Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Executives

Ann Parker – Director, Investor Relations

Scott Petersen – Chairman and CEO

Frank Elsenbast – Senior Vice President and CFO

Analysts

Peter Reed – Mast Capital Management

John Koerber – Bennett

Michael Demaray – Elevated

Tom Grizzetti – Gotham Industries

Chris Mittleman – Mittleman Brothers

LodgeNet Interactive Corporation (OTC:LNET) Q1 2012 Results Earnings Call April 24, 2012 5:00 PM ET

Operator

Good day, ladies and gentlemen. Welcome to the LodgeNet First Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, instructions will follow at that time. (Operator Instructions)

As a reminder, this conference call is being recorded. I would now like to turn the conference over to Ann Parker, Director of Investor Relations of LodgeNet. You may begin.

Ann Parker

Thank you, Operator. Good day, everyone. I’d like to thank all of you for taking the time today to listen to our first quarter 2012 conference call. You should have received copies of our earnings release, if not, please call me at 605-988-1000 and we’ll make sure you do get a copy.

Our speakers for today’s call will be Scott Petersen, Chairman and CEO of LodgeNet; and Frank Elsenbast, our Senior Vice President and CFO. Scott and Frank will review our first quarter 2012 earnings, and we’ll then welcome your questions and your comments.

This call is being webcast live over the Internet through our company website, www.lodgenet.com. We also have slides posted on our website, which correspond to today’s comments and they can found under the Investors section.

Before we get started, I would like to remind you that some topics to be discussed today that do not relate to historical performance may include or constitute forward-looking statements within the meaning of the federal securities laws and are subject to risks, uncertainties and other factors that could cause actual results, performance or achievements of the company to be materially different from those expressed or implied by such forward-looking statements. Certain of the risk factors, which could affect the company, are set forth in the company’s 10-K and other filings.

With that said, I’ll now turn the call over to Mr. Scott Petersen.

Scott Petersen

Thank you, Ann. Good afternoon, everyone. During the quarter we made continued progress on our strategic initiatives, which are focus on diversifying our revenues and expanding our business opportunities.

Sometime the progress on these types of initiatives are not obvious on the face to financial statements. So I’d like to provide the following framework as you consider our first quarter performance.

First, our topline revenue was up 12% versus last year. Our guidance for 2012 was anticipating reduction as room base was about 12% smaller and it was one year ago. On the per room basis revenue we generated for hospitality room was off about 1.5% for $0.32 per room per month as compared to last, which I think is a decent result overall given that guest entertainment had a challenges during the quarter, volume was off about 11%.

I’d like to note that we don’t take this lightly and we have a proactive action plan underway to evaluate all aspects of these business and bolsters performance, and I will give you some more details on this in a few minutes.

On a positive note, our strategic revenue diversification initiatives continue to deliver results. On a per room basis diversified revenues were up 10.8% over last year, so the bottom line is our efforts to broaden the services we are offering and the revenue we are generating is continuing to work well for the company, and is offsetting most of the challenges we are experiencing from our traditional revenue source.

In addition, we have several other positive development, which will bolster our results going forward. During the quarter we installed 17,000 high-definition rooms, almost 80 rooms we installed in 12 quarters, and are also a very positive top comparison to the 2900 rooms we installed just one year ago.

In addition our room retention rate improved significantly during the quarter, guest entertainment rooms we are off about 30,000, rate some 50% better than quarterly run rate during the last half of 2011.

This improvement is the direct results of several proactive measures we undertook, including a revised sales organization structure that we implemented at the beginning of this year to provide greater sales coverage, along with lower cost options and more flexible sale terms which are clearly attracted to our low revenue generating properties, but also while maintaining the economics of our model.

At the same time, we had a terrific quarter with regard to our Envision and Mobile initiatives. The press release we issued yesterday highlighted that the number of rooms contracted for Envision, our new cloud connected interactive television platform increased 75% during the quarter. We now have nearly 75,000 rooms and over 225 properties contracted with this new very powerful platform.

And perhaps even more importantly, we reported that of the 44.000 Envision rooms that have been installed, 40% of those hotels are subscribing to our Advanced Apps which are generating about $4 of firm contracted revenue per room per month for us.

And such that apps are sold on in essence on a software as a service basis, the proper margin on this new incremental revenue is very attractive. And there is additional high margin revenue just adds on top of the revenue list we are already getting from our high-definition platform, so these two factors are combined to make a very meaningful engine of growth for our company, which will positively impact the results over the next several years.

Lastly, our Mobile Interactive platform not only successfully launched in the first, but we expanded its reach to cover more than 570,000 rooms by quarter’s end. So far we have been very pleased with the acceptance of our Mobile App by both consumers and hotel yours alike, where we have seen downloads of between 501,000 per day and of the consumers that have downloaded App we have been averaging over eight sessions per user during this two month period of time.

Now we are still in the very early stages of developing what this App can really mean for consumers, hotels and our company, and we have many enhancements coming on the roadmap, and of course for this quarter, we are looking forward to the launch of some very attractive new functionality with the release of the Mobile Checkout App in an interactive programing guide.

And finally, [I miss], I did not highlight the continued success of our healthcare subsidiary revenue in the first quarter for that organization was up 50% from one year ago.

So, at this point, I’m going to turn the call over to Frank Elsenbast, our CFO to give you some more color on the first quarter financials, and after Frank covers those details, I’ll give you some additional thoughts on our strategic position. Frank?

Frank Elsenbast

Thanks, Scott. Our first quarter operating results showed continued progress on our strategic growth initiatives, which are gaining momentum and scale as we broaden our portfolio of products and developed new ways to monetize our hotel room base, which currently serves 500 million guests per year.

Our financial results for the quarter were somewhat below our expectation with challenging sales results in our guest entertainment business as Scott in his opening remarks.

As I discussed the financial results for the quarter, I will highlight both the strategic progress we are making, as well as the ongoing efforts to maximize performance on our guest entertainment business.

In addition, I will provide some additional background on our room base, as a result of this quarter we are directly impacted by the 12% smaller room base. And I will review the progress we’ve made in the first quarter on improving our room retention.

Starting on slides four and five, we will look at the our total revenue and revenue per room performance. In the first quarter revenue was $94.7 million, a 12% decline versus prior year and below our expectations for the quarter.

