8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) March 18, 2009

LODGENET INTERACTIVE CORPORATION

(Exact Name of Registrant as Specified in Charter)

Delaware	0-22334	46-0371161
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

3900 West Innovation Street, Sioux Falls, SD	57107
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code (605) 988-1000

n/a

(Former Name or Former Address, if Changed Since Last Report)

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

EX-99.1

EX-99.2

Item 7.01 Regulation FD Disclosure.

     LodgeNet Interactive Corporation today will make a presentation at the B. Riley Investor Conference in Las Vegas regarding its operations and business. The PowerPoint slide presentation to be used during LodgeNet’s presentation at the B. Riley Investor Conference regarding its operations and business is furnished as Exhibit 99.1 and press release regarding LodgeNet’s presentation at the conference is furnished as Exhibit 99.2.

     The information in Exhibits 99.1 and 99.2 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits.

     (d) Exhibits

99.1	PowerPoint Slides (furnished)
99.2	Press Release (furnished)

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 18, 2009	By	/s/ James G. Naro    James G. Naro
	Its	Senior Vice President, General Counsel, Secretary and Chief Compliance Officer

EX-99.1

Exhibit 99.1

Certain statements in this presentation constitute "forward-looking statements." When used in this presentation, the words "intends," "expects," "anticipates," "estimates," "believes," "goal," "no assurance" and similar expressions, and statements which are made in the future tense or refer to future events or developments, including, without limitation, those related to our first quarter 2009 guidance, and all of the elements thereof; first and second quarter estimates of revenue, operating expenses, capital allocation and cash allocated to debt reduction; and compliance with credit agreement covenants are intended to identify such forward-looking statements. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause the actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward- looking statements. Such factors include, among others, the following: the effects of economic conditions, including general financial conditions (including those represented recently by liquidity crises, government bailouts and assistance plans, bank failures, and recessionary threats and developments); the economic condition of the lodging industry, which can be particularly affected the financial conditions referenced above, as well as by high gas prices, levels of unemployment, consumer confidence, acts or threats of terrorism and public health issues; competition from providers of similar services and from alternative systems for accessing in-room entertainment; competition from HSIA providers; changes in demand for our products and services; programming availability, timeliness, quality, and costs; technological developments by competitors; developmental costs, difficulties, and delays; relationships with customers and property owners, in particular as we reduce capital investment; the availability of capital to finance growth; compliance with credit facility covenants; the impact of governmental regulations; potential effects of litigation; risks of expansion into new markets; risks related to the security of our data systems; and other factors detailed, from time to time, in our filings with the Securities and Exchange Commission. With respect to any acquisition, we are subject to risks that integration costs will exceed expectations, that synergies we anticipate will not be realized, or will take longer than anticipated to realize, that our management and management systems will encounter difficulties in dealing with a bigger, more diversified enterprise, and that the financial results we expect from the acquisition will not be realized. For any of the foregoing reasons, our guidance and our actual financial results may not meet our expectations. These forward-looking statements speak only as of the date of this presentation. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Slide 2

World's Largest Provider of Media & Connectivity Services to Hospitality Businesses "Interactive Experiences" to More Than 1.9 Million Rooms at 10,100 Properties Top 10 MSO Equivalent with National Reach in US & Canadian Hotel Markets 85% Share of VOD-Served Market Connect, Inform & Entertain Over 500 Million Travelers Highly Interactive Audience Powerful Guest "Touch Points" in High-Definition TV & Internet LodgeNet Interactive Slide 3 98% 35% Guests Turn on Television "Go Interactive" "Log On" to the Internet* * Source: 2007 Forrester Omnibus Survey 32%

LodgeNet Interactive Slide 4

Also: Licensees in 23 International Countries

A Diversified Customer Base Focused By Brand . . . Diversified By Decision 1,500+ Ownership & Management Groups Slide 6

