Operating Assumptions

1 - Management
2 - Conservative
3 - Recession

2007A
Revenue growth (%)
Management
Underwriting
Recession
Base Case

2008A

9.9%

Hospitatily and Advertising as % of Sales

Management
Underwriting
Recession
Base Case
97.7%
97.4%
Margin - Hospitality & Services
Management
Underwriting
Recession
Base Case
Margin - Health Care
Management
Underwriting
Recession
Base Case

48.2%

32.0%

System Operations (% of Sales)

Management
Underwriting
Recession
Base Case
11.1%
SG&A (% of Sales)
Management
Underwriting
Recession
Base Case
D&A (% of Sales)
Management
Underwriting
Recession
Base Case
Tax Rate
Management
Underwriting
Recession
Base Case

11.5%

24.0%

-1.2%

46.4%

21.7%

10.8%

9.7%

23.2%

2.6%

2009A

-9.3%

98.4%

43.4%

50.0%

8.8%

9.4%

20.7%

8.6%

2010A

2011A

2012E

-6.8%

-2.0%
-6.0%
-6.0%
-2.0%

97.5%

97.5%
97.5%
97.5%
97.5%

43.5%

43.5%
43.5%
43.5%
43.5%

50.4%

50.4%
50.4%
50.4%
50.4%

9.3%

9.3%
9.3%
9.3%
9.3%

10.0%

10.0%
10.0%
10.0%
10.0%

17.1%

18.8%
18.8%
18.8%
18.8%

8.0% -201.8%

35.0%
35.0%
35.0%
35.0%

-6.7%

98.1%

43.7%

49.6%

9.5%

10.6%

18.4%

2013E

2014E

2015E

2016E

Steps

-2.0%
-6.0%
-6.0%
-2.0%

-2.0%
-6.0%
-6.0%
-2.0%

-2.0%
-6.0%
-6.0%
-2.0%

-2.0%
-6.0%
-6.0%
-2.0%

0.00%
0.00%
0.00%

97.5%
97.5%
97.5%
97.5%

97.5%
97.5%
97.5%
97.5%

97.5%
97.5%
97.5%
97.5%

97.5%
97.5%
97.5%
97.5%

0.00%
0.00%
0.00%

43.5%
43.5%
43.5%
43.5%

43.5%
43.5%
43.5%
43.5%

43.5%
43.5%
43.5%
43.5%

43.5%
43.5%
43.5%
43.5%

0.00%
0.00%
0.00%

50.4%
50.4%
50.4%
50.4%

50.4%
50.4%
50.4%
50.4%

50.4%
50.4%
50.4%
50.4%

50.4%
50.4%
50.4%
50.4%

0.00%
0.00%
0.00%

9.3%
9.3%
9.3%
9.3%

9.3%
9.3%
9.3%
9.3%

9.3%
9.3%
9.3%
9.3%

9.3%
9.3%
9.3%
9.3%

0.00%
0.00%
0.00%

10.0%
10.0%
10.0%
10.0%

10.0%
10.0%
10.0%
10.0%

10.0%
10.0%
10.0%
10.0%

10.0%
10.0%
10.0%
10.0%

0.00%
0.00%
0.00%

18.8%
18.8%
18.8%
18.8%

18.8%
18.8%
18.8%
18.8%

18.8%
18.8%
18.8%
18.8%

18.8%
18.8%
18.8%
18.8%

0.00%
0.00%
0.00%

35.0%
35.0%
35.0%
35.0%

35.0%
35.0%
35.0%
35.0%

35.0%
35.0%
35.0%
35.0%

35.0%
35.0%
35.0%
35.0%

0.00%
0.00%
0.00%

12/31/07
Cash flow available for financing activities
Dividends
Option proceeds
Plus: beginning cash balance
Less: minimum cash balance
Cash available for debt repayment
Long-term debt issuance
Long-term debt (repayment)
Excess cash available for revolver

12 Months Ended
12/31/08
12/31/09
12/31/10

Revolver
Beginning balance
Issuance / (repayment) of revolver
Ending balance

Long-term debt
Beginning balance
Issuance
(Repayment)
Ending balance

585,323

467,998

372,511

Capital Leases
Beginning balance
Issuance
(Repayment)
Ending balance

3,197

1,948

1,128

Revolver
Max Capacity: 25,000

Average Balances
Interest Rate
Interest Expense

Long-term debt

Average Balances
Interest Rate
Interest Expense

Capital Leases

Average Balances
Interest Rate
Interest Expense

Total Interest Expense

Cash Balances:

Average Balances
Interest Rate
Interest (Income)

Long Term Debt and Credit Facilities

Bank Credit Facility
Term Loan
Revolving Loan commitment
Capital Leases
Total
Less Current Maturities
Total Long-Term Debt

12/31/08
585,323
0
3,197
588,520
(7,597)
580,923

As of
12/31/09
12/31/10
467,998
372,511
0
0
1,948
1,128
469,946
373,639
(6,101)
(4,807)
463,845
368,832

12/31/11

rage Balances

erest Expense

rage Balances

erest Expense

rage Balances

erest Expense

rage Balances

erest (Income)

12/31/12
55,677
(5,744)
0
14,019
(5,000)
58,952
0
(25,000)
33,952

0
0
0

Projected Year Ending,

12/31/13
12/31/14
12/31/15
47,034
49,047
53,043
(5,744)
(5,744)
(5,744)
0
0
0
0
0
0
(5,000)
(5,000)
(5,000)
36,290
38,303
42,299
0
0
0
(15,000)
(323,622)
0
21,290
(285,319)
42,299

