SIOUX FALLS, SD— LodgeNet Entertainment Corp. has reported record revenue of $216.9 million and record EBITDA (earnings before interest, taxes, depreciation and amortization) of $75.1 million for its fiscal year ended December 31, 2001. The results reflect a 10.9% increase in EBITDA over 2000. The company also reported its first full year of operating income at $9.1 million. For fourth-quarter 2001, LodgeNet reported its 33rd consecutive increase in quarterly revenue and EBITDA. Fourth quarter revenue increased 10.4% to $53.1 million, while EBITDA increased 10.8% to $18.1 million. Scott Petersen, LodgeNet’s president/CEO, said, “In a challenging year for the hospitality industry we maintained our focus and continued to execute on our predictable business model, achieving significant performance milestones in every aspect of our business as we posted record operating profit. “Our strengths include a demographically and geographically diverse room base, as well as revenues driven from an expanding product line. Equally important, especially in the fourth quarter, was our ability to adjust our operating plans to the new business environment realities as they developed. Despite the universal decrease in hotel occupancies, we posted double-digit increases in revenue and EBITDA. For the full year, our operating income surged by almost 300% to $9.1 million. Gary Ritondaro, svp/CFO, reported the company in fourth quarter added “nearly 18,000 Guest Pay rooms to our base. This was accomplished without increasing debt levels during the period. We ended the year serving more than 5,400 hotel properties….
Previous ArticleCendant Reports Q4 Profits Up
Next Article Venetian, Le Meridien Partner To Boost Las Vegas Biz