Expanding Networks & Integrating Solutions Expanding Networks In Hospitality and Healthcare Three Networks: Interactive TV; Broadband Internet; Advertising Media Solutions Creating New Revenue Increasing Economies of Scale: - Technology - Operations Integrating Solutions That Meet Customer Needs Multiple Solutions: HDTV; IP; Broadband; Technical Services Diversifying Revenue with New Solutions Building New Competencies to Deliver Additional Solutions Growth Strategy Slide 7

Hospitality Drivers: High Definition Television Professional Solutions Broadband Internet Media Marketing Slide 8 Expanding Networks & Integrating Solutions Growth Strategy

30% Higher Revenue HD Basic Cable - - More Channels - - Higher Percentage of Hotels HD Video On-Demand Increased Guest Interest Professional Solutions Program Consultation Project Management Installation Services 2008 Revenue = $5.8 Million Rooms (in thousands) High Definition Television 190 1,870 As of 12/31/08 Hospitality Growth Driver Slide 9

Sell More to Hotels Help Desk Services - - Recurring Revenue - - $3 to $4 per room/month Equipment Sales - - Hotel Purchased - - 10% to 20% Margin Technical Service - - Time & Materials Maintenance Agreements 2008 Revenue = $23 Million Broadband Internet 230 1,870 Hospitality Growth Driver Rooms (in thousands) As of 12/31/08 Slide 10

Multiple Platforms Traditional Television Advertising THN "Superblock" VOD/Interactive Advertising "Freeviews" - Promotional Advertising & Marketing Outstanding Demographic Business Professionals, Affluent Consumers Out of Home Ads Increasing 2008 Revenue = $8 Million Media Marketing 1,870 890 370 Hospitality Growth Driver Rooms (in thousands) As of 12/31/08 Slide 11

Slide 12 Healthcare Drivers: Patient Education Patient Safety Patient Satisfaction 2008 Revenue = $6 Million 30 45 (As of 3/1/09)

Slide 13 Healthcare Solutions: LodgeNet RX Integrated Patient Television System DIRECTV Programming; High-Speed Internet Access for Patients Professional Services - From System Design to Maintenance Healthcare Economics: Interactive System Sale Per Bed $1,000 - $1,500 Gross Profit Margin 30% - 40% Recurring Revenue Per Bed Per Month $20 - $30 Gross Profit Margin 30% - 35%

2007 v. 2008: Increased and Diversified Revenue Guest Entertainment Hotel Services Other* * "Other" includes System Sales and Related Services, Healthcare and THN 32% of Revenue from Strategic Growth Initiatives +29.0% +2.8% +30.4% Slide 14 ($ in millions) Total Revenue Increased 9.9% $533.9 $485.6

Proactively Manage Company Through Economic Downturn: Manage to Compliance with Debt Covenants With Strategies that Drive Long-Term Shareholder Value Right Size Operations to Economic Environment Tightly Manage Operating Expenses Target Reduced Allocation of Capital to Highest Return Opportunities Drive Strategic & Diversified Revenue Growth Hospitality: Hotel Services, System Sales and Related Services The Hotel Networks: Satellite, VOD/Interactive, Promotions Healthcare: System Sales, Maintenance Agreements, Up-Sell New Applications 2009 Primary Goals and Strategies Slide 15

2009 Focus: Proactive Management (In Millions) Tightly Manage Operating Expenses $23.5 Slide 16 $30.6 $28.4 $27.4 $20-$22 Operating Expenses include both Systems Operations and SG&A Operating Cost Structure Now 29% Below Q2'07 Merger Level Level Sustainable Until Circumstances Warrant Change $20-$22

2009 Focus: Proactive Management (In Millions) Target Decreased Capital Allocation Slide 17 $5-$6 $11.0 $18.9 $19.8 $14.7 $5-$6 Capital Reduced with Start of Substantial Economic Weakness in Q3'08 Major Customers Have Accepted Change, Understanding New Reality Current Level Sustainable until Circumstances Warrant Change

375 275 Reducing High Definition Capital Per Room Slide 18 New HD Per-Room Investment Down 25% Converted HD Per-Room Investment Down 17% Engineering Efforts and Component Costs Higher Hotel Capital Contribution