0
0
0

0
25,000
25,000

25,000
(25,000)
0

12/31/16
51,827
(5,744)
0
0
(5,000)
41,083
0
0
41,083

0
0
0

362,601

362,601
0
(25,000)
337,601

337,601
0
(15,000)
322,601

322,601
0
(323,622)
(1,021)

(1,021)
0
0
(1,021)

(1,021)
0
0
(1,021)

699

699
0
(420)
279

279
250
(295)
234

234
213
(250)
197

197
37
(213)
21

21
16
(37)
0

0
6.5%
0

0
6.5%
0

12,500
6.5%
813

350,101
6.5%
22,757

330,101
6.5%
21,457

160,790
6.5%
10,451

489
7.0%
34

257
7.0%
18

23,246
29,317
1.0%
293

12,500
6.5%
813

0
6.5%
0

(1,021)
6.5%
(66)

(1,021)
6.5%
(66)

216
7.0%
15

109
7.0%
8

11
7.0%
1

21,713

11,479

855

54,928
1.0%
549

(59,586)
1.0%
0

(176,096)
1.0%
0

(56)
(141,905)
1.0%
0

12/31/11
362,601
0
699
363,300
(10,395)
352,905

2012
2013
2014
7,500
15,000 323,622
420
295
250
7,920
15,295 323,872
Less amount representing
-24
interest on
-16capital leases
-9
7,896
15,279 323,863
Long-term debt
Capital leases

Capital Structure
Rate
Bank Credit Facility
Term Loan (1)
6.5%
(2)
Revolver
6.5%
Capital Leases
7.0%
(1)
(1)
(1)
(2)
(1)

Conversion Put
Price
Date

2015

2016
0
213
213
-3
210

Maturity
Apr - 2014
Apr - 2013

0
37
37
-1
36

Issue
Principal
Date
Amount
Apr - 2007
$675.0
Apr - 2007
$625.0
Apr - 2007
$50.0

Required quarterly payments of $1,562,500, beginning 09/30/07; rate is best of (1) bank rate p
Effective 03/22/11 it was amended to increase the permitted leverage ratio, the creation of a pre
Incurred $2.7mm of debt issuance costs related to this amendment
Under the amendment the revoler capacity was reduced to $25mm and requires quarterly loan r
New rate is at company's option of (1) bank rate plus 400 bps or (2) L + 500bps w/ a LIBOR floo

Book Value
as of 03/31/12
$334.4

best of (1) bank rate plus 100bps margin or (2) L + 200 bps.
o, the creation of a preferred stock dividend basket and the possibility to extend maturity beyond 2014. Dividends can't ex

uires quarterly loan repayments of $2.5mm beginning 06/30/11 through 12/31/12 and $3.75mm beginning 03/31/13 thr
00bps w/ a LIBOR floor of 150bps

ond 2014. Dividends can't exceed $5.75mm per year

5mm beginning 03/31/13 through 12/31/13.

Working Capital Schedule

Hospitality and Advertising Services

Healthcare
Total Sales
COGS (ex D&A and operating expenses)
Hospitality and Advertising Services
Healthcare & Other
Total COGS

12/31/07
474,473
11,115
485,588

245,609
7,554
253,163

12 Months Ended
12/31/08 12/31/09 12/31/10
519,922 476,658 443,654
13,957
7,834
8,518
533,879 484,492 452,172

278,776
10,924
289,700

269,997
3,918
273,915

249,745
4,290
254,035

Working Capital Balances

Current assets:
Accounts receivable, net
Other current assets
Total current assets

63,620
9,107
72,727

51,706
9,189
60,895

49,332
12,728
62,060

Current liabilities:
Accounts payable
Accrued expenses
Deferred revenue
Total current liabilities

44,291
23,870
17,168
85,329

40,040
19,137
17,531
76,708

60,303
22,327
23,168
105,798

(12,602)

(15,813)

(43,738)

3,211

27,925

Net Working Capital / (Deficit)

(Increase)/Decrease in Working Capital

Numbers of days in the period

365

Accounts receivable, net (collection period in days)

Other current assets (as % of sales)

43.5
1.7%

39.0
1.9%

39.8
2.8%

Accounts payable (days outstanding)

Accrued liabilities (as % of cost of goods sold)
Deferred Revenue (as % of sales)

55.8
8.2%
3.2%

53.4
7.0%
3.6%

86.6
8.8%
5.1%

nded

Projected Year Ending,

12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/16
410,919 402,701 394,647 386,754 379,019 371,438
10,343
10,136
9,933
9,735
9,540
9,349
421,262 412,837 404,580 396,488 388,559 380,787

232,181
5,128
237,309

227,537
5,025
232,563

222,987
4,925
227,912

218,527
4,826
223,353

214,156
4,730
218,886

209,873
4,635
214,509

53,963
11,021
64,984

50,898
10,801
61,698

49,880
10,585
60,464

48,882
10,373
59,255

47,904
10,165
58,070

46,946
9,962
56,909

48,255
18,813
19,949
87,017

47,290
18,437
19,550
85,277

46,344
18,068
19,159
83,571

45,417
17,707
18,776
81,900

44,509
17,353
18,400
80,262

43,619
17,005
18,032
78,656

(22,033)

(23,578)

(23,107)

(22,645)

(22,192)

(21,748)