The decline in total revenue was primarily driven by 12% reduction in our guest entertainment room base versus last year and a 1.5% decline in hospitality revenue per room. We continue to diversify our revenue base with our diversification initiative now making up over 50% of our total revenue.

Revenue per room in the first quarter was $20.85, a decline of 1.5%, with guest entertainment down 11.3% versus last year, largely offset by the 10.8% growth delivered by our diversification initiative. This marks the fourth consecutive quarter of double-digit revenue per room growth for our diversification revenues.

The guest entertainment revenue per room decline of 11.3% was disappointing to us given the stronger performance we recovered over the last two quarters when guest entertainment was down approximately 5% versus prior year.

Several issues contributed to the change in trend and as Scott said, the company is undertaking a full review of the guest entertainment business to respond to these challenges. Among the issues that impacted Q1 sales guest entertainment. First, the theatrical content that was available for the quarter was far before average, box office revenue from the top movies was down over 30% versus the top movie performance in the prior year.

Given the box office performance of these movies we will not surprise to see a significant impact to our business, while our theatrical revenue per room was modestly below last year, it was a fraction of the decline seen at the box office on the same movies.

The outlook for theatrical content is expected to swing back in the second quarter as we are schedule to release more popular films which had stronger performance in the box office.

Another issues which impacts our guest entertainment revenue, the ongoing testing of pricing and promotional concepts. We have discussed some of these in the past including the introduction of tier pricing and modifications to the user interface.

These efforts are essential as we focus on showing up our revenue per room performance, many of these programs have produced favorable results, but certain test have not been successful, specifically in the area of mature content, which experienced a larger revenue per room declined in the first quarter than our theatrical business.

We will continue to evaluate and adjust our pricing and promotions, as well as testing new product concepts during the balance of the year. And finally, we need to ensure we are fully exploding the key competitive advantages that we have in the guest entertainment business. We control the best screen in the room, every study done on screen preference confirms the viewers with the choice prefer to watch content on the best screen available.

We also have an advantage window for theatrical content, we are able to display content 60 days before it is available on DVD and 90 days before it’s available for streaming on Netflix. This is an important advantage for us and we realized almost two-thirds of our Hollywood movie revenue during this early window. The studios remain committed to this window because it’s critical importance to their theatrical box office proceeds.

And while Internet streaming of video content is gaining popularity, it remains a challenge in most hotel guest rooms, adequate bandwidth to support the streaming session is generally not available either through the provided Internet bandwidth or via a wireless datacard.

Our media viewing experience remains superior from a content and quality perspective. And our guest entertainment room base is an unmatched platform to test and promote wide variety of advertising, sales, and media sampling programs with initiatives as diverse as expanding insertion and ultra-violet digital right sales.

So while we do believe that our business faces some challenges, currently, our guest entertainment business is a critical amenity in the upper end hotels that we serve and we feel it has competitive advantages that can be further explode to our advantage.

A couple of other items to note on slide number five. Hotel services increased it’s revenue per room driven by higher TV programing sales, system sales and related were up an impressive 45% did a significant growth and sales of HD equipment as our hotels are accelerating the upgrading of their properties to high-def.

You will also notice that our advertising revenue per room decline as planned in the first quarter due to the transition to our expanded ad insertion network. We wound the prior network at the end of calendar 2011 and our upgrading to an all HD 500,000 room footprints that we expect to begin operation in early 2013.

During 2012 we will maintain our server advertising and carriage businesses, which operate at very high margin. We expect our higher gross margins coupled with operating expense reductions will allow us to maintain our advertising profit contribution during the transition year.

High-def systems continued their strong performance, on slide number six, we’ve outlined the revenue per room performance versus our analog base. Revenue per room was 64% higher and HD rooms driven by nearly 60% higher guest entertainment revenue and TV programming running 73% higher.

The HD capital cost per room which is provided on slide seven declined in the first quarter by 25% versus the cost per room last year and continued the significant decline we have seen over the last three years.

Moving on to our room base, I’d like to start with the comments on the improved room retention that we saw in the first quarter, as mentioned in the press release we have reduced the net room loss by 50% versus our performance in the second half of 2011.

While we still have more work to do, we think this is a good -- this is great progress and it’s driven by a broad base efforts to provide a full range of product option, financing option where appropriate and increase outreach efforts by our sales group.

Now on slide number eight you will see the quarterly activity for the rollout of high-definition services. For the quarter we added nearly 17,000 HD rooms. This was an increase of over five fold versus last year, the installation this quarter bring our HD room base total to 326,000 rooms, a 22.5% of our total guest entertainment room base. We are encouraged by the trend. You can see that activity has been accelerating as hotels have emerged from the recession stronger with improving occupancies and higher ADRs.

Increasingly, hotels are feeling the competitive pressure to upgrade their systems to high-def to ensure they can meet or exceed the at home experience most of these travelers have. We sign already to upgrade our best hotels with HD and continued decline of our capital cost per room enables us to install a large number of rooms for a much more modest capital investment versus just one or two years ago.

Slide number nine lays out the recent bills in our Envision room base from both contracted and an installed bases. We installed our first Envision system early in 2011 and by the end of the third quarter, we had over 12,000 room contracted for installation.

With the operational benefits and customizable services that the platform can provide, sales have accelerated and now stand at over 71,000 rooms under contract with over 40,000 already installed.

In addition, we are exceeding our expectation on the percentage of hotels signing up for our advanced Envision App. To-date over 40% of hotels are signing up Apps with an average monthly revenue of over $4 per room per month.

Gross margins by product line are detailed on next slide number 10. In the first quarter, margins remain strong at 40.2%. The majority of the change in our total gross margin rate was driven by changes in revenue mix during the quarter.

Our focus is to offset any mix changes with margin improvements on our existing businesses and the growth of high margin new initiative like Envision App, advertising services and mobile services, all of which operated margins equal to or higher in guest entertainment.

During the first quarter, guest entertainment margin remained above 60% consistent with 2011 performance. Hotel services margin of 15.4% declined versus last year primarily due to a temporary reduction in our TV program in margins due to timing of our annual price increase and a decline in our broad end gross margins due to lower room counts and a business with a fixed cost structure.