2005 2006 2007 2008 Hotels Contributing Larger Percent of Capital Slide 19 (Rolling Four Quarters) On Command Acquired on 4/4/07 * *

2009 Focus: Proactive Management (In Millions) Drive Strategic & Diversified Revenue Growth $48 - $50 $44.7 $40.6 $42.1 $41.5 $46 - $48 Slide 20 Revenue Growth: Hotel Services, System Sales, THN and Healthcare

2007 v 2008: Accelerated Debt Reduction Slide 21 Debt Reduction accelerated following On Command integration period On Command Integration Period ($ in millions)

2009 Focus: Proactive Management Increased Allocation to Debt Reduction 70-80% 20-30% 28% 72% Slide 22 '08 Adjusted Cash from Operations = $100 Million; Expect Comparable Level in '09

Slide 23 Revenue Range: (17.5%) to (22.5%) Reduction in Guest Entertainment Revenue vs. Q1'08 Q1'09 Financial Guidance ($ in millions) As of March 18, 2009

Largest VOD Provider with 85% Market Share Recurring Revenue Based on Long-Term Contracts Expanding Revenue Opportunities - - HDTV Transition - - Hotel Services: TV Programming & Broadband Internet - - Media Marketing - - Healthcare Proactively Managing Business Harvesting Operating Synergies Managing Capital Investments Generating Cash Flow*: $1.56/Share in 2008 Slide 24 LodgeNet: Investment Summary * Adjusted Free Cash Flow Definition - see slide 28

Copyright (c) 2009 LodgeNet Interactive Corporation. All rights reserved. Slide 25

Reconciliation of Operating Income to Adjusted Operating Cash Flow Slide 26

Reconciliation of Net Loss to Adjusted Net Loss Slide 27

Reconciliation of Adjusted Free Cash Flow Slide 28

EX-99.2

Exhibit 99.2

Ann Parker,
Director, Investor Relations
605-988-1000
ann.parker@lodgenet.com

LODGENET TO PRESENT AT B. RILEY INVESTOR CONFERENCE

Company to Update on Continued Progress with Proactive Management Plan
Reaffirms Guidance for Q1 2009

          Las Vegas, NV March 18, 2009– LodgeNet Interactive Corporation (NASDAQ: LNET), will present at the B. Riley Investor Conference today, during which LodgeNet Chairman and CEO Scott C. Petersen will review the Company’s progress on its strategies to proactively manage through the evolving economic environment.

     “While economic conditions remain challenging, we continue to proactively manage our business and remain focused on right-sizing our operations, driving operating cash flows and reducing our debt,” says Petersen. “We believe we are taking the actions necessary to navigate through these trying times and strengthen our financial position.”

     With regard to the First Quarter 2009, Petersen will comment on the following major focuses:

• “We have reduced our operating cost structure by 30% as compared to one year ago. We now expect to report combined Systems Operations and SG&A expenses in the range of $20 to $22 million for this year’s First Quarter as compared to $30.6 million last year. Part of this savings came from the full integration of On Command’s operations into our organization, but we also implemented other significant cost reduction initiatives during the Fourth Quarter of 2008 in quick response to the deteriorating economy. We reduced personnel by 20%, deferred compensation adjustments for all employees, suspended bonus plans and 401(k) contributions, and cut a wide variety of other operating expenses.”

• “We have reduced our First Quarter capital investment program by 75% as compared to the $19 million of cash flow we invested back into our business last year. We do have a great deal of flexibility and control over the timing of when we make our hotel-based investments. We expect that total capital investment will be approximately $5 million for the First Quarter of 2009.”

• “As the third element of our proactive management plan, we are presently allocating more than 75% of the cash flow generated by our operations to the accelerated payment of our credit facility, with the specific goal of maintaining compliance with our debt leverage covenant. We reduced our debt by $21.9 million in the Fourth Quarter of 2008 and are targeting to reduce debt by more than $25 million during this First Quarter. At March 31^st, we expect outstanding debt will be in the $561-$563 million range.”

     “Our proactive management plan is mitigating the impacts of the current business environment,” said Petersen. “Based on our results to date in the current quarter, we are affirming our previously issued First Quarter guidance and anticipate maintaining full compliance with our First Quarter debt covenants.”