(21,705)

1,545

(472)

(462)

(453)

(444)

46.8
2.6%

45.0
2.6%

45.0
2.6%

45.0
2.6%

45.0
2.6%

45.0
2.6%

74.2
7.9%
4.7%

74.2
7.9%
4.7%

74.2
7.9%
4.7%

74.2
7.9%
4.7%

74.2
7.9%
4.7%

74.2
7.9%
4.7%

3Mo Ended

3Mo Ended
03/31/12 03/31/11
91,794 105,835
2,901
1,894
94,695 107,729

54,745
1,848
56,593

59,361
922
60,283

43,587
10,307
53,894

53,963
11,021
64,984

48,697
17,967
19,404
86,068

48,255
18,813
19,949
87,017

(32,174)

(22,033)

8,500

(700) <-- as stated

Depreciation Schedule

Sales
CapEx
CapEx as % of Sales
Depreciation Expense for PP&E
D&A as % of PP&E

12/31/07
485,588
(79,097)
16.3%
105,400

Beginning PP&E, Net

CapEx
Depreciation Expense
Ending PP&E
Amortization of Intangibles
Amortization as % of Intangibles

9,200

Beginning definite life intangibles, net

Additions to definite life intangibles
Amortization of Intangibles
Ending Indefinite Life Intangibles, Net
Amortization of Debt Issuance Costs

1,700

Beginning Debt Issuance Costs, Net

Additions to Debt Issuance Costs
Amortization of Debt Issuance Costs
Ending Debt Issuance Costs, net
Total D&A

116,378

12 Months Ended
12/31/08
12/31/09
533,879 484,492
(64,407) (21,341)
12.1%
4.4%
110,700
89,500
40.4%
43.3%

273,830

206,663

11,600
10.1%

9,200
8.7%

115,134

106,041

1,800

1,600

9,117

6,005

124,060

100,309

Supplemental Data from Public Filings

Debt Issuance Costs
Debt Issuance Costs - Gross
Accumulated Amortization
Net Debt Issuance Costs
Amortization of Debt Issuance Costs
Land, Building & Hotel Equipment
Land, Building & Hotel Equipment
Hotel Systems
Total
Less (D&A)

(25.8%)
12,291
(3,174)
9,117

105,247
759,924
865,171
(541,208)

(44.2%)
10,754
(4,749)
6,005
(1,575)

111,870 111,777
762,912 754,869
874,782 866,646
(600,952) (659,983)

Property and Equipment, net

D&A for PP&E
Amortization of Debt Issuance Costs
Amortization of Intangibles
Total D&A

323,963

273,830

206,663

105,400
1,700
9,200
116,300

110,700
1,800
11,600
124,100

89,500
1,600
9,200
100,300

onths Ended
12/31/10
452,172
(21,825)
4.8%
73,800
47.0%

Projected Year Ending,

12/31/11
12/31/12 12/31/13 12/31/14 12/31/15 12/31/16
421,262 412,837 404,580 396,488 388,559 380,787
(27,318) (21,628) (21,195) (20,771) (20,356) (19,949)
6.5%
5.2%
5.2%
5.2%
5.2%
5.2%
63,000
59,582
40,605
30,900
25,836
23,096
52.9%
50.0%
50.0%
50.0%
50.0%
50.0%
119,164
21,628
(59,582)
81,210

81,210
21,195
(40,605)
61,800

61,800
20,771
(30,900)
51,671

51,671
20,356
(25,836)
46,191

46,191
19,949
(23,096)
43,044

156,917

119,164

8,200
8.3%

7,500
8.2%

6,800
8.2%

6,500
8.2%

6,400
8.2%

6,300
8.2%

6,200
8.2%

99,005

91,642

91,642
0
(6,800)
84,842

84,842
0
(6,500)
78,342

78,342
0
(6,400)
71,942

71,942
0
(6,300)
65,642

65,642
0
(6,200)
59,442

1,300

1,800

1,800

1,800

773

3,681

4,373

4,373
0
(1,800)
2,573

2,573
0
(1,800)
773

773
0
(773)
0

0
0
0
0

0
0
0
0

83,236

72,235

68,182

48,905

32,136

29,296

(62.1%)
9,705
(6,024)
3,681
(1,275)

(64.2%)
12,204
(7,831)
4,373
(1,807)

115,031
726,638
841,669
(684,752)

114,407
610,807
725,214
(606,050)

38,073

156,917

119,164

73,800
1,300
8,200
83,300

63,000
1,800
7,500
72,300

6,800

6,500

6,400

6,300

6,200

In Thousands, except Share data, unless otherwise specified

Income Statement
Revenues:
Hospitality and Advertising Services
Healthcare
Total revenues
Direct costs (exclusive of operating expenses and depreciation and amortization shown separately below):
Hospitality and Advertising Services
Healthcare & Other (07 and 08 include other)
Operating expenses:
System operations
Selling, general and administrative
Depreciation and amortization
Total direct costs and operating expenses
EBIT
Addback D&A
Addback SBC
EBITDA (adjusted operating cash flow)
Less: Interest
Working Capital (Net)
Pre-Investment Cash Flow
CapEx
FCF
Other income and (expenses):
Interest expense
Gain on extinguishment of debt
Loss on early retirement of debt
Other (expense) income
Loss before income taxes