System sales and related margins declined by 8 percentage points as the revenue mix shifted considerably this quarter to include a much higher percentage of high guest equipment sales versus last year.

While these sales are lower margin, we believe they are very good signs for the direction of our business as hotels have started to push forward with their upgrade plans and these sales are linked to recurring revenue stream, generally secured with a five-year programming contract.

The significant increase in our advertising margin was also driven by a change in revenue mix as we are transitioning to our expanded ad insertion business. Advertising revenue will be largely comprised of server-based advertising and carriage revenue. These businesses have very low cost structures and should operate at these higher gross margins from the balance of the year.

Healthcare operated at a 36% gross margins for the quarter. The decline versus last year was due to a lower margin inflation in the first quarter and margins will improve back the historical averages by the third quarter.

On slide number 11 is a summary of our operating expenses for the first quarter. We continue to aggressively manage and reduce operating expenses. The 8% reduction this year follows a significant 13% reduction in the first quarter of last year. The company has taken actions to flatten our organization and simplify our operation in addition to reducing all discretionary spending.

We have lower facility costs by closing our downsizing certain field offices. We are continually reducing our connectivity for telecom cost by reengineering internal processes and renegotiating better rates.

Over the last five quarters, we have reduced our operating expenses by $11.5 million through this ongoing focus on cost control and efficiency. We will continue to focus on cost structure for the balance of 2012 but it is important to mention that we also remain focused on funding the development of intuitive compelling new products.

The recent launch for mobile app, our network IPG and the expanded offering of Envision App are a few examples of the accelerating -- the accelerating innovation, our company is focused on delivery.

Adjusted operating cash flow for the quarter was $20.3 million. The decline versus last year was largely due to the issues impacting guest entertainment that were discussed above.

On slide number 12, you will see the trends for our trailing 12 months AOCF performance for the past five quarters. Our AOCF margin remains strong at 23.6% as we have maintained high product margins and continued to focus on reducing operating expenses.

Free cash flow for the first quarter is detailed on slide number 13. The company; continues to generate significant cash flow that will support our capital investment programs as we upgrade our room-based HD as well as continuing to pay down debt and fund our preferred stock dividends.

For the first quarter, we generated nearly $14 million in free cash flow. This performance was positively impacted by favorable working capital changes in addition to a decline in interest payments versus last year.

The company also funds the installation of nearly 17,000 high def rooms which are strategically important as we rollout the Envision platform and continue our diversification effort.

On slide number 14, we’ve laid out the specifics of our debt reduction and convenant compliance. We paid down over $17 million in debt during the first quarter and now have net debt of $338 million, a reduction of $80 million over the last two years.

Our leverage ratio at the end of the quarter was 3.57, well before our current leverage covenant of 4.0. I will conclude with our guidance for 2012, which is provided on slide number 15.

Given that our Q1 result were somewhat below our expectations, we are adjusting our annual guidance to reflect the reduction in our revenue and AOCF expectations for the year.

For 2012, the company now expects to report annual revenue in the range of $405 million to $420 million. This is a reduction of $10 million on both the low and high end of our previous guidance and represents the reduction of just over 2% from the original guidance.

Guest entertainment revenue per room is now expected to be $22 per room. Adjusted operating cash flow is expected to be in the range of $92.5 million to $97.5 million on a full year basis as we expect to offset a portion of the revenue and margin decline with further operating expense reduction.

We expect net income available to common shareholders to be in the range of a loss of $0.10 per share to a positive $0.10 per common share.

With the progress, we had seen on our room retention efforts and a rollout of our HD Envision and mobile products, we are reaffirming our annual guidance on these key room metrics.

With that, I will turn the call back to Scott.

Scott Petersen

Thanks, Frank. As indicated, before going to your questions, I like to give you a couple of thoughts on our current thinking and action plan regarding our guest entertainment business and our very attractive strategic position within the market place. First of all, you will see that overall framework of the strategy on slide 16.

We think of about overall business dramatically different today than we did five years ago. In 2006, 80% of our revenue came from guest purchases of entertainment collection. And today that percentage is around 50% of revenue, and we expect that will grow, approaching 70% as we continue to execute our strategic plan.

During this period of time, we expanded our strategy to also focus on selling more and more services and systems and software to our hotel customers and create new revenue streams from third parties, who want to advertise in our systems to reach the very large and attractive consumer demographic that flows to our rooms.

And with the launch of the mobile app this past quarter and the continued execution of our new four screen services strategy, we have a clear opportunity to untether our business from a guess room television and create a one-to-one marketing relationship with the traveler, wherever they might be, in the room, on the hotel property or on their way.

Every quarter we continue to see solid progress on this diversification strategy. As Frank indicated, revenue per room from these diversified sources has been up double digits for the past four quarters, hotel adoption of Envision, our new interactive platform and as highly profitable advanced apps is accelerating or moving forward with the launch of a greatly expanded advertising network in early 2013.

And our interactive mobile platform launch with considerable interest and fanfare from both consumers and hoteliers alike. So this is where we’re focussing. This is where we’re investing. And I believe the associated business models for these new opportunities are very attractive and it will create considerable shareholder value for our company over the next several years.

But that does not mean, we’re not focussed on maximizing the revenue from guest entertainment sources. As Frank said, we continued to have many advantages in this respect where we control the biggest and best screen in the guest room. We have the advantage window for chat for contents, video streaming in hotel rooms remains challenged and most hotels has available bandwidth typically as substandard and our data reflects at about two-thirds of our hotel consumers prefer to buy the newest content at a premium price for viewing on the big screen despite having all the less expensive titles available on the system.

So while technology is changing, we are managing our business to create new opportunities for us. With our new four screen services strategy, we believe we have significant new opportunities to generate both traditional and new revenue related to media access, and we are actively pursuing those opportunities, which are outlined on slide 17.

First of all, we are aggressively working to upgrade our room base to our new high definition interactive platforms. As Frank said, the guest rooms that have these systems, guests are purchasing nearly 60% more entertainment than the other rooms that had the older analog technology and only 22.5% rooms had the high def system. Today, we have a clear opportunity to drive those increased revenues across our base, especially with Envision advanced apps, we’ve also seen very nice adoption from those hotels.

