Lodgenet Interactive (LNET) Inactive 10-K2003 FY Annual report

Filed: 12 Mar 04, 12:00am

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New words: adapt, answer, assignment, attain, authoritative, brand, Carlton, catastrophic, Chapter, clarification, COMMISSIONWashington, contributor, counterclaim, court, degree, demonstrate, denying, District, divided, Division, enterprise, expert, face, Fairmont, feel, FIN, forward, fundamentally, furnish, furnished, Gamet, Graph, grow, guaranteed, Guestek, health, HSBC, imposed, intellectual, interface, Interstate, intranet, invoiced, Kimpton, LaQuinta, launch, lender, Margaret, membership, neutral, Nevada, NexTV, noncompliance, outlined, PC, pertain, PointOne, portable, posted, prepaid, procure, Quadriga, rankedpari, reorganization, reserved, Ritz, Shlecter, SigNETure, slowly, solid, Southern, SportsNET, Sprint, stable, Steve, stored, structure, sunk, suspended, SVI, TBS, TechConnectionSM, TVSM, uncertain, unconditional, underwriter, undetermined, Urie, USA, user, Verizon, Wayport, week

Removed: antenna, automatically, buy, CMGI, compare, continuously, dealing, depend, duration, earned, EBITDA, escrow, fit, flat, flynn, intend, La, larger, long, Marine, Midland, Montgomery, Morgan, multiyear, NatWest, nonredeemable, occupied, patent, penetration, perspective, platform, play, presently, promotional, Quinta, ranking, redistribution, restructuring, slightly, speed, Stanley, strategic, subsequent, sufficiently, tim, Trademark, volume, Washington

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Exhibit 12.1

LodgeNet Entertainment Corporation and Subsidiaries

Statement Regarding Computation of Ratios (Unaudited)
(Dollar amounts in thousands)

Computation of Coverage of Fixed Charges


		2003			2002			2001			2000			1999

Net loss		$	(35,052	)	$	(29,126	)	$	(26,408	)	$	(39,014	)	$	(36,428	)
Add:
	Provision for income taxes		459			550			689			325			370
Add fixed charges (1):
	Interest		34,239			33,037			30,306			27,809			27,210
	Amortization of debt costs		1,831			2,001			1,178			1,589			1,488
	Amortization of debt discount		104			147			190			215			215
	Interest portion of rentals		219			198			179			158			145

Earnings available to cover fixed charges			1,800			6,807			6,134			(8,918	)		(7,000	)
Less fixed charges			36,393			35,383			31,853			29,771			29,058

Deficiency in the coverage of fixed charges		$	(34,593	)	$	(28,576	)	$	(25,719	)	$	(38,689	)	$	(36,058	)

(1)

Fixed charges consist of interest on all indebtedness, including amortization of debt issuance expense and capitalized interest, and one-third of rental expense (which is estimated to represent the interest portion thereof).