ATLANTA, Jan. 14 /PRNewswire-FirstCall/ -- Bull Run Corporation today
announced a net loss of $1.1 million for its first quarter ended November 30,
2003, compared to a net loss of $1.2 million in the prior year. Revenues from
continuing operations for the current year period were $21.6 million. Prior
year revenues of $31.1 million and operating profit of $6.3 million included
$5.3 million of nonrecurring consulting fee income derived from a company in
which Bull Run formerly held an equity investment. Prior year results also
included non-cash non-operating charges of approximately $5.2 million
attributable to Bull Run's former equity investment assets.
Bull Run, through its wholly-owned operating company, Host Communications,
Inc., provides affinity, multimedia, promotional and event management services
to universities, athletic conferences, corporations and associations. During
the prior fiscal year ended August 31, 2003, Bull Run sold all of its
significant equity investment assets, generating proceeds of over $46 million,
of which, $38 million was used to reduce the Company's long-term debt. During
the first quarter of the current fiscal year, Bull Run converted over $8
million of debt to preferred equity. As a result of the reduction in
outstanding debt, interest expense for the recently completed quarter was
approximately half of the $2.2 million incurred during the same period of the
prior fiscal year.
Bull Run also announced that effective with the open of business on
Thursday, January 15, 2004, its common stock will be immediately eligible for
quotation on the OTC Bulletin Board under the trading symbol "BULL".
Effective with the open of business on Thursday, January 15, 2004, the
Company's common stock will no longer be listed on the Nasdaq SmallCap Market.
Forward-Looking Statements
Certain statements in this press release are "forward looking" statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
These statements are not guaranties of future performance and actual results
may differ materially from those forecasted.
Summarized financial results for the three months ended November 30, 2003
and 2002 follow:
BULL RUN CORPORATION
Comparative Results of Operations
(in thousands, except per share amounts)
Three Months Ended
November 30,
2003 2002
Revenue from services rendered, including
consulting fee income derived from
affiliated company of $5,267 in 2002 $21,634 $31,109
Operating costs and expenses:
Direct operating costs for services rendered 15,391 18,066
Selling, general and administrative 5,987 6,431
Amortization of acquisition intangibles 313 304
21,691 24,801
Income (loss) from operations (57) 6,308
Equity in earnings of affiliated companies 173
Net change in value of certain derivatives 306 (1,674)
Loss on issuance of shares by affiliate (2,339)
Loss on investment valuation adjustments (977)
Debt issue cost amortization (291) (544)
Interest and other, net (1,080) (2,191)
Net loss (1,122) (1,244)
Preferred dividends (532) (259)
Net loss available to common stockholders $(1,654) $(1,503)
Loss per share available to common
stockholders, basic and diluted $(0.38) $(0.39)
Weighted average number of common shares
outstanding, basic and diluted 4,340 3,831
SOURCE Bull Run Corporation
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Related links:
http://www.bullruncorp.com
Company News On-Call:
http://www.prnewswire.com/comp/232438.html
CONTACT:
Robert S. Prather, Jr., President & Chief
Executive Officer, +1-404-266-8333, or Frederick J. Erickson,
VP-Finance & Chief Financial Officer, +1-704-602-3107, all of
Bull Run Corporation; or Gordon D. Whitener, Chief Executive
Officer of Host Communications, Inc., +1-859-226-4356
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