Benefit (provision) for income taxes

Net loss
Preferred stock dividends

Net loss attributable to common stockholders

Net loss per common share (basic and diluted) (in dollars per share)
Weighted average shares outstanding (basic and diluted)
Assumptions
Sales Growth
Hospitatily and Advertising as % of Sales
Margin - Hospitality & Services
Margin - Health Care
System Operations (% of Sales)
SG&A (% of Sales)
D&A (% of Sales)
Tax Rate

Cash Flow Statement

Net loss
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
Gain on extinguishment of debt (non-cash)
(Gain) loss on derivative instruments
Loss on early retirement of debt
Share-based compensation and restricted stock
Deferred tax benefit
Other, net
Change in operating assets and liabilities:
Accounts receivable, net
Other current assets
Accounts payable
Accrued expenses and deferred revenue
Other
Change in Working Capital
Net cash provided by operating activities
Investing activities:
Property and equipment additions
Net cash used for investing activities
Cash Flow Available for Financing Activities
Financing activities:
Repayment of long-term debt
Payment of capital lease obligations
Borrowings on revolving credit facility

Repayments of revolving credit facility

Debt issuance costs
Purchase of long-term debt
Proceeds from investment in long-term debt
Proceeds from issuance of common stock, net of offering costs
Proceeds from issuance of preferred stock, net of offering costs
Payment of dividends to preferred shareholders
Exercise of stock options
Proceeds from issuance of stock warrants
Net cash used for financing activities
Effect of exchange rates on cash
Increase (decrease) in cash
Cash at beginning of period
Cash at end of period

Balance Sheet
Current assets:
Cash
Accounts receivable, net
Other current assets
Total current assets
Non-Current Assets:
Property and equipment, net
Debt issuance costs, net
Intangible assets, net
Goodwill
Other assets
Total assets
Current liabilities:
Accounts payable
Current maturities of long-term debt
Accrued expenses
Fair value of derivative instruments
Other Current Liabilities
Deferred revenue
Total current liabilities
Non-Current liabilities:
Long-term debt
Other long-term liabilities
Total liabilities
Commitments and contingencies

Stockholders' deficiency:
Preferred stock, $.01 par value, 5,000,000 shares authorized; Series B cumulative perpetual convertible, 10%, 57,500 issued
Common stock, $.01 par value, 50,000,000 shares authorized; 25,272,734 and 25,088,539 shares outstanding at December
Treasury stock, at cost: 0 and 180,000 shares at December 31, 2009 and December 31, 2008, respectively
Additional paid-in capital
Accumulated deficit
Accumulated other comprehensive income (loss)
Total stockholders' deficiency
Total liabilities and stockholders' deficiency

Beginning Equity Balance (Deficit)

Net Income (Loss)
Stock Based Comp

12 Months Ended
12/31/08
12/31/09

12/31/07

12/31/10

12/31/11

12/31/12

Projected Year Ending,

12/31/13

474,473
11,115
485,588

519,922
13,957
533,879

476,658
7,834
484,492

443,654
8,518
452,172

410,919
10,343
421,262

402,701
10,136
412,837

394,647
9,933
404,580

245,609
7,554

278,776
10,924

269,997
3,918

249,745
4,290

232,181
5,128

227,537
5,025

222,987
4,925

54,114
55,878
116,378
479,533

57,853
52,042
124,060
523,655

42,605
45,494
100,309
462,323

42,940
48,151
83,236
428,362

39,386
41,918
72,235
390,848

38,598
41,080
68,182
380,423

37,826
40,258
48,905
354,901

6,055

10,224

22,169

23,810

30,414

32,414

49,679

116,378
1,737
124,170

124,060
2,275
136,559

100,309
1,724
124,202

83,236
1,762
108,808

72,235
1,618
104,267

68,182
1,618
102,214

48,905
1,618
100,202

(40,950)
0
83,220

(42,551)
0
94,008

(38,092)
3,211
89,321

(33,537)
27,925
103,196

(31,206)
(21,705)
51,356

(23,246)
1,545
80,514

(21,713)
(472)
78,017

(79,097)
4,123

(64,407)
29,601

(21,341)
67,980

(21,825)
81,371

(27,318)
24,038

(21,628)
58,886

(21,195)
56,822

(40,950)
0
(22,195)
1,526
(55,564)

(42,551)
1,446
(448)
(945)
(32,274)

(38,092)
9,292
(1,537)
(747)
(8,915)

(33,537)
0
(1,050)
326
(10,451)

(31,206)
0
(158)
(349)
(1,299)

(23,246)
0
0
0
9,168

(21,713)
0
0
0
27,966

683
(54,881)

(849)
(33,123)

(763)
(9,678)

(834)
(11,285)

2,622
1,323

(3,209)
5,959

(9,788)
18,178

(3,114)

(5,750)

(5,744)

(5,744)

(5,744)

(54,881)

(33,123)

($2.52)
21,758,066

($1.48)
22,372,475

(12,792)

(17,035)

(4,421)

215

12,434

($0.57)
($0.70)
($0.18)
$0.01
$0.50
22,439,325 24,454,796 25,082,921 25,082,921 25,082,921

97.7%

9.9%
97.4%

(9.3%)
98.4%

(6.7%)
98.1%

(6.8%)
97.5%

(2.0%)
97.5%

(2.0%)
97.5%

48.2%
32.0%

46.4%
21.7%

43.4%
50.0%

43.7%
49.6%

43.5%
50.4%

43.5%
50.4%

43.5%
50.4%

11.1%
11.5%
24.0%
(1.2%)