We’ve been adjusting our pricing and our marketing messages through most of our base over the past year with the general result of selling more tickets and increasing revenues. However, these types of adjustments are not without execution risk and they must be continually evaluated.

And I must say that not all of the change that we’ve had the impact we’ve been looking for, so we continue to adjust pricing, promotional offers, purchase protocols and content selection et cetera, all based on the most recent trends and our data-driven analysis.

And we’re doing this with a focus on driving our performance over the long term and the timing of certain initiatives can certainly add some volatility to certain quarterly results. The rather mature content, I would also tell you that we’re moving to format that give the consumer more Internet-like experience by introducing shorter clips or granting access to the entire library or to promote the concepts of greater choice and flexibility with the added value proposition of viewing the content in high definition, presented on that big screen and not on traveler’s corporate computer or tablet and such results show positive revenue impacts from this new format. So we are moving forward with implementation plans.

I will tell you also explain how we can become more strategic to the studios, supporting their promotional goals and sell-through initiatives. Our interactive TV systems produced billions of consumer pressure each year, and we believe there are new business models that the studios may embrace that will monetize those impressions for our company.

With our joining the digital entertainment content ecosystem or DECE and that’s consortium of how studios and others who have developed and are introducing Ultraviolet into the market. We believe there are also opportunities to upsell the rental of movie within the room. So the purchase of the title to be taken home by the consumer to be owned forever and then accessed by the consumer from their library in the cloud.

We’ve also developed the baseline technology to stream content from the Internet to the in-room television. We believe this represents an opportunity to, on one hand garner new fees from consumers who wants to access their contents over the internet for this point in a big screen or also the greatest strategic relationship with a streaming company to drive new subscriptions and customers for them.

And with our new mobile initiative, we know it’s perfectly possible for consumer to start the movie on their own and finish it on the plane of their own personal device. At which point the legal rights of this type of rental format with several studios.

So I say the bottom line is we have a number of promising growth opportunities that can further transform our business, capitalizing on changes in technology and consumer behavior. And with an 85% of a market share of a hotel VOD, market place and price of the all the major upscale brands in the industry and having control over the best screen in the room with the best entertainment options and adding over a $0.5 billion travelers flow through our rooms each year.

We believe we are in a very strategic position to create new business models and opportunities that will drive new revenues.

So with that operator, would you please explain the process for asking questions.

Question-and-Answer Session

Operator

(Operator Instruction) Our first question comes from Peter Reed of Mast Capital Management. Your line is open.

Peter Reed – Mast Capital Management

Hi Scott and Frank.

Scott Petersen

Hey Peter.

Frank Elsenbast

Hey Peter.

Peter Reed – Mast Capital Management

I was hoping we could start by helping to bridge these results from the first quarter which, I mean, lets call it steady state, were very good, to the guidance for the rest of the year which implies that the last three quarters would be substantially better and while there is certainly a lot of exciting growth initiatives that’s going on at the company. Most of them, it doesn’t seem like to me, would move the needle enough to bridge the difference. So I was hoping you could help me sell so that both of the revenue in AOCF line?

Frank Elsenbast

Hey Peter, this is Frank and the guidance on the full year, it does assumes that there is improve performance and it’s the improve performance is coming across all of the business lines, but of course, it is -- more of it is going to be coming coming from the guest entertainment. And on both segments of the guest entertainment business on the theatrical front, as well as the mature content, we do expect an improvement versus, what the performance that we had in the first quarter, which we do feel like very much out of trend versus what we experience in the last two quarters.

And so we don’t see -- we don’t think it’s unusual to expect recovery in the balance of year. We have very specific things identified that we are changing. So there is an improvement that is coming in guest entertainment, there is also improvement coming in other segment.

And then the guidance is down $10 million on both the high and low-end of the original guidance that would -- equates the basically a $4 million change in our AOCF guidance and there is difference between the $4 million impact on lower sales and there is $2.5 million change of course is additional OpEx savings that we are going to go after for the balance to the year.

Scott Petersen

I also add that seasonality the first quarter tends to be -- second and third quarter are much stronger, more people are traveling, traditionally it’s a better quarter for us, I think that also has into the overall equation.

Peter Reed – Mast Capital Management

So am I putting words into a mouth to say that virtually on every revenue line item you expect to have more transactions throughout the balance of the year, especially in the next two quarters then you had in the first quarter?

Frank Elsenbast

I don’t know if you can say that for every lines, I mean, of course, the most important one is our guest entertainment assumption.

Peter Reed – Mast Capital Management

Okay. And is that assumption, how much is in your mind, how much of that assumption is better content versus which it sound like should be there, but it’s out of your control versus some of the testing that you alluded to which is more in your control?

Scott Petersen

Peter, it’s Scott, yeah, put the daily in it’s, it -- I would say it’s probably a little more, well, I don’t know, it’s probably not that far 50-50...

Peter Reed – Mast Capital Management

… but that is clearly, clearly mix of those…

Scott Petersen

Yeah.

Peter Reed – Mast Capital Management

Okay. And last question, as far as I can tell the most valuable asset that LodgeNet has is it room base, which we view more scaled than anybody else in the industry. But by my count now it’s 10 consecutive quarters, where we had less of our most important asset at end of the quarter then we had at the beginning? And it would seem like for all of the initiative that are going on right now for those to be successful as we will want the bleeding of room base need to stop and it needs to stop in hurry.

So my question is is when business trend, which is then going on for a long time and pretty significant magnitude, when it’s going to stop and when over going to start talking about being in that at of guest entertainment route?

Scott Petersen

Of course, the comparison of the first quarter results versus last year was significant improves and I think we have increase our team sales organization get higher, touched covered across entire room base, especially with the lower revenue properties that’s historically been -- base that has moved away from us and generally to the local cable company only get the basic television services.

So we have a lot of activity there. I think the turnaround in the first quarter, I think it was very positive, it’s one of those where it does take -- we’ve some -- something you can stop a lot of time, but I think you’re -- when we saw -- I am looking for a nice u-turn, so t to speak.

And at this point time, I wouldn’t want to suggest the second quarter will be the end of the decline, but I think we are going to continue to see some solid improvement over the next quarters.

