LEXINGTON, Ky., Feb. 19 /PRNewswire-FirstCall/ -- Triple Crown Media,
Inc. (Nasdaq: TCMI) announces that for the second quarter ended December
31, 2007, total revenues were $12.5 million and loss from continuing
operations was $3.6 million, or ($.75) per share compared to total revenues
of $13.0 million and gain from continuing operations of $1.1 million, or
$.22 per share for the second quarter of last year. The quarter was
adversely affected by a higher tax rate due to the sale of Host
Communications.
For the six months ended December 31, 2007, total revenues were $24.4
million and a loss from continuing operations was $5.9 million, or ($1.12)
per share compared to total revenues of $25.0 million and gain from
continuing operation of $.1 million, or $.03 per share for the comparable
quarter last year. The year to date was adversely affected by a higher tax
rate due to the sale of Host Communications.
Discontinued operations gives affect to the previously announced
disposition of Host Communications, formerly a wholly owned subsidiary of
the Company.
"EBITDA for the second quarter of the fiscal year ending June 30, 2008
of $2.9 million was flat compared to the comparable quarter for the prior
year. EBITDA year to date was $5.0 million compared to $5.2 for the
comparable period last year, the decrease being due to a decrease in
advertising revenue and non-cash share-based compensation. Although EBITDA
has declined we are pleased that our newspapers are still performing better
than most of our peers in the industry. We continue to pursue expense
reductions to help offset declines in advertising revenue," said Robert S.
Prather, Jr., President and CEO of Triple Crown Media, Inc.
Triple Crown Media owns and operates six daily newspapers and one
weekly newspaper in Georgia.
Non-GAAP Financial Measure
In addition to presenting financial results in accordance with
generally accepted accounting principles, or GAAP, this earnings release
also presents earnings before interest, taxes, depreciation and
amortization ("EBITDA"). EBITDA is calculated by deducting operating
expenses from operating income and excluding amounts related to interest
expense, income tax expense or benefit, depreciation expense, amortization
expense and any gain or loss on disposal of assets. The Company believes
this non-GAAP financial measure provides investors with additional insight
into the Company's ongoing operating performance. This non-GAAP financial
measure should be considered in conjunction with, but not as a substitute
for, the financial information presented in accordance with GAAP.
TRIPLE CROWN MEDIA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
Three Months Ended Six Months Ended
December 31, December 31,
2006 2007 2006 2007
(Unaudited)(Unaudited)(Unaudited)(Unaudited)
Operating revenues: $13,015 $12,483 $25,000 $24,441
Expenses:
Operating expenses before
depreciation, amortization
Publishing 8,843 8,443 17,370 16,982
Corporate and
administrative 1,281 1,170 2,394 2,444
Depreciation and
amortization 426 444 871 879
10,550 10,057 20,635 20,305
Operating income 2,465 2,426 4,365 4,136
Other expenses:
Interest expense related to
Series B preferred stock (113) (113) (226) (227)
Interest expense, other (3,310) (3,018) (6,463) (6,523)
Debt issue cost amortization (285) (328) (551) (649)
Loss from continuing operations
before income taxes (1,243) (1,033) (2,875) (3,263)
Income tax (benefit) expense (2,372) 2,615 (3,018) 2,595
Income (loss) from continuing
operations 1,129 (3,648) 143 (5,858)
Loss on sale of discontinued
operations, net - (4,246) - (4,246)
Loss from discontinued operations,
net (440) (16,840) (199) (40,852)
Net income (loss) 689 (24,734) (56) (50,956)
Series A preferred stock dividends
accrued (271) (272) (542) (544)
Net income (loss) available to
common stockholders $418 $(25,006) $(598) $(51,500)
Basic per share information:
Income/(Loss) from continuing
operations $0.22 $(0.75) $0.03 $(1.12)
Income/(Loss) from discontinued
operations, net of tax $(0.08) $(4.33) $(0.04) $(8.62)
Net income (loss) $0.13 $(5.08) $(0.01) $(9.74)
Net income (loss) available to
common shareholders $0.08 $(5.13) $(0.12) $(9.85)
Weighted average shares
outstanding 5,230 4,873 5,200 5,230
Diluted per share information:
Income/(Loss) from continuing
operations $0.21 $(0.75) $0.03 $(1.12)
Income/(Loss) from discontinued
operations, net of tax $(0.08) $(4.33) $(0.04) $(8.62)
Net income (loss) $0.13 $(5.08) $(0.01) $(9.74)
Net income (loss) available to
common shareholders $0.08 $(5.13) $(0.11) $(9.85)
Weighted average shares
outstanding 5,319 4,873 5,297 5,230
Three Months Ended Six Months Ended
December 31 December 31
2006 2007 2006 2007
(Unaudited)(Unaudited)(Unaudited)(Unaudited)
EBITDA:
Operating revenues $13,015 $12,483 $25,000 $24,441
Operating expenses before
depreciation and
amortization 10,124 9,613 19,764 19,426
EBITDA $2,891 $2,870 $5,236 $5,015
Cautionary Statements for Purposes of the "Safe Harbor" Provisions of
the Private Securities Litigation Reform Act:
Except for the historical information contained herein, information set
forth in this news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Words such
as "expects," "anticipates," "intends," "plans," "believes," "estimates,"
and variations of such words and similar expressions that indicate future
events and trends are intended to identify such forward-looking statements.
These forward-looking statements are subject to risks and uncertainties,
which could cause the company's actual results or performance to differ
materially from those expressed or implied in such statements. The Company
makes no commitment to update any forward-looking statement or to disclose
any facts, events, or circumstances after the date hereof that may affect
the accuracy of any forward-looking statement. For additional information
about the Company and its various risk factors, please see the Company's
most recent Annual Report on Form 10-K and other documents as filed with
the Securities and Exchange Commission.
SOURCE Triple Crown Media, Inc.
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Related links:
http://www.triplecrownmedia.com
CONTACT:
Robert S. Prather, Chairman, +1-404-266-8333,
or Mark G. Meikle, Executive Vice President & Chief Financial
Officer, +1-859-226-4376, both of Triple Crown Media, Inc.
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