10.8%
9.7%
23.2%
2.6%

8.8%
9.4%
20.7%
8.6%

9.5%
10.6%
18.4%
8.0%

9.3%
10.0%
17.1%
(201.8%)

9.3%
10.0%
18.8%
35.0%

9.3%
10.0%
18.8%
35.0%

12/31/07
(54,881)
116,378
0
0
3,583
1,737
0
188

12 Months Ended
12/31/08
12/31/09
(33,123)
(9,678)

12/31/10
(11,285)

12/31/11
1,323

12/31/12
5,959

Projected Year Ending,

12/31/13
18,178

124,060
(1,446)
0
448
2,275
0
576

100,309
(9,292)
0
1,537
1,724
0
588

83,236
0
1,511
1,050
1,762
0
304

72,235
0
(1,511)
158
1,618
(3,256)
1,083

68,182
0
0
0
1,618
0
0

48,905
0
0
0
1,618
0
0

(7,861)
(2,496)
6,052
8,332
(1,872)
0
69,160

9,030
2,030
(5,454)
(5,720)
1,260
0
93,936

12,385
1,173
(5,713)
(4,981)
(1,403)
0
86,649

2,571
(1,063)
21,410
4,268
(1,658)
0
102,106

(6,406)
2,135
(11,980)
(2,374)
969
0
53,994

1,545
77,305

(472)
68,229

(79,097)
(79,097)

(64,407)
(64,407)

(21,341)
(21,341)

(21,825)
(21,825)

(27,318)
(27,318)

(21,628)
(21,628)

(21,195)
(21,195)

(9,937)

29,529

65,308

80,281

26,676

55,677

47,034

(33,760)
(1,365)
30,000

(91,109)
(1,437)
0

(101,408)
(1,031)
45,000

(10,525)
(717)
75,000

(25,000)
0
0

(15,000)
0
0

(271,241)
(1,712)
0

0
(12,738)
0
0
23,290
0
0
17,120
0
(245,281)
460

(30,000)
0
0
0
0
0
0
0
0
(35,125)
(428)

0
0
(23,685)
5,410
0
53,696
(1,677)
2
0
(58,800)
180

(45,000)
0
0
5,921
13,658
0
(5,750)
49
46
(88,515)
4

(75,000)
(2,658)
0
614
0
0
(5,750)
9
0
(19,027)
(57)

0
0
0
0
0
0
(5,744)
0
0
(30,744)
0

0
0
0
0
0
0
(5,744)
0
0
(20,744)
0

(254,758)
22,795
(231,963)

(6,024)
25,569
19,545

6,688
10,800
17,488

(8,230)
17,488
9,258

7,592
9,258
16,850

24,933
16,850
41,783

26,290
41,783
68,074

12/31/11

12/31/12

12/31/07

12 Months Ended
12/31/08
12/31/09
10,800
63,620
9,107
83,527

12/31/10

273,830
9,117
115,134
100,081
8,097
589,786

17,011
51,706
9,189
77,906
(11,914)
206,663
6,005
106,041
100,081
11,658
508,354

8,381
49,332
12,728
70,441
(2,374)
156,917
3,681
99,005
100,081
13,881
444,006

14,019
53,963
11,021
79,003
4,631
119,164
4,373
91,642
100,081
14,409
408,672

44,291
7,597
23,870
0
1,446
17,168
94,372

40,040
6,101
19,137
0
0
17,531
82,809

60,303
4,807
22,327
10,353
0
23,168
120,958

48,255
10,395
18,813
0
0
19,949
97,412

580,923
43,239
718,534

463,845
32,687
579,341

368,832
8,565
498,355

352,905
9,296
459,613

Projected Year Ending,

12/31/13

ble, 10%, 57,500 issued; 57,266 and 57,500

0 outstanding1at December131, 2011 and1December 31, 2010, respectively (liquidation preferen
tstanding at December 31, 2011 and December
227
31, 2010,
225 respectively
251
253
(2,825)
0
0
0
329,740
379,223
388,961
384,843
(416,056)
(426,211)
(437,896)
(438,527)
(39,834)
(24,225)
(5,666)
2,489
(128,748)
(70,987)
(54,349)
(50,941)
589,786

508,354

444,006

408,672

(128,748)
(33,123)
2,275

(70,987)
(9,678)
1,724

(54,349)
(11,285)
1,762

(50,941)
1,323
1,618

Projected Year Ending,

12/31/14
12/31/15

12/31/16

LTM Ended
03/31/12

3Mo Ended
03/31/12
03/31/11

386,754
9,735
396,488

379,019
9,540
388,559

371,438
9,349
380,787

396,878
11,350
408,228

91,794
2,901
94,695

105,835
1,894
107,729

218,527
4,826

214,156
4,730

209,873
4,635

227,565
6,054

54,745
1,848

59,361
922

37,070
39,453
38,073
337,949

36,328
38,664
32,136
326,014

35,602
37,891
29,296
317,297

38,252
41,416
67,813
381,100

8,935
9,187
15,219
89,934

10,069
9,689
19,641
99,682

58,540

62,545

63,491

27,128

4,761

8,047

38,073
1,618
98,230

32,136
1,618
96,298

29,296
1,618
94,405

67,813
1,490
96,431

15,219
286
20,266

19,641
414
28,102

(11,479)
(462)
86,289

(855)
(453)
94,990

56
(444)
94,017

(29,500)
(12,505)
54,426

(5,965)
8,500
22,801

(7,671)
(700)
19,731

(20,771)
65,518

(20,356)
74,634

(19,949)
74,068

(9,150)
13,651

(4,645)
15,086

(11,479)
0
0
0
47,060

(855)
0
0
0
61,690

56
0
0
0
63,547

(29,500)
0
(156)
(649)
(3,177)