And as the hotel industry starts to recover, and also our efforts in the gaming markets, adding new properties to the system all sense, to start a great recession has been very scares.

And I think that also reduce some good growth and I’m thinking a new properties coming away, even they might not be new installations, but there will be new to us, which is just adding to our asset base as you would, describe it. I think those factors will come in attraction so. We are working very hard to turn that around and I think the next several quarters, we are going to continue show progress.

Peter Reed – Mast Capital Management

Well, I appreciate hearing that I guess 30,000 rooms loss in the first quarter. I think if that view as success I think our expectations are too low?

Frank Elsenbast

Well, I just was talking difference in the hotel asset last year was a considerably higher rate. So 30,000 is not yet improvement. It’s not that where we want to be, so I mean, I don’t think our expectations are off.

Peter Reed – Mast Capital Management

Okay. Thank you.

Frank Elsenbast

Thanks, Pete.

Operator

Thank you. Our next question is from John Koerber of Bennett. Your line is open.

John Koerber – Bennett

My question really is one I think kind of ask last time, which is you call attention to the fact that you installed something was 30,000 HD rooms in the quarter, at that rate you are really not ever going and you have that dramatic improvements in revenues in HD room, why don’t you investing more for HD at this time, offering subsidies to the hotels chain to sell, why not you doing that?

Frank Elsenbast

Well, John I think -- it’s a matter of backlog. So I think the indicative forecast, if you look at the slide, it shows our envision contract sales and number of individuals in under contract. We have a increasing backlog, so last year -- one year ago first quarter, we introduce envision platform to the marketplace as within -- we need -- there is sale cycle involved there is also -- the introduction of the advance apps and selling more services hotels, which yeah, we think we’re certainly high applied expectation where hotels chapters would be at this point in time.

But the contract to sale those individual contracts has been accelerating, we’ve bet give us to chance to accelerate the number of installations but it’s also then creating more backlog for us to work with. And the reality is -- and efficient is the ratio process probably some was going 60 to 120 days is a good timeframe to from the time to contract list to the timing is efficient to install. So there is some operational mechanics that they can float and around them I mean in the background that -- provide some sense of the (inaudible) shorter term basis with -- taking a contract reduce canceled to next day. I am very pleased to see the number contract…

John Koerber – Bennett

If I understand that the most rooms you could through your operating efficiencies to install because you going from $3.09 to $0.4 in your guidance there is 100,000 room in a year?

Frank Elsenbast

Well, that’s from the half year operational standpoint, if you have more contracts we can scale our operations to install more. But that guidance was based where the trends we’ve seen as far as envision contracts coming in-house -- set by hotels and then converting those into installations.

So we’ve at demand and more contracts, so right now, we are talking about we have 70,000 envision more than 70,000 envision metrics in-house, we have about 45,000 installed that differential there are 25 years basically the law backlog that original installation.

So the more than the faster they come in, more we can converted in installation, capital installation in the base and if the run rate continues to accelerate, we still we have the operational expertise we have done that before start going for the managing the overall cash flow and balance sheet of the company to be aggressive as yes, so we can driving that high definition program. So I am going -- with as far as HD is very good for us, HD with envision apps as even better for us, and mobile piece especially as we sell to mobile apps or hotels also.

John Koerber – Bennett

All right. I just want to be sure did the math theatre kind of punched on it, during math proper way but there is low end of your guidance range and the last nine months of the year, you are going to do $310.3 million in revenue. But I just take at low end and what you have done in the first quarter, is that correct?

Frank Elsenbast

Yes.

John Koerber – Bennett

Okay. In the last nine months of last year, you did 313.5 million of revenue. So am I correct and saying that your guidance that you would be essentially flat on revenue over the next nine months year-over-year?

Frank Elsenbast

In total it’s going to be pretty close, it was going to be a very a little bit by quarter, I think it was stay the room declines start to slowdown we’ll have lost of room declines versus the prior year to deal with as we get into second half of the year, but yeah, your point, your math is directionally right there.

John Koerber – Bennett

But it’s not I want to be sure that we both understand, that you did 313 million in the last nine months of last year and you’re forecasting on the low end year end 310 million.

Frank Elsenbast

Correct.

John Koerber – Bennett

Okay. Thank you. Good luck.

Frank Elsenbast

Thanks.

Operator

Thank you. (Operator Instructions) We have a question from Michael Demaray of Elevated. Your line is open.

Michael Demaray – Elevated

Hi, good afternoon guys. Just following up on to those questions. In the last two and half room declines what percent it was (inaudible) and what percent was others what do you say?

Frank Elsenbast

Have you look at room base was roughly about 50-50 -- 55,000 rooms from last year was rate around 200,000 so it represented 25% of advertising-based.

Michael Demaray – Elevated

Okay. So that was -- okay. All right. That’s helpful. And I was little bit confused about the discussion backlog and it sound like -- you have these -- I think you said 25,000 rooms in the backlog and if you had more demand, you install them faster and I think people are wondering -- part of what you saying here is that well, we think we have operational issues that allows to install certain way, but it then what we hear is -- demand is (inaudible) there our the other you guys -- there are ways to stimulate demand I guess that the questions that we all wondering.

Frank Elsenbast

Sure. Let me put in context so as indicated one year ago, we introduce envision to the marketplace during the first two quarters, we had in the marketplace, I think roughly we have about 20,000 rooms contracted that was at the end of September last year that went -- that doubles in the fourth quarter a 40,000 but from 40,000 over to 70,000 in the first quarter this year. So you will see there is a ramping there as far as contract flow anything is moving forward.

Some of the big sparks that creates new contracts -- before we announced, I would as far as moving their base and there is although there are tightly HD penetrator already, there is the opportunity to have the envision have revenue on top of that, when we announced normally in the first quarter several other organizations like Kimpton Group, Joie de Vivre Group. We are actively speaking with our two largest customers which is Hilton and Marriott, about getting then my moves on to the envision platform those day is primarily, and of course is roughly just -- less than 20% of our total Guest Entertainment room basis represented by e-travels organizations.

