ATLANTA, Nov. 9 /PRNewswire-FirstCall/ -- Bull Run Corporation
(OTC:BULL) announced today that for the fiscal year ended August
31, 2005, revenues increased nearly 11% over the prior year and the
Company generated operating income of $1.7 million compared to a
loss from operations of $(2.7) million in the prior year. Current
year results included approximately $(0.8) million of expenses
incurred in connection with the Company's planned merger with
Triple Crown Media, Inc., and the prior year results include a
$(4.2) million intangibles impairment charge. The net loss
available to common stockholders was approximately $(5.3) million
for the fiscal year ended August 31, 2005 compared to $(16.9)
million in the prior year, including losses from discontinued
operations of approximately $(0.1) million and $(7.5) million,
respectively. The Company's collegiate sports marketing business,
its largest segment in terms of revenue, is seasonal. As a result,
a proportionately low amount of revenue is generated by the Company
in the fourth quarter of the Company's fiscal year. Revenues for
the fourth quarter of the fiscal year ended August 31, 2005 were
approximately $7.8 million compared to $7.2 million for the fourth
quarter of the prior year. The operating loss for the fourth
quarter, including approximately $(0.7) million of merger-related
expenses, was approximately $(2.1) million, compared to an
operating loss of $(1.6) million for the fourth quarter of the
prior year. "We are very pleased with the significant improvement
in our operating business this past year under the leadership of
Tom Stultz," said Robert S. Prather, Jr., President and CEO of Bull
Run. "We believe that eliminating the loss-producing segment a year
ago and focusing on the core, historically- profitable collegiate
marketing and association management businesses has been a
successful strategy." In August 2005, Bull Run announced its
intention to merge with Triple Crown Media, Inc. Following the
merger, Triple Crown Media would be comprised of Bull Run's
collegiate marketing and association management businesses, and the
newspaper publishing business and Graylink Wireless business
currently operated by Gray Television, Inc. The merger, which is
subject to certain closing conditions, including an affirmative
vote by Bull Run's shareholders, is expected to be completed by the
first quarter of 2006. Thomas J. Stultz, President and CEO of Bull
Run's operating subsidiary, Host Communications, Inc., commented,
"We made some incredible strides this year, from the
reestablishment of key business relationships, to an important
10-year contract extension with the University of Kentucky for
multi-media marketing rights, to contract extensions with all of
our association clients and the addition of a new association
client. We are extremely excited to combine the growth potential of
the core businesses of Host together with the newspaper publishing
and wireless businesses of Gray under Triple Crown Media." Stultz,
who formerly managed the newspaper publishing business at Gray,
will become President and CEO of Triple Crown Media upon completion
of the merger. 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 and
national/global associations. Bull Run's common stock is quoted on
the Pink Sheets (http://www.pinksheets.com/) centralized quotation
service for OTC securities under the symbol "BULL.PK". Additional
company information and stock quotes are available on the Company's
corporate web site at http://www.bullruncorp.com/. Forward-Looking
Statements - Except for the historical information contained
herein, information set forth in this press release may contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
related to the completion of the proposed merger with Triple Crown
Media. 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.
These risks and uncertainties include, but are not limited to, the
following: the ability of Bull Run to complete the merger with
Triple Crown Media, the ability to refinance the outstanding
indebtedness of Bull Run and Triple Crown Media and other risks
detailed from time to time in the Company's filings with the
Securities and Exchange Commission. Investors and security holders
are urged to read the Registration Statement on Form S-4 and the
Information Statement/Proxy Statement/Prospectus included within
the Registration Statement on Form S-4 as filed with the Securities
and Exchange Commission and any other relevant documents to be
filed with the Securities and Exchange Commission in connection
with the proposed merger with Triple Crown Media, because they will
contain important information about Gray Television, Inc., Triple
Crown Media, Inc., Bull Run Corporation and the proposed
transaction. Investors and security holders may obtain free copies
of these documents through the website maintained by the Securities
and Exchange Commission at http://www.sec.gov/. Free copies of the
information statement/proxy statement/prospectus also may be
obtained by directing a request by telephone or mail to Bull Run,
4370 Peachtree Road, N.E., Atlanta, Georgia 30319, Attention:
Investor Relations ((704) 602-3107). The directors, executive
officers, and certain other members of management of Bull Run may
be soliciting proxies in favor of the transaction from the
company's shareholders. For information about Bull Run's directors,
executive officers and members of management, shareholders are
asked to refer to Bull Run's Annual Report on Form 10-K for the
year ended August 31, 2005, which is available on its web site and
at the address provided in the preceding paragraph. Additional
information regarding the interests of such potential participants
is included in the Registration Statement on Form S-4, the
Information Statement/Proxy Statement/Prospectus contained therein
and other relevant documents filed with the SEC. Summarized
financial results for each of the three months and years ended
August 31, 2005 and 2004 follow: BULL RUN CORPORATION Comparative
Results of Operations (in thousands, except per share amounts)
Three Months Ended Year Ended August 31, August 31, 2005 2004 2005
2004 Revenue from services rendered $7,821 $7,168 $61,879 $55,779
Operating costs and expenses: Direct operating costs for services
rendered 4,316 3,670 40,776 35,699 Selling, general and
administrative 4,752 4,784 17,966 18,220 Costs incurred in
connection with proposed merger 661 766 Amortization and impairment
of acquisition intangibles 180 314 718 4,554 9,909 8,768 60,226
58,473 Operating income (loss) (2,088) (1,600) 1,653 (2,694) Net
change in value of derivative instrument 347 412 1,294 Debt issue
cost amortization 190 (293) (760) (1,171) Interest and other, net
(1,620) (1,162) (6,446) (4,566) Loss from continuing operations
(3,518) (2,708) (5,141) (7,137) Discontinued operations (157)
(2,755) (149) (7,474) Net loss (3,675) (5,463) (5,290) (14,611)
Preferred dividends (579) (2,237) Net loss available to common
stockholders $(3,675) $(6,042) $(5,290) $(16,848) Earnings (loss)
per share available to common stockholders, basic and diluted:
Continuing operations $(0.51) $(0.65) $(0.79) $(2.01) Discontinued
operations (0.02) (0.55) (0.02) (1.60) $(0.53) $(1.20) $(0.81)
$(3.61) Weighted average number of common shares outstanding: Basic
and diluted 6,890 5,034 6,505 4,668 DATASOURCE: Bull Run
Corporation CONTACT: Robert S. Prather, Jr., President & Chief
Executive Officer, +1-404-266-8333, or Frederick J. Erickson,
VP-Finance & Chief Financial Officer, +1-859-226-4376, both of
Bull Run Corporation; or Thomas J. Stultz, President & Chief
Executive Officer of Host Communications, Inc., +1-859-226-4356 Web
site: http://www.bullruncorp.com/
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