LAWRENCEVILLE, Ga., May 13 /PRNewswire-FirstCall/ -- Triple Crown
Media, Inc. (Nasdaq: TCMI) announces that for the third quarter ended March
31, 2008, total revenues were $10.9 million and a loss from continuing
operations was $2.2 million, or ($.41) per share, compared to total
revenues of $11.2 million and a loss from continuing operations of $5.2
million, or ($.98) per share, for the third quarter of last year.
For the nine months ended March 31, 2008, total revenues were $35.3
million and a loss from continuing operations was $8.1 million, or ($1.50)
per share, compared to total revenues of $36.2 million and a loss from
continuing operation of $5.0 million, or ($.96) per share, for the
comparable period 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.
"We are extremely pleased that EBITDA for the quarter ended March 31,
2008 increased to $1.9 million from $1.1 million for the comparable quarter
of the prior year, an increase of approximately $0.8 million. Year to date
EBITDA increased to $6.9 million from $6.4 million for the comparable
quarter of the prior year, an increase of approximately $0.5 million. Our
publishers and employees have worked extremely hard to maximize revenue and
control expenses in our current environment. The newspaper industry is
experiencing declines in automotive, help wanted and real estate
advertising and the economy as a whole appears to be softening" 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 Nine Months Ended
March 31, March 31,
2007 2008 2007 2008
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Operating revenues: $11,236 $10,892 $36,236 $35,333
Expenses:
Operating expenses
before depreciation,
amortization
Publishing 8,308 8,376 25,678 25,358
Corporate and
administrative 1,797 637 4,191 3,082
Depreciation and
amortization 443 486 1,314 1,364
10,548 9,499 31,183 29,804
Operating income 688 1,393 5,053 5,529
Other expenses:
Interest expense related
to Series B preferred
stock (113) (113) (339) (340)
Interest expense, other (3,395) (2,349) (9,858) (8,872)
Debt issue cost
amortization (300) (360) (851) (1,009)
Loss from continuing
operations before income
taxes (3,120) (1,429) (5,995) (4,692)
Income tax expense (benefit) 2,051 768 (967) 3,363
Loss from continuing
operations (5,171) (2,197) (5,028) (8,055)
Income (loss) on sale of
discontinued operations,
net - 185 - (4,061)
Income (loss) from
discontinued operations,
net 4,596 787 4,397 (40,065)
Net loss (575) (1,225) (631) (52,181)
Series A preferred stock
dividends accrued (271) (272) (813) (816)
Net loss available to common
stockholders $(846) $(1,497) $(1,444) $(52,997)
Basic per share information:
Loss from continuing
operations $(0.98) $(0.41) $(0.96) $(1.50)
Income (loss) from
discontinued operations,
net of tax $0.87 $0.18 $0.84 $(8.23)
Net loss $(0.11) $(0.23) $(0.12) $(9.74)
Net loss available to
common shareholders $(0.16) $(0.28) $(0.28) $(9.89)
Weighted average shares
outstanding 5,268 5,352 5,222 5,360
Three Months Ended Nine Months Ended
March 31 March 31
2007 2008 2007 2008
(Unaudited) (Unaudited) Unaudited) (Unaudited)
EBITDA:
Operating revenues $11,236 $10,892 $36,236 $35,333
Operating expenses
before depreciation
and amortization 10,105 9,013 29,869 28,440
EBITDA $1,131 $1,879 $6,367 $6,893
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
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, President and Chief
Executive Officer, +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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