The Marriott side is some analog systems there was installed by the (inaudible) organization back in 2004, 2005. The only platform it was a larger platform there was installed a roughly about the same period of time. So both are running analog, but lot of those -- feeding flat panel high desk televisions into the guest room, so I was suggest it not the best guest experience, we’ve done like with the organization we’ve done the (inaudible), we are doing the held McKlein, which right across the street from the corporate headquarters and various other properties in their base to give them a sample of envision and test that on the Marriott sides -- we are also install the LA the J.W. Marriott, LA life property and the associated risk cause and right there. So in times to the General Managers conference, which was at the end of the March, then we took that -- these video launch a main platform to the new part an envision. And we’ve got very high remarks from -- staff at hotels (inaudible) which were nearly GM’s there.

So those majors kind of marketing activities are going on the background, I should also say sales activity. So we are hoping that we will -- tell about the few details on what they want to promote their owners, the franchise owners of this business hotels and I think that will give us a major incremental boost on contract starting to float toward us, but that is just like two examples, we've got the rest of sales organization working variety of management companies and other ownership groups. And I would say the 70,000, actually that have come in is pretty diverse from a standpoint, which I think is good news for us to be in a position to accelerate as we move forward. So I am looking at it. We're wishing we'll have a bigger backlogs so we can continue, because you have to have sales organization. And so you have to work in all those factors, but we are pushing hard to drive sales. So we drive installations and that drives revenues.

Michael Demaray – Elevated

Two more follow-up questions on that. What's the biggest block and that your sales organization is telling you is giving [fuel] for making the upgrade? And then second, can you update us as to third-party financing for just an installation for you hotel customers?

Scott Petersen

Right. So the biggest block I would say is just getting comfortable with this new, what does an hap on television mean and then how does it work from an organizational standpoint? Basically core package is a dime a day. It helps hotels get green or reduce printing costs, drives more information on consumers hands. Now we've got to bridge that rate of a mobile devices with access of those types of information that could be based on a subscription to that module of our app. So I guess I think it's more of an educational perspective and the key factor in the market is just showing success and other companies moving forward and that creates confidence and kind of a maybe it's I would call a bandwagon, hopefully opportunity for us.

Michael Demaray – Elevated

Okay. And third-party financing, I mean that's available, that's there for people or not necessarily, are you guys helping still pay that for?

Frank Elsenbast

Well, certainly on the interactive television side, well the upper end of the marketplace basically are zero to very minimal CapEx requirements from the hotel companies. I mean, it might be a small supplement to buy down the capital costs and we are also credibly looking ways of bridging those types of things if that is kind of a stumbling block.

We do have third-party financing sources for the equivalent related to the free to get content. We make a relatively small margin on that, 15% margin, but some hotels like to have recent options. We do have programs in place for that, and even for our best customers we have been kind of wrapping that and the overall equation of that looses needle for us. So we are looking all those types of things to reduce barriers and sales structure.

Michael Demaray – Elevated

And then in your view, do you have any ideas on whether the room count stabilizes?

Scott Petersen

I don't want to put on a hard number there. Directly, we are moving – we are moving very hard from an operational standpoint to stop that trend and reverse that trend. So I guess I think I just want to leave it at that, and ultimately every quarter we are going to give you better news and we gave. This year this quarter was better than the prior two. And I am looking forward again making great progress in our strides.

Michael Demaray – Elevated

All right. And then I guess lastly, I mean, I cannot kind of understand the incredulity of the previous caller in terms of your final third quarters and what you guys are forecasting. I hope that turns out to be right, but you guys have a big room based decline and you are looking at being flat revenues. So I suppose we would all rather hear the bad news now than third quarters from now. So if you guys think you can head it that straight, but it's probably being challenged.

Scott Petersen

We appreciate. That's our guidance. Thank you.

Operator

Thank you. Our next question is from Tom Grizzetti of Gotham Industries. Your line is open.

Tom Grizzetti – Gotham Industries

Thank you. Hey, guys. Guys, question for you on your long-term debt or your debt I should say. Any idea, any chance that you guys maybe able to refinance that into a longer I should say make it real long-term debt?

Frank Elsenbast

Yes. Tom, this is Frank. We are in conversations with our advisors on our bank debt. We did an amendment on it in the first quarter of 2011. As part of that amendment, we did add language that would allow us to extend the tenor of the loan with the existing bank group, at least a portion of it.

So we have the ability to extend the portion of it with our existing bank group and then also looking at potentially refinancing a portion of it either through a new bank facility or through notes. I mean, right now, we are looking at a variety of options.

Tom Grizzetti – Gotham Industries

And right now wanted to do is a three years or something?

Frank Elsenbast

It's in April 2014.

Tom Grizzetti – Gotham Industries

Got you. And you think you've got the interest on the banks that you could probably extend it, I mean if you could, how many years do you think you can do it for either with date you have today?

Frank Elsenbast

Well, I've don't need to speculate, because we've got some accounts, so we don't have enough feedback from the syndicate to say what the reasonable extension would be.

Tom Grizzetti – Gotham Industries

Got you. But you guys are active in this, or do you think this is something to accomplish in 2012 would be the right time?

Frank Elsenbast

Right. We are very active in it with debt markets the way that they can open and close. Of course, we stay in very frequent touch with our bankers on this and we are absolutely looking at what the best timing for us to refinance.

Tom Grizzetti – Gotham Industries

I mean, your cash flow regardless of the fact that you've got some negative things going on, but you cash flow is actually relatively stable seasonally?

Frank Elsenbast

It's a good cash flow business. The reinvestment CapEx is far less than what it was a few years ago, so we do still awful lot of cash and that is the aspect of the business that our banks certainly notice and appreciate.

Tom Grizzetti – Gotham Industries

I mean, good luck, guys. I mean, if you can spend, we can stabilize your room count to keep cash the way it is. Good luck.

Operator

Thank you. Our next question is from Peter Reed of Mast Capital Management. Your line is open.

Peter Reed – Mast Capital Management

Hi, guys. I wanted to follow up on the Hyatt news. Can you talk about how much if any of those rooms of the 60,000 base have already been deinstalled at pace at which you think that would happen? And then practically how we lose such a name brand customer to a competitor who when I looked at their balance sheet, I have no idea how they are going to fund, any of this CapEx, how does that actually – how does that happen?

