LodgeNet Interactive to Report Third Quarter Results on October 28th
"In these challenging times, we continue to proactively manage ouroperating and capital investment plans to balance the cash being generated byour company with the goal of reducing our debt," said Scott C. Petersen,Chairman and CEO of LodgeNet Interactive. "Our business model providessignificant flexibilities to respond to changes in the market. Wesignificantly reduced operating expenses in the third quarter of 2008 and planto reduce operating expenses to a greater degree in the fourth quarter. Aspreviously announced, we also reduced our capital investment levels during thethird quarter by approximately 20 percent over those existing in the prior twoquarters. We are implementing further reductions in our capital investmentprogram for the fourth quarter, targeting between $13 and $14 million ofcapital investment. Our organization is clearly focused on meeting ourfinancial covenants and managing our capital structure," concluded Petersen.
"We continued to pay down our debt on an accelerated basis during thequarter," said LodgeNet CFO Gary H. Ritondaro. "Our Credit Facility, whichmatures in April 2013, has an interest rate of 200 basis points over LIBOR.Additionally, because the Company previously entered into multi-year interestrate swap agreements, none of which expire until 2010, the interest rate onapproximately 88 percent of the Credit Facility is fixed, and the effectiveinterest rate on the entire Credit Facility during the third quarter of 2008was approximately 6.7 percent."
LodgeNet Interactive Corporation will release its third quarter financialresults after market on Tuesday, October 28, 2008. The company will also hosta teleconference to discuss its results October 28, 2008 at 5:00 P.M. EasternTime. To access the teleconference, please dial 888-546-9658 and useconference code 68876375. A live webcast of the teleconference will beavailable via InterCall and can be accessed via LodgeNet's company website athttp://www.lodgenet.com. The webcast will be archived on the LodgeNet homepagefor 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 canbe accessed by dialing 800-642-1687 or 706-645-9291, passcode 68876375.
SOURCE LodgeNet Interactive Corporation
You May Also Like