(5,965)
0
(156)
17
(1,343)

(7,671)
0
(158)
317
535

(16,471)
30,589

(21,591)
40,098

(22,241)
41,305

2,748
(429)

(171)
(1,514)

(297)
238

(5,744)

(5,744)

(5,744)

(5,738)

(1,432)

(1,438)

24,845

34,354

35,561

(6,167)

$0.99
$1.37
$1.42
25,082,921 25,082,921 25,082,921

($0.25)
25,165,165

(2.0%)
97.5%

(2.0%)
97.5%

(2.0%)
97.5%

43.5%
50.4%

43.5%
50.4%

43.5%
50.4%

9.3%
10.0%
18.8%
35.0%

9.3%
10.0%
18.8%
35.0%

9.3%
10.0%
18.8%
35.0%

Projected Year Ending,

12/31/14
12/31/15
30,589
40,098

12/31/16
41,305

38,073
0
0
0
1,618
0
0

32,136
0
0
0
1,618
0
0

(2,946)

(1,200)

($0.12)
($0.05)
25,165,165 25,037,122

(1,514)

238

29,296
0
0
0
1,618
0
0

15,219
0
0
156
286
0
136

19,641
0
(745)
158
414
0
122
(2,667)
459
4,709
(2,127)
178
0
20,380

(462)
69,818

(453)
73,399

(444)
71,775

10,526
339
382
(1,765)
(405)
0
23,360

(20,771)
(20,771)

(20,356)
(20,356)

(19,949)
(19,949)

-9150
(9,150)

-4645
(4,645)

49,047

53,043

51,827

14,210

15,735

0
0
0

0
0
0

(17,500)
(164)
10,000

(3,025)
(214)
25,000

(323,622)
0
25,000

0
0
0
0
0
0
(5,744)
0
0
(304,366)
0

(25,000)
0
0
0
0
0
(5,744)
0
0
(30,744)
0

0
0
0
0
0
0
(5,744)
0
0
(5,744)
0

(255,319)
68,074
(187,246)

22,299
(187,246)
(164,947)

46,083
(164,947)
(118,864)

Projected Year Ending,

12/31/14
12/31/15

(10,000)
0
0
1,022
0
0
(1,432)
10
0
(18,064)

(25,000)
(2,410)
0
177
0
0
(1,438)
5
0
(6,905)

(3,854)
14,019
10,165

8,830
8,381
17,211

9,473
43,587
10,307
63,367

14,019
53,963
11,021
79,003

118,242
3,732
89,882
100,081
13,111
325,048

119,164
4,373
91,642
100,081
14,409
329,669

48,697
11,701
17,967
0
0
19,404
97,769

48,255
10,395
18,813
0
0
19,949
97,412

335,583
8,814
442,166

352,905
9,296
459,613

12/31/16

1
253
0
383,706
(440,624)
2,913
(53,751)

1
253
0
384,843
(438,527)
2,489
(50,941)

388,415

408,672

Depreciation and amortization

Gain on extinguishment of debt (non-cash)
(Gain) loss on derivative instruments

93

15,219 19,641
0
0
0
-745

In Thousands, except Share data, unless otherwise specified

Income Statement
Revenues:
Hospitality and Advertising Services
Healthcare
Total revenues
Direct costs (exclusive of operating expenses and depreciation and amortization shown separately below):
Hospitality and Advertising Services
Healthcare & Other (07 and 08 include other)
Operating expenses:
System operations
Selling, general and administrative
Depreciation and amortization
Goodwill Impairment
Restructuring charge
Other operating expense (income)
Total direct costs and operating expenses
Income from operations
Other income and (expenses):
Interest expense
Gain on extinguishment of debt
Loss on early retirement of debt
Other (expense) income
Loss before income taxes
Benefit (provision) for income taxes
Net loss
Preferred stock dividends
Net loss attributable to common stockholders
Net loss per common share (basic and diluted) (in dollars per share)
Weighted average shares outstanding (basic and diluted)
Assumptions
Sales Growth
Hospitatily and Advertising as % of Sales
Margin - Hospitality & Services
Margin - Health Care
System Operations (% of Sales)
SG&A (% of Sales)

D&A (% of Sales)

Cash Flow
Net loss
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
Gain on extinguishment of debt (non-cash)
(Gain) loss on derivative instruments
Goodwill impairment charge
Loss on early retirement of debt
Share-based compensation and restricted stock
Gain due to insurance proceeds
Insurance proceeds related to business interruption
Deferred tax benefit
Other, net
Change in operating assets and liabilities:
Accounts receivable, net
Other current assets
Accounts payable
Accrued expenses and deferred revenue
Other
Net cash provided by operating activities
Investing activities:
Property and equipment additions
Acquisition of StayOnline, Inc.
Acquisition of THN (20% minority interest)
Acquisition of On Command Corporation, net of cash acquired
Other investing activities
Net cash used for investing activities
Financing activities:
Proceeds from long-term debt
Repayment of long-term debt
Payment of capital lease obligations
Borrowings on revolving credit facility
Repayments of revolving credit facility
Debt issuance costs
Purchase of long-term debt
Proceeds from investment in long-term debt
Contribution from minority interest holder to subsidiary
Purchase of treasury stock
Proceeds from issuance of common stock, net of offering costs
Proceeds from issuance of preferred stock, net of offering costs

