LEXINGTON, Ky., Nov. 16 /PRNewswire-FirstCall/ -- Triple Crown Media,
Inc. (Nasdaq: TCMI) announces that for the first quarter ended September
30, 2007, total revenues were $11.9 million and loss from continuing
operations was $2.2 million, or ($.42) per share compared to total revenues
of $11.9 million and loss from continuing operations of $1.0 million, or
($.19) per share for the first quarter ended September 30, 2006. The
quarter was adversely affected by higher interest expense due to higher
average debt levels, higher corporate expenses due to non-cash share-based
compensation and a lower income tax benefit.
Discontinued operations gives affect to the previously announced
disposition of Host Communications, a wholly owned subsidiary of the
Company.
"EBITDA for the first quarter of the fiscal year ending June 30, 2008
was $2.1 million compared to $2.3 million for the comparable quarter for
the prior year, the decrease being primarily due to non-cash share-based
compensation. Our publishers deserve a lot of credit for their efforts in
maximizing revenues and controlling expenses when the newspaper industry is
experiencing what we believe are temporary declines in: automotive, help
wanted and real estate advertising" said Thomas J. Stultz, 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)
(Unaudited)
Three months ended
September 30,
2006 2007
Operating revenues $11,985 $11,958
Expenses:
Operating expenses before
depreciation and amortization
Publishing 8,527 8,539
Corporate and administrative 1,113 1,274
Depreciation 279 270
Amortization 166 165
10,085 10,248
Operating income 1,900 1,710
Other expenses:
Interest expense related to Series
B preferred stock (113) (114)
Interest expense, other (3,153) (3,505)
Debt issue cost amortization (266) (321)
Loss from continuing operations
before income taxes (1,632) (2,230)
Income tax benefit (646) (20)
Loss from continuing operations (986) (2,210)
Discontinued operations:
Income (loss) from discontinued
operations, net 241 (24,012)
Net loss (745) (26,222)
Series A preferred stock dividends
accrued (271) (272)
Net loss available to common
stockholders $(1,016) $(26,494)
Basic and diluted per share
information:
Loss from continuing operations $(0.19) $(0.42)
Loss from discontinued operations,
net of tax $0.05 $(4.51)
Net loss $(0.14) $(4.93)
Net loss available to common
shareholders $(0.20) $(4.98)
Weighted average shares outstanding 5,169 5,319
Three Months Ended Three Months Ended
September 30, 2006 September 30, 2007
(Unaudited) (Unaudited)
EBITDA:
Operating Revenues $11,985 $11,958
Operating Expenses before
depreciation and amortization 9,640 9,813
EBITDA $ 2,345 $ 2,145
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
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:
Robert S. Prather, Chairman, +1-404-266-8333,
or Mark G. Meikle, Executive Vice President & Chief Financial
Officer, +1-859-226-4376, both of Triple Crown Media, Inc.
|
