ATLANTA, April 14 /PRNewswire-FirstCall/ -- Bull Run Corporation
(OTC: BULL) today announced a net loss of $1.7 million for its second quarter
ended February 29, 2004, compared to a net loss of $5.0 million for the same
quarter in the prior fiscal year. The net loss for the six months ended
February 29, 2004 was $2.8 million, compared to a net loss of $6.3 for the
same period in the prior fiscal year. Revenues from continuing operations for
the current year were $16.9 million for the second quarter and $38.6 million
for the six months ended February 29, 2004. Prior year revenues from
continuing operations were $17.6 million for the second quarter and
$43.5 million for the six months ended February 28, 2003. Prior year
six-month results also included non-cash non-operating charges of
approximately $3.5 million attributable to Bull Run's former equity investment
assets, and income of approximately $5.3 million from a discontinued business
segment.
As a result of reductions in Bull Run's outstanding debt, interest expense
for the recently completed second quarter and six-month period was
approximately half of the $2.1 and $4.3 million incurred during the comparable
second quarter and six-month period of the prior fiscal year, respectively.
Bull Run, through its wholly-owned operating company, Host Communications,
Inc., provides comprehensive sales, marketing, multimedia, special event and
convention/hospitality services to NCAA Division I universities and
conferences, national/global associations, and domestic and international
grassroots sports and lifestyle events (including the three-on-three
"Hoop-It-Up" basketball tour and the "got milk? 3-v-3 Soccer Shootout"
national tour).
Bull Run's common stock is currently quoted on the Pink Sheets
( http://www.pinksheets.com ), a centralized quotation service for OTC securities,
using the symbol "BULL". Additional company information and stock quotes are
also available on the Company's corporate web site at http://www.bullruncorp.com .
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 each of the three months and six months
ended February 29, 2004 and February 28, 2003 follow:
BULL RUN CORPORATION
Comparative Results of Operations
(in thousands, except per share amounts)
Three Months Ended Six Months Ended
February February February February
29, 28, 29, 28,
2004 2003 2004 2003
Revenue from services rendered $16,921 $17,626 $38,555 $43,468
Operating costs and expenses:
Direct operating costs for
services rendered 11,067 12,779 26,458 30,845
Selling, general and
administrative 6,053 6,303 12,040 12,734
Amortization of acquisition
intangibles 314 304 627 608
17,434 19,386 39,125 44,187
Loss from operations (513) (1,760) (570) (719)
Equity in losses of affiliated
companies (366) (193)
Net change in value of certain
derivatives 241 (189) 547 (1,863)
Loss on issuance of shares by
affiliate (2,339)
Loss on investment valuation
adjustments (977)
Debt issue cost amortization (293) (610) (584) (1,154)
Interest and other, net (1,125) (2,117) (2,205) (4,308)
Loss from continuing operations (1,690) (5,042) (2,812) (11,553)
Discontinued operations 5,267
Net loss (1,690) (5,042) (2,812) (6,286)
Preferred dividends (558) (281) (1,090) (540)
Net loss available to common
stockholders $(2,248) $(5,323) $(3,902) $(6,826)
Loss per share available to common
stockholders, basic and diluted:
Continuing operations $(0.50) $(1.38) $(0.88) $(3.14)
Discontinued operations 1.37
Net loss $(0.50) $(1.38) $(0.88) $(1.77)
Weighted average number of common
shares outstanding, basic and
diluted 4,500 3,867 4,420 3,849
SOURCE Bull Run Corporation
 back to top
Related links:
http://www.bullruncorp.com
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, both of
Bull Run Corporation; or Gordon D. Whitener, Chief Executive
Officer of Host Communications, Inc., +1-859-226-4356
|