Payment of dividends to preferred shareholders

Exercise of stock options
Proceeds from issuance of stock warrants
Change in other long-term liability
Net cash used for financing activities
Effect of exchange rates on cash
Increase (decrease) in cash
Cash at beginning of period
Cash at end of period

Balance Sheet
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Current assets:
Cash
Accounts receivable, net
Other current assets
Total current assets
Non-Current Assets:
Property and equipment, net
Debt issuance costs, net
Intangible assets, net
Goodwill
Other assets
Total assets
Current liabilities:
Accounts payable
Current maturities of long-term debt
Accrued expenses
Fair value of derivative instruments
Other Current Liabilities
Deferred revenue
Total current liabilities
Non-Current liabilities:
Long-term debt
Other long-term liabilities
Total liabilities

Commitments and contingencies

Stockholders' deficiency:
Preferred stock, $.01 par value, 5,000,000 shares authorized; Series B cumulative perpetual convertible, 10%, 57,500 issued
Common stock, $.01 par value, 50,000,000 shares authorized; 25,272,734 and 25,088,539 shares outstanding at December
Treasury stock, at cost: 0 and 180,000 shares at December 31, 2009 and December 31, 2008, respectively
Additional paid-in capital

Accumulated deficit
Accumulated other comprehensive income (loss)
Total stockholders' deficiency
Total liabilities and stockholders' deficiency

12/31/07

12 Months Ended
12/31/08
12/31/09

12/31/10

12/31/11

LTM Ended
03/31/12

3Mo Ended
03/31/12

474,473
11,115
485,588

519,922
13,957
533,879

476,658
7,834
484,492

443,654
8,518
452,172

410,919
10,343
421,262

396,878
11,350
408,228

91,794
2,901
94,695

245,609
7,554
3,561

278,776
10,924

269,997
3,918

249,745
4,290

232,181
5,128

227,565
6,054

54,745
1,848

54,114
55,878
116,378
0
11,158
(867)
489,824
(4,236)

57,853
52,042
124,060
11,212
5,047
(964)
538,950
(5,071)

42,605
45,494
100,309
0
603
(126)
462,800
21,692

42,940
48,151
83,236
0
421
(21)
428,762
23,410

39,386
41,918
72,235
0
1,923
31
392,802
28,460

38,252
41,416
67,813
0
1,395
(4)
382,491
25,737

8,935
9,187
15,219
0
632
(49)
90,517
4,178

(40,950)
0
(22,195)
1,526
(65,855)

(42,551)
1,446
(448)
(945)
(47,569)

(38,092)
9,292
(1,537)
(747)
(9,392)

(33,537)
0
(1,050)
326
(10,851)

(31,206)
0
(158)
(349)
(3,253)

(29,500)
0
(156)
(649)
(4,568)

(5,965)
0
(156)
17
(1,926)

683
(65,172)
0
(65,172)
($3.00)
21,758,066

(849)
(48,418)
0
(48,418)
($2.16)
22,372,475

(763)
(834)
2,622
(10,155)
(11,685)
(631)
(3,114)
(5,750)
(5,744)
(13,269)
(17,435)
(6,375)
($0.59)
($0.71)
($0.25)
22,439,325 24,454,796 25,082,921

2,748
(1,820)
(5,738)
(7,558)
($0.30)
25,165,165

(171)
(2,097)
(1,432)
(3,529)
($0.14)
25,165,165

97.7%

9.9%
97.4%

(9.3%)
98.4%

(6.7%)
98.1%

(6.8%)
97.5%

48.2%
32.0%

46.4%
21.7%

43.4%
50.0%

43.7%
49.6%

43.5%
50.4%

11.1%
11.5%

10.8%
9.7%

8.8%
9.4%

9.5%
10.6%

9.3%
10.0%

24.0%

23.2%

20.7%

18.4%

(65,172)

(48,418)

(10,155)

(11,685)

116,378
0
0
0
3,583
1,737
0
0
0
188

124,060
(1,446)
0
11,212
448
2,275
(815)
815
0
576

100,309
(9,292)
0
0
1,537
1,724
0
0
0
588

(7,861)
(2,496)
6,052
8,332
(1,872)
58,869

9,030
2,030
(5,454)
(5,720)
1,260
89,853

(79,097)
(14,311)
(5,000)
(335,517)
651
(433,274)
625,000
(271,241)
(1,712)
0
0
(12,738)
0
0
300
(1,075)
23,290
0

17.1%

(631)

(1,820)

(2,097)

83,236
0
1,511
0
1,050
1,762
0
0
0
304

72,235
0
(1,511)
0
158
1,618
0
0
(3,256)
1,083

67,813
0
(766)
0
156
1,490
0
0
(3,256)
1,097

15,219
0
0
0
156
286
0
0
0
136

12,385
1,173
(5,713)
(4,981)
(1,403)
86,172

2,571
(1,063)
21,410
4,268
(1,658)
101,706

(6,406)
2,135
(11,980)
(2,374)
969
52,040

6,787
2,015
(16,307)
(2,012)
386
55,583

10,526
339
382
(1,765)
(405)
22,777

(64,407)
0
0
0
0
(64,407)

(21,341)
0
0
0
0
(21,341)

(21,825)
0
0
0
0
(21,825)

