LEXINGTON, Ky., May 15 /PRNewswire-FirstCall/ -- Triple Crown Media,
Inc. (Nasdaq: TCMI) announces that for the first quarter ended March 31,
2006, net income available to common stockholders was $464,000, or $.09 per
share, and total revenues were $34.1 million.
The three months ended March 31, 2006 represent the Company's first
full fiscal quarterly period since becoming a separate, stand-alone entity.
Until December 30, 2005, the Company's Newspaper Publishing and Graylink
Wireless businesses were owned and operated by Gray Television, Inc.,
operating as wholly-owned subsidiaries or divisions of Gray. Immediately
following the distribution of our common stock to Gray's common
stockholders on December 30, 2005 in a transaction referred to as the
Spin-off, the Company acquired its Collegiate Marketing and Production
Services business and Association Management Services business pursuant to
a merger with Bull Run Corporation.
"We are very pleased with our initial results as a new company," said
Thomas J. Stultz, President and CEO of Triple Crown Media. "The operating
results of our newspaper business improved despite increases in newsprint
and fuel costs compared to a year ago. Although our Graylink Wireless
business continues to decline, it continues to provide a positive
contribution to our operating results. Our Collegiate Marketing and
Production Services business and Association Management Services business
experienced revenue growth compared to the same period last year of over 8%
and nearly 20%, respectively."
Certain of the Company's expenses for periods prior to the Spin-off,
including income tax expense and corporate and administrative expenses,
result from allocations of costs and expenses from Gray. Prior to the
Spin-off, Gray provided the capitalization for the Company, and as a result
the Company had no interest-bearing debt during the three months ended
March 31, 2005. Therefore, the reported financial results for the three
months ended March 31, 2005 are not indicative of the financial results of
the Company as a separate, stand-alone entity.
Triple Crown Media owns and operates six daily newspapers and one
weekly newspaper in Georgia, and provides paging and other wireless
services in non- major metropolitan areas in Alabama, Florida and Georgia,
where it also operates 14 retail locations. Triple Crown Media, through its
subsidiary, Host Communications, Inc., is engaged in the Collegiate
Marketing and Production Services business and Association Management
Services business. The Collegiate Marketing and Production Services
business provides sports marketing and production services to a number of
collegiate conferences and universities and, through a contract with CBS
Sports, on behalf of the National Collegiate Athletic Association. The
Association Management Services business provides various associations with
services such as member communication, recruitment and retention,
conference planning, Internet web site management, marketing and
administration.
Conference Call Information:
Triple Crown Media, Inc. will host a conference call to discuss its
first quarter operating results on May 17, 2006 at 1:00 PM eastern time.
The live dial-in phone number is 1-866-825-3354 (participant passcode
42783054). The call will be webcast live and will be available for replay
at http://www.triplecrownmedia.com. The taped replay of the conference call will
be available at 1-888-286-8010 (participant passcode 70506870) until June
17, 2006.
TRIPLE CROWN MEDIA, INC.
Comparative Results of Operations
(in thousands, except per share amounts)
Three Months Ended
March 31,
2005 2006
Operating revenues:
Publishing $11,188 $11,149
Collegiate marketing and
production services 18,967
Association management services 2,224
Wireless 1,986 1,725
13,174 34,065
Expenses:
Operating expenses before
depreciation, amortization
and loss (gain) on disposal of
assets, net:
Publishing 8,182 8,030
Collegiate marketing and
production services 15,821
Association management services 1,673
Wireless 1,563 1,456
Corporate and administrative 361 1,305
Depreciation 365 596
Amortization of intangible assets 620
Loss (gain) on disposal of assets, net 188 (28)
10,659 29,473
Operating income 2,515 4,592
Other income (expense):
Interest expense related to Series B
preferred stock (113)
Interest expense, other (2,902)
Debt issue cost amortization (263)
Income before income taxes 2,515 1,314
Income tax expense 958 579
Net income 1,557 735
Series A preferred stock dividends accrued (271)
Net income available to common stockholders $1,557 $464
Basic and diluted per share information:
Net income available to common
stockholders $0.32 $0.09
Weighted average shares outstanding 4,870 5,131
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, including.
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:
Thomas J. Stultz, President & Chief Executive
Officer, +1-859-226-4356, or Mark G. Meikle, Executive Vice
President & Chief Financial Officer, +1-859-226-4376, both of
Triple Crown Media, Inc.
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