Scott Petersen

Well, that's certainly. The kind of the backed down on the Hyatt's, roughly 60,000 rooms that we serve today, one property has moved to room links from our base property in Denver. Overall, I would say 90 days of debt notice so we have visibility on that.

Basically when they took their public statements out there, we are talking about moving to that platform, whether that's couple of years. So far it's off to a relatively slow start with the notices we've had. We're probably looking at three or four this quarter, somewhere in that ballpark out of the 1,300 and 1,400 properties that they do have.

This is a business offer that the hotel owners have to put up a capital. That was the deal that was put together with the Hyatt Corporation. And our market intelligence would suggest a lot of the property owners are taking somewhat of a wait and see attitude seen how the initial installations go with their followed franchisees at very -- at the early adopter properties. So we will see how that goes.

From our standpoint we will continue to provide first-class service. Hyatt has been a very good customer of ours in the past. We continue to serve the Hyatt Place brand, 20,000 some room under that. We are the exclusive provider until somewhere near the year 2015. So from our standpoint, I don't think this story might be over yet, Peter.

As I talked to hoteliers that from – on the sidelines a lot of them are wondering why do they make that decision? It certainly was not for ill will or bad feelings between the organizations. They apparently were enamored with having an IT blocks installed in the room package, some might goes some Microsoft computer, those behind the televisions.

So it's clearly a nonstandard kind of a technology format but pricey. I would also suggest from standpoint of maintenance I would be concerned if I was the operator of the hotel on maintenance issues.

So we've got 200,000 rooms of Marriott and Hilton and 150 with Starwood and Hyatt was 60,000. So they thought if they want to small company they would get some extra special service that I believe they were getting the best service from us, but I would speculate that that might be that they wanted to be a big client for their provider.

Peter Reed – Mast Capital Management

Is that certainly reassuring that you think that this one may not be over yet? I guess in addition to that although it's certainly a marketing win for your competition if nothing else, but I thought recent announcement from DIRECTV, they are big vendor of ours, why do they appear to want to compete with us as well?

Scott Petersen

We are reseller, distributor of DIRECTV. They are the largest. They have come out with this DIRECTV – residential experience product, DRE which they believe and really from the marketing information is focused on smaller properties. If they want to get into properties over 200 rooms, by definition the technology doesn't translate to well and the cost aspects really get out of the whack from that perspective. So they introduced this into the marketplace.

And we are selling, we are representing that product to our hotel customers if that's the product they want along with more traditional approaches. And we have some very nice practices that compare very favorably from a price value perspective of wrapping Envision with the HD content et cetera. And this past quarter we put out and we had the technologies just developed with another third party that we can do an IPG on a network basis on our Envision platform.

So you don't have to support expense of hardware in each room so the consumer can, pull up ABC and see what have programs around him. That was one of the big value props of DRE is an IP, there is DIRECTVs, IPGs what channels are on, what's on the channel.

And then theoretically it's a 100 different channels in the room. The price points here that the actual cost of the hardware in the room is somewhere $200 and $250 per room, plus it could be some elaborated rewiring depends on certainly preserving existing hotel.

So Peter you know that they not just made the other day, said we have been selling this for basically one year. We've got a 110 properties on board that they are smaller properties, has about 15,000 rooms I would guess. Envision, we have been in the market for the same period of time, well over 70,000 at 225 properties.

So I would say it has a role in the marketplace, but I don't think it's which necessarily one size fits all for the marketplace and doing the same for example in seem very – I would say stronger acceptance of the Envision concept, than the DRE platform.

But like I said we also offer that for all of our hotel customers and that's what they want to buy and pay for. We're very happy to provide it and make the programming margin free to guess, and we also believe there's – that doesn't necessarily mean that either DIRECTV ourselves but we can you know certainly told you just like we always have and be business partners together.

Peter Reed – Mast Capital Management

Well, again it's reassuring to hear that you feel that – we've got between value and technology that we've got a really compelling offering for smaller properties. With that said how is it that you know given what seems like – you know the ability of the – of smaller properties to take it from us either really a good option or potentially even unattractive cheap option? How does that room base keep getting with all the way, what are we losing on?

Scott Petersen

Well, yeah you know the last year the big x of this has been where a lower revenue DRE property went to the local cable companies and just got basic cable from that cable company. That movement in the first quarter's for us – we talked about, did decrease substantially.

And I think that is the -- as these new in the cost based these technology we keep pounding our own suppliers to get capital costs and the cost the equipment down so, our overall service cost can drop, I think we're actually which you saw in the first quarter it's just going to continue in the right direction there. And certainly that DRE model is not a low cost approach, certainly if you think about it as a five-year commitment for amortizing equipment in building the programming.

So we think we have – you know we're always looking for the array of products and services we can offer hotels and they can make the decision, then – we're looking for three words, we've got array of tools to sort of maintain our base and I think it's just getting stronger.

Peter Reed – Mast Capital Management

Are there other local cable guys, are they winning with a script down basic offering is that on prices, is their strip down offering cheaper than ours?

Scott Petersen

Tends to be price – in the world of satellite delivery of signal you have to buy equipment at each property to – you know for the reception equipment for things these 30 channels of high-def or 40 channels or 50 channels. And especially when you get to smaller properties that's a fixed capital cost and if you have a 1000-room property and amortized on a full room basis very nicely if it's a 100-room property, it's ten times as much.

So you know that's – and in the smaller you get then cable up there is not that capital component that can persuade some of these smaller hotels, in the direction of just basic cable.

Now that also means that there is no – you know, activity here it is – basic cable, it is not there's not fancy bath from the room, anything like that. So we're continuing to – you know from a brand standpoint but the brands and weak and healthy brands push their marketing messages, by maintaining the element of interactivity for us the mobile app, really comes hand to hand in glove with our interactive platform.

And I think as more and more people hear about the – not only the TV control aspects, but you can check out of your room as you've already left the property and you're on way to the airport, whatever I mean mobile is a whole element that I think the consumer, especially the frequent consumers are going to say I really liked that aspect, it will make it difference in where I stay.

And I think those kinds of intangibles will also help make our systems, it isn't just a matter of if it's a dime cheaper or – a dime more expensive it gets the more features and functions that the consumer really want. And as we're trying to hone those messages, those packages, and you know, credits, comparing of a program as we offer each other.