(27,318)
0
0
0
0
(27,318)

(31,823)
0
0
0
0
(31,823)

(9,150)
0
0
0
0
(9,150)

0
(33,760)
(1,365)
30,000
(30,000)
0
0
0
0
(4,662)
0
0

0
(91,109)
(1,437)
0
0
0
(23,685)
5,410
0
0
0
53,696

0
(101,408)
(1,031)
45,000
(45,000)
0
0
5,921
0
0
13,658
0

0
(10,525)
(717)
75,000
(75,000)
(2,658)
0
614
0
0
0
0

0
(25,000)
(667)
60,000
(60,000)
(248)
0
1,459
0
0
0
0

0
(17,500)
(164)
10,000
(10,000)
0
0
1,022
0
0
0
0

0
17,120
0
(2,225)
376,719
460

0
0
0
0
(39,787)
(428)

(1,677)
2
0
0
(58,800)
180

(5,750)
49
46
0
(88,515)
4

(5,750)
9
0
0
(19,027)
(57)

(5,744)
14
0
0
(30,186)
(175)

(1,432)
10
0
0
(18,064)
(109)

2,774
22,795
25,569

(14,769)
25,569
10,800

6,211
10,800
17,011

(8,630)
17,011
8,381

5,638
8,381
14,019

(6,601)
8,381
1,780

(4,546)
14,019
9,473

Period Ending
12/31/08
12/31/09

12/31/10

12/31/11

Period Ending
03/31/12

Period Ending
03/31/12

10,800
63,620
9,107
83,527

17,011
51,706
9,189
77,906

8,381
49,332
12,728
70,441

14,019
53,963
11,021
79,003

9,473
43,587
10,307
63,367

9,473
43,587
10,307
63,367

273,830
9,117
115,134
100,081
8,097
589,786

206,663
6,005
106,041
100,081
11,658
508,354

156,917
3,681
99,005
100,081
13,881
444,006

119,164
4,373
91,642
100,081
14,409
408,672

118,242
3,732
89,882
100,081
13,111
388,415

118,242
3,732
89,882
100,081
13,111
388,415

44,291
7,597
23,870
0
1,446
17,168
94,372

40,040
6,101
19,137
0
0
17,531
82,809

60,303
4,807
22,327
10,353
0
23,168
120,958

48,697
11,701
17,967
0
0
19,404
97,769

580,923
43,239
718,534

463,845
32,687
579,341

368,832
8,565
498,355

48,255
10,395
18,813
0
0
19,949
97,412
363,300
352,905
9,296
459,613

48,697
11,701
17,967
0
0
19,404
97,769
347,284
335,583
8,814
442,166

335,583
8,814
442,166

ble, 10%, 57,500 issued; 57,266 and 57,500

0 outstanding1at December131, 2011 and1December 31, 2010,
1
respectively
1 (liquidation preferen
tstanding at December 31, 2011 and December
227
31, 2010,
225 respectively
251
253
253
253
(2,825)
0
0
0
0
0
329,740
379,223
388,961
384,843
383,706
383,706

(416,056)
(39,834)
(128,748)

(426,211)
(24,225)
(70,987)

(437,896)
(5,666)
(54,349)

(438,527)
2,489
(50,941)

(440,624)
2,913
(53,751)

(440,624)
2,913
(53,751)

589,786

508,354

444,006

408,672

388,415

388,415

3Mo Ended
03/31/11

Projected Year Ending,

12/31/12 12/31/13 12/31/14 12/31/15 12/31/16

105,835
1,894
107,729

386,264
9,722
395,986

363,088
9,139
372,227

341,303
8,591
349,893

320,825
8,075
328,900

301,575
7,591
309,166

59,361
922

218,250
4,820

205,155
4,531

192,846
4,259

181,275
4,004

170,399
3,763

10,069
9,689
19,641
0
1,160
(14)
100,828
6,901

37,023
39,403
68,182
0
0
0
367,678
28,308

34,801
37,039
48,905
0
0
0
330,431
41,796

32,713
34,816
38,073
0
0
0
302,708
47,186

30,751
32,727
32,136
0
0
0
280,892
48,008

28,906
30,764
29,296
0
0
0
263,127
46,039

(7,671)
0
(158)
317
(611)
(297)
(908)
(1,438)
(2,346)
($0.09)
25,037,122
Step
(6.0%)
97.5%

(6.0%)
97.5%

(6.0%)
97.5%

(6.0%)
97.5%

(6.0%)
97.5%

43.5%
50.4%

43.5%
50.4%

43.5%
50.4%

43.5%
50.4%

43.5%
50.4%

9.3%
10.0%

9.3%
10.0%

9.3%
10.0%

9.3%
10.0%

9.3%
10.0%

18.8%

(908)
19,641
0
(745)
0
158
414
0
0
0
122
(2,667)
459
4,709
(2,127)
178
19,234
(4,645)
0
0
0
0
(4,645)
0
(3,025)
(214)
25,000
(25,000)
(2,410)
0
177
0
0
0
0

18.8%

18.8%

18.8%

18.8%

(1,438)
5
0
0
(6,905)
9
7,693
8,381
16,074

Period Ending
03/31/11

14,019
53,963
11,021
79,003
119,164
4,373
91,642
100,081
14,409
408,672
48,255
10,395
18,813
0
0
19,949
97,412
352,905
9,296
459,613

1
253
0
384,843

(438,527)
2,489
(50,941)
408,672