheet.

Scott C. Petersen

Key 2010 Strategic Highlights:

  • Revenue Diversification:  Per-room revenue up 7.8% to 43% of total revenue
  • High Definition Interactive TV Growth:  Room base up 39,000 at 36% lower capital cost per room
  • High Definition Revenues:  61% higher per-room revenue than analog systems
  • Broadband Business: Relaunched with strategic alliance with DoCoMo InterTouch
  • $79.9 million
  • Strengthened Balance Sheet:  Net debt reduced 21%
  • Lowered Leverage Ratio:  3.35x (net debt) at year-end

Frank P. Elsenbast $171 $96 million

the United States Canada Mexico

RESULTS FROM OPERATIONS

TWELVE MONTHS ENDED DECEMBER 31, 2010 VERSUS

TWELVE MONTHS ENDED DECEMBER 31, 2009

$452.2 million $32.3 million $37.2 million $136.1 million $9.9 million $8.5 million

$19.9 million $254.0 million $273.9 million

$0.3 million $42.9 million $42.6 million $2.7 million $48.2 million $45.5 million $17.1 million $83.2 million $100.3 million

$1.7 million $23.4 million $21.7 million $109.5 million $124.3 million

$4.6 million to $33.5 million $38.1 million $373.6 million

$(17.4) million $(13.3) million $(0.71) $(0.59) $9.3 million $0.41 $31.5 million

$101.7 million $86.2 million $21.8 million $21.3 million $96.3 million $5.8 million $1.7 million

$200 $339 $167 $241

RESULTS FROM OPERATIONS

THREE MONTHS ENDED DECEMBER 31, 2010 VERSUS

THREE MONTHS ENDED DECEMBER 31, 2009

$107.3 million $6.0 million $9.2 million $6.5 million $33.5 million $10.0 million $2.7 million $2.3 million

$3.5 million $60.2 million $63.7 million

$0.7 million $11.1 million $10.4 million $0.3 million $11.9 million $11.6 million $2.7 million $20.0 million $22.7 million

$0.7 million $3.9 million $4.6 million $24.6 million $28.0 million

$8.0 million $8.9 million $373.6 million

$(5.8) million $(7.4) million $(0.23) $(0.33)

$26.6 million $24.4 million $8.1 million $5.9 million $16.9 million $1.4 million

Outlook

$107.0 million to $111.0 million $25.0 million to $28.0 million $(0.15) to $(0.06)

February 25th, 2011 10:30 A.M. Eastern Time www.lodgenet.com

Special Note Regarding the Use of Non-GAAP Financial Information

the United States

About LodgeNet Interactive

the United States www.lodgenet.com

Special Note Regarding Forward-Looking Statement  

 

LodgeNet is a registered trademark of LodgeNet Interactive Corporation. All rights reserved. Other names and brands may be claimed as the property of others.

(See attached financial and operational tables)

LodgeNet Interactive Corporation and Subsidiaries

Consolidated Balance Sheets

(Dollar amounts in thousands, except share data)

December 31,

December 31,

2010

2009

Assets

Current assets:

Cash

$          8,381

$        17,011

Accounts receivable, net

49,332

51,706

Other current assets

12,728

9,189

Total current assets

70,441

77,906

Property and equipment, net

156,917

206,663

Debt issuance costs, net

3,681

6,005

Intangible assets, net

99,005

106,041

Goodwill

100,081

100,081

Other assets

13,881

11,658

Total assets

$      444,006

$      508,354

Liabilities and Stockholders’ Deficiency

Current liabilities:

Accounts payable

$        60,303

$        40,040

Current maturities of long-term debt

4,807

6,101

Accrued expenses

22,327

19,137

Deferred revenue

23,168

17,531

Total current liabilities

110,605

82,809

Long-term debt

368,832

463,845

Other long-term liabilities

18,918

32,687

Total liabilities

498,355

579,341

Commitments and contingencies

Stockholders’ deficiency:

Preferred stock, $.01 par value, 5,000,000 shares authorized;

Series B cumulative perpetual convertible, 10%, 57,500 issued and

outstanding at December 31, 2010 and December 31, 2009, respectively

(liquidation preference of $1,000 per share or $57,500,000 total)

1

1

Common stock, $.01 par value, 50,000,000 shares authorized;

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