Peter Reed – Mast Capital Management

Okay, thanks, I mean they've all said the – all the initiatives are really encouraging, I'm just trying to reconcile the reason to be excited between the early successes of them and offset against the – a room base that continues to just shrink pretty aggressively and I think that that makes it tougher. If we can't tie it up. It makes it tougher to partner with people to sale more advertising et cetera, unless we can show that – not only are those initiatives getting traction, that we're actually we're selling more things to more customers and selling – more things to fewer customers, you know.

Scott Petersen

I understand your point and we're working hard right on that point, again I'll tell you that.

Peter Reed – Mast Capital Management

Thank you.

Scott Petersen

Thanks, Pete.

Operator

Thank you, our next question from Chris Mittleman of Mittleman Brothers. Your line is open.

Chris Mittleman – Mittleman Brothers

Thanks, I was just wondering where do you guys stand in terms of international penetration, what the opportunities are there, is that something that I – haven't heard much about lately and it's – an area I would imagine you guys have and at least the ability to capitalize on.

Scott Petersen

Yeah, hi Chris, this is Scott Petersen. Well first of all we do own and operate about a 150,000 rooms in Canada, and about 25,000 in Mexico. Now that's all part of their holding on subsidiaries of our company and the reports -- the results we have here in all those numbers kind of fell right into the total room counts et cetera.

Our strategy historically have been license certain organizations that would be in certain point countries or territories, because you really need the one-handed relationship with the hotels there and also service capabilities so if there's kind of break fix issues or content updates, of course these to happen, we have our licensing in last couple of year we did announce in I kind of refract of our relationship with an organization in Madrid, Spain.

They had historically been an on-command customer and we've installed actually the largest five star hotel in Europe, in Madrid with the organization they've installed, installing an vision there I guess right this period of time.

So we have and of course then they represent our product through the Iberian Peninsula, we did announce about a year and a half ago expansion in the middle east with an organization based in Dubai and they have the licensing rights to India and in the Middle Eastern countries and parts of Africa.

And they are – you know with sales cycles involved in all those different things we are seeing revenue with that we're starting to flow through and I would guess that's probably on the other revenue aspect of our MD&A descriptions, so are in the same time of the year, just a reality of it's you really need feet on the street both for sales and service report, the question you know it seems how could we kind of expand by better coverage because if you think fundamentally also, Hilton, Marriott, Starwood, you know, high Intercontinental are very global organizations today and they would like the same consumer look and feel, in Singapore, as in London, or in New York, so we think that brands would like to have somebody who could, who would globally we think probably the right way to think about this though is that – look for alliances with regional organizations.

And we continue to work that right now we're looking probably to get bigger alliances versus kind of smaller alliances in the end so some of that has happened in the background and you know, -

Chris Mittleman – Mittleman Brothers

That's why I bring it up, because you guys I think you said in the last presentation I mean in the presentation before you had somewhat of an 80% market share over here, and you are dealing with global customers, it's strange in a way that your market share internationally is negligible, but over -- far overseas because these guy have big market share globally and I would think that it might be an easier thing to you know for you guys to penetrate?

But if you're saying that it has to be done with local players in the ground there then is there anybody overseas that is operating on the scale in terms of a 80% type market share in Europe or someone I'm not aware of?

Scott Petersen

Yeah, generally there they're much more fragmented, Europe probably has a dozen players of the largest would have 400,000 rooms and probably a 300,000 rooms, or 200,000 organizations, being the largest.

And then the total you know rooms within that – general trade area would be roughly the size of United States or maybe slightly less, even though the properties tend to be smaller and older and has you know, modern – as this press we have here, in the far east there are a couple smaller organizations, actually DOCOMO interTouch who is our – we have strategic relationship with them for the high-speed internet access part of our business.

They also provide video type services in the Asian marketplace and so you know those are the types of people that we are chatting with through sales or way we can work together here just to serve our customers' needs globally and doing it on a way that chasing market you know – just the way to globally, historically I would tell you we have not been profitable for companies that chase – them so I'd rather watch case studies from how – here in the United States, and yet – but you've got to be careful of there's a lot of – a lot of hidden expenses there than in one might think.

And it's difficult for execution so we're trying to do it the right way.

Chris Mittleman – Mittleman Brothers

Okay, thank you. Appreciate that.

Scott Petersen

Thanks.

Operator

Thank you. And our next question comes from Michael Demaray of Elevated. Your line is open.

Michael Demaray – Elevated

Hey guys one question I forgot, there is a lot of disclosure in your 10-K around you know the capital outlay that's going to be required for your advertising system can you give us a range of what that CapEx is going to be?

Scott Petersen

I'm going to turn it over to Frank.

Frank Elsenbast

Yeah, so right now you know we are looking at a number of different hardware configurations, and you know we will be putting out more information on the private network, you know the room size and to the capital expense as those – as those become more certain.

I think the most prudent thing to do, right now would to wait just a little while until we have more certainty around some of these our hardware cost because – you know that it is a pretty significant investment and that it requires the installation of high-definition for you to get equipment at all of the hotels that we'll be participating in the program and then a certain amount of computing powers at that large net is developing and would be installing there.

And you know we've got to give you a range if it was tight range, but we really got options now that really go from quite low to quite high, and so we will provide additional disclosure as it becomes more certain.

Michael Demaray – Elevated

Is the anticipation that that will be funded with internal cash flow, or do you believe that you might have to go out and either use equity of debt to finance that?

Frank Elsenbast

Well, we would be looking to finance that with our partners, that are anticipating in it, and to the extent we need to internal cash flow.

Michael Demaray – Elevated

Okay, great, thank you.

Operator

Thank you, at this time I would turn the call back over to Ann Parker for closing remarks.

Ann Parker

Thanks everyone again, for joining us today, a reminder that replays of this call can be accessed over the next month via the internet through our company website and that can be found at www.lodgenet.com. The slides used during this webcast will also be archived on our website for your reference and that's under the investor section. If you have any difficulty downloading those slides we would be happy to send them on request. Thanks again, everyone, and have a good day.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: LodgeNet's CEO Discusses Q1 2012 Results - Earnings Call Transcript
This Transcript
All Transcripts