     For the first quarter of 2009, LodgeNet continues to expect to report revenue in the range of $126.0 million to $131.0 million. Adjusted Operating Cash Flow* in the first quarter of 2009 is expected to be in a range from $30.5 million to $34.5 million while Net Free Cash Flow** is anticipated to be in a range of $16.0 million to $17.0 million during the period. Additional guidance information for the first quarter of 2009 can be found in the B. Riley Conference presentation slides, located under Company Presentations in the Investor Center section of the LodgeNet corporate website, www.lodgenet.com.

*	Adjusted Operating Cash Flow is a non-GAAP measure which we define as Operating Income (Loss) exclusive of depreciation, amortization, share-based compensation, impairment, restructuring, integration and reorganization expenses and the effects of insurance recoveries.
**	Net Free Cash Flow, a non-GAAP measure, is defined by the Company as cash provided by operating activities less cash used for investing activities, including growth related capital.

LodgeNet presents at B. Riley Conference — 2

          A live webcast of the B. Riley Conference presentation will be available at: http://www.wsw.com/webcast/brileyco12/lnet/. The webcast will be archived at that site for 90 days and can be accessed via LodgeNet’s company website at www.lodgenet.com.

About LodgeNet Interactive

          LodgeNet Interactive Corporation is the leading provider of media and connectivity solutions designed to meet the unique needs of hospitality, healthcare and other guest-based businesses.  LodgeNet Interactive serves more than 1.9 million hotel rooms representing 10,100 hotel properties worldwide in addition to healthcare facilities throughout the United States. The Company’s services include: Interactive Television Solutions, Broadband Internet Solutions, Content Solutions, Professional Solutions and Advertising Media Solutions. LodgeNet Interactive Corporation owns and operates businesses under the industry leading brands: LodgeNet, LodgeNetRX, and The Hotel Networks. LodgeNet Interactive is listed on NASDAQ and trades under the symbol LNET. For more information, please visit www.lodgenet.com.

Special Note Regarding Forward-Looking Statement

Certain statements in this press release constitute “forward-looking statements.” When used in this press release and in the prepared remarks as well as in response to the questions during the conference call, the words “intends,” “expects,” “anticipates,” “estimates,” “believes,” “goal,” “no assurance” and similar expressions, and statements which are made in the future tense or refer to future events or developments, including, without limitation, those related to our 2009 first quarter guidance, including revenue, adjusted operating cash flow, net free cash flow, Systems Operations and SG&A Expense, capital investment, and debt levels are intended to identify such forward-looking statements. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause the actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: the effects of economic conditions, including general financial conditions (including those represented recently by liquidity crises, government bailouts and assistance plans, bank failures, and recessionary threats and developments); the economic condition of the lodging industry, which can be particularly affected the financial conditions referenced above, as well as by high gas prices, levels of unemployment, consumer confidence, acts or threats of terrorism and public health issues; competition from providers of similar services and from alternative systems for accessing in-room entertainment; competition from HSIA providers; changes in demand for our products and services; programming availability, timeliness, quality, and costs; technological developments by competitors; developmental costs, difficulties, and delays; relationships with customers and property owners, in particular as we reduce capital investment; the availability of capital to finance growth; compliance with credit facility covenants; the impact of governmental regulations; potential effects of litigation; risks of expansion into new markets; risks related to the security of our data systems; and other factors detailed, from time to time, in our filings with the Securities and Exchange Commission. With respect to any acquisition, we are subject to risks that integration costs will exceed expectations, that synergies we anticipate will not be realized, or will take longer than anticipated to realize, that our management and management systems will encounter difficulties in dealing with a bigger, more diversified enterprise, and that the financial results we expect from the acquisition will not be realized. For any of the foregoing reasons, our guidance and our actual financial results may not meet our expectations. These forward-looking statements speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

LodgeNet is a registered trademark of LodgeNet Interactive Corporation. All rights reserved. Other names and brands may be claimed as the property of others.

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