LODGENET ENTERTAINMENT CORP

CIK:0000911002|SEC Filings

Consolidated Statements of Operations (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Revenues:
Hospitality and Advertising Services	$ 353,228	$ 410,919	$ 443,654
Healthcare	11,461	10,343	8,518
Total revenues	364,689	421,262	452,172
Direct costs (exclusive of operating expenses and depreciation and amortization shown separately below):
Hospitality and Advertising Services	211,779	232,181	249,745
Healthcare	6,422	5,128	4,290
Operating expenses:
System operations	34,455	39,386	42,940
Selling, general and administrative	37,340	41,918	48,151
Depreciation and amortization	63,766	72,235	83,236
Goodwill impairment charge	92,614	0
Restructuring charge	7,570	1,923	421
Reorganization items	14,574
Other operating expense (income)	(32)	31	(21)
Total direct costs and operating expenses	468,488	392,802	428,762
(Loss) income from operations	(103,799)	28,460	23,410
Other income and (expenses):
Interest expense	(25,301)	(31,206)	(33,537)
Loss on early retirement of debt	(312)	(158)	(1,050)
Other (expense) income	(1,182)	(349)	326
Loss before income taxes	(130,594)	(3,253)	(10,851)
(Provision) benefit for income taxes	(3,693)	2,622	(834)
Net loss	(134,287)	(631)	(11,685)
Preferred stock dividends (See Note 11)	(5,557)	(5,744)	(5,750)
Net loss attributable to common stockholders	$ (139,844)	$ (6,375)	$ (17,435)
Net loss per common share (basic and diluted) (in dollars per share)	$ (5.48)	$ (0.25)	$ (0.71)
Weighted average shares outstanding (basic and diluted) (in shares)	25,513,277	25,082,921	24,454,796

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
Consolidated Statements of Cash Flows (USD $)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Operating activities:
Net loss	$ (134,287,000)	$ (631,000)	$ (11,685,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	63,766,000	72,235,000	83,236,000
(Gain) loss on derivative instruments		(1,511,000)	1,511,000
Goodwill impairment charge	92,614,000	0
Loss on early retirement of debt	312,000	158,000	1,050,000
Share-based compensation and restricted stock	1,278,000	1,618,000	1,762,000
Deferred tax expense (benefit)	3,256,000	(3,256,000)
Other, net	2,116,000	1,083,000	304,000
Change in operating assets and liabilities:
Accounts receivable, net	12,733,000	(6,406,000)	2,571,000
Other current assets	2,737,000	2,135,000	(1,063,000)
Accounts payable	14,040,000	(11,980,000)	21,410,000
Accrued expenses and deferred revenue	2,198,000	(2,374,000)	4,268,000
Other	(2,766,000)	969,000	(1,658,000)
Net cash provided by operating activities	57,997,000	52,040,000	101,706,000
Investing activities:
Property and equipment additions	(35,631,000)	(27,318,000)	(21,825,000)
Net cash used for investing activities	(35,631,000)	(27,318,000)	(21,825,000)
Financing activities:
Repayment of long-term debt	(39,500,000)	(10,525,000)	(101,408,000)
Payment of capital lease obligations	(555,000)	(717,000)	(1,031,000)
Borrowings on revolving credit facility	62,000,000	75,000,000	45,000,000
Repayments of revolving credit facility	(41,000,000)	(75,000,000)	(45,000,000)
Debt issuance costs	0	(2,658,000)	0
Proceeds from investment in long-term debt	2,306,000	614,000	5,921,000
Proceeds from issuance of common stock, net of offering costs			13,658,000
Payment of dividends to preferred shareholders	(4,295,000)	(5,750,000)	(5,750,000)
Exercise of stock options	10,000	9,000	49,000
Proceeds from issuance of stock warrants			46,000
Net cash used for financing activities	(21,034,000)	(19,027,000)	(88,515,000)
Effect of exchange rates on cash	22,000	(57,000)	4,000
Increase (decrease) in cash	1,354,000	5,638,000	(8,630,000)
Cash at beginning of period	14,019,000	8,381,000	17,011,000
Cash at end of period	$ 15,373,000	$ 14,019,000	$ 8,381,000

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Current assets:
Cash	$ 15,373	$ 14,019
Accounts receivable, net	41,371	53,963
Other current assets	7,830	11,021
Total current assets	64,574	79,003
Property and equipment, net	105,516	119,164
Debt issuance costs, net		4,373
Intangible assets, net	83,438	91,642
Goodwill	7,467	100,081
Other assets	11,097	14,409
Total assets	272,092	408,672
Current liabilities:
Accounts payable	62,352	48,255
Current maturities of long-term debt	346,691	10,395
Accrued expenses	23,350	18,813
Deferred revenue	18,504	19,949
Total current liabilities	450,897	97,412
Long-term debt	576	352,905
Other long-term liabilities	6,121	9,296
Total liabilities	457,594	459,613
Commitments and contingencies
Stockholders' deficiency:
Preferred stock, $.01 par value, 5,000,000 shares authorized; Series B cumulative perpetual convertible, 10%, 57,500 issued; 50,516 and 57,266 outstanding at December 31, 2012 and December 31, 2011, respectively (liquidation preference of $1,000 per share; $50,516,000 and $57,266,000 total at December 31, 2012 and December 31, 2011, respectively)	1	1
Common stock, $.01 par value, 50,000,000 shares authorized; 27,361,918 and 25,272,734 shares outstanding at December 31, 2012 and December 31, 2011, respectively	274	253
Additional paid-in capital	384,034	384,843
Accumulated deficit	(572,814)	(438,527)
Accumulated other comprehensive income	3,003	2,489
Total stockholders' deficiency	(185,502)	(50,941)
Total liabilities and stockholders' deficiency	$ 272,092	$ 408,672