LodgeNet Entertainment Corporation
reported its 34th consecutive increase in comparative quarterly revenue and EBITDA.
Revenue in the first quarter of 2002 increased 7.8% to USD55.0 million in comparison to the first quarter of 2001, while EBITDA increased 12.9% to USD19.6 million from USD17.4 million a year earlier. LodgeNet also reported first quarter operating income of USD1.2 million.
Scott C. Petersen, President and Chief Executive Officer, said, “With highly predictable revenue streams, a growing and diversified room base and significant operating leverage, first quarter revenue increased 8% and EBITDA increased 13%, while our operating income improved 39%. LodgeNet now delivers interactive and other TV services to more than 900,000 guest rooms. This number represents more than 5,500 hotels—the world`s largest hotel base—in the United States, Canada, and Puerto Rico as well as 12 additional countries served by LodgeNet licensees. Our new digital platform continues to drive additional revenue per room and demand from hoteliers remains strong. We ended the quarter with over 143,000 digital rooms, representing 17.3% of our installed base, and an additional 120,000 digital rooms in our backlog. The digital platform is clearly enhancing our returns through its expanded product offering and reduced operating costs.”