ATLANTA, July 15 /PRNewswire-FirstCall/ -- Bull Run Corporation
(OTC: BULL) today announced a net loss of $6.3 million for its third quarter
ended May 31, 2004, compared to a net loss of $4.7 million for the same
quarter in the prior fiscal year. Current year results were unfavorably
affected by a $3.3 million non-cash goodwill impairment charge. The net loss
for the nine months ended May 31, 2004 was $9.1 million, compared to a net
loss of $10.9 for the same period in the prior fiscal year. Revenues from
continuing operations for the current year were $14.3 million for the third
quarter and $52.9 million for the nine months ended May 31, 2004. Prior year
revenues from continuing operations were $18.2 million for the third quarter
and $61.6 million for the nine months ended May 31, 2003. Prior year third
quarter and nine-month results also included non-cash non-operating charges of
approximately $1.6 million and $5.1 million, respectively, attributable to
Bull Run's former equity investment assets, and prior year nine-month results
included income of approximately $5.3 million from a discontinued business
segment.
Interest expense for the recently completed third quarter and nine-month
period was $1.1 million and $3.3 million, respectively, compared to the
$1.9 and $6.2 million incurred during the comparable third quarter and
nine-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
basketball "Hoop-It-Up National Tour" and the "got milk? 3-v-3 Soccer
Shootout" national tour).
Bull Run's common stock is 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
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 nine months
ended May 31, 2004 and 2003 follow:
BULL RUN CORPORATION
Comparative Results of Operations
(in thousands, except per share amounts)
Three Months Ended Nine Months Ended
May 31, May 31,
2004 2003 2004 2003
Revenue from services rendered $14,298 $18,154 $52,853 $61,622
Operating costs and expenses:
Direct operating costs for
services rendered 9,739 11,873 36,197 42,718
Selling, general and
administrative 6,189 6,715 18,229 19,449
Amortization and impairment of
acquisition intangibles 3,613 304 4,240 912
19,541 18,892 58,666 63,079
Loss from operations (5,243) (738) (5,813) (1,457)
Equity in losses of affiliated
companies 40 (153)
Net change in value of certain
derivatives 400 155 947 (1,708)
Loss on issuance of shares by
affiliate (2,339)
Loss on investment valuation
adjustments (1,650) (2,627)
Debt issue cost amortization (294) (585) (878) (1,739)
Interest and other, net (1,199) (1,881) (3,404) (6,189)
Loss from continuing operations (6,336) (4,659) (9,148) (16,212)
Discontinued operations 5,267
Net loss (6,336) (4,659) (9,148) (10,945)
Preferred dividends (568) (288) (1,658) (828)
Net loss available to common
stockholders $(6,904) $(4,947) $(10,806) $(11,773)
Loss per share available to common
stockholders, basic and diluted:
Continuing operations $(1.44) $(1.25) $(2.38) $(4.38)
Discontinued operations 1.35
Net loss $(1.44) $(1.25) $(2.38) $(3.03)
Weighted average number of common
shares outstanding, basic
and diluted 4,798 3,971 4,546 3,890
SOURCE Bull Run Corporation
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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
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