LEXINGTON, Ky., Nov. 9 /PRNewswire-FirstCall/ -- Triple Crown Media,
Inc. (Nasdaq: TCMI) announces that for the first quarter ended September
30, 2006, total revenues were $29.1 million and a net loss available to
common stockholders was ($1.0) million, or ($.20) per share.
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.
"The revenues for the quarter ended September 30, 2006 from our
Collegiate Marketing and Production Services and Association Management
Services businesses, which were owned and operated by Bull Run Corporation
during this same period in 2005, increased by 29% and 9%, on a year over
year basis, respectively. In addition, revenues from our Newspaper business
continued to increase by 22% compared to the same period last year." said
Thomas J. Stultz, President and CEO of Triple Crown Media. "We are
especially pleased that our Newspapers' operating income increased by 51%.
In addition, the operating income for the quarter ended September 30, 2006
from our Association Management Services business, which was owned and
operated by Bull Run Corporation during this same period in 2005, more than
doubled and our seven collegiate schools in our Collegiate Marketing and
Production Services business performed significantly better than last year
as well even in this off-season quarter. Our Wireless division continued to
make positive contributions to the Company's cash flows."
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
September 30, 2005. Therefore, the reported financial results for the three
months ended September 30, 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 five 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 November 10, 2006 at 2:00 PM eastern time. The
live dial-in phone number is 1-800-299-8538 (participant passcode 78026696).
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 21435062) until November 27,
2006.
TRIPLE CROWN MEDIA, INC.
Comparative Results of Operations
(Amounts in thousands, except per share data)
Three Months Ended
September 30,
2005 2006
(Unaudited)
Operating revenues:
Publishing $9,786 $11,985
Collegiate marketing and
production services 12,809
Association management services 2,724
Wireless 1,860 1,590
11,646 29,108
Expenses:
Operating expenses before
depreciation, amortization
and loss on disposal of assets, net:
Publishing 7,498 8,527
Collegiate marketing and
production services 12,791
Association management services 1,708
Wireless 1,724 1,356
Corporate and administrative 361 1,113
Depreciation 341 542
Amortization and impairment of
intangible assets - 786
Gain on disposal of assets, net (599) (17)
9,325 26,806
Operating income 2,321 2,302
Other income (expense):
Interest expense related to
Series B preferred stock (113)
Interest expense, other (3,154)
Debt issue cost amortization (266)
Income (loss) from continuing
operations before income taxes 2,321 (1,231)
Income tax expense (benefit) 884 (486)
Earnings (loss) from continuing operations 1,437 (745)
Income from discontinued operations,
net of tax 242
Net income (loss) 1,679 (745)
Series A preferred stock dividends accrued (271)
Net income (loss) available to
common stockholders $1,679 $(1,016)
Basic and diluted per share information:
Earnings (loss) from continuing
operations $0.29 $(0.14)
Income from discontinued operations $0.05 $-
Net income (loss) $0.34 $(0.14)
Net income (loss) available to
common stockholders $0.34 $(0.20)
Weighted average shares outstanding 4,870 5,169
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.
 back to top
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.
|
