Journal Register Company Hires Lazard Freres as Its Financial Advisor
07 Abril 2008 - 7:40AM
Marketwired
YARDLEY, PA announced today that it hired Lazard Freres &
Co. LLC as its financial advisor. James W. Hall, Chairman &
Chief Executive Officer, stated, "Lazard Freres will help us
evaluate our strategic options. While we are concerned about the
state of the overall economy and the environment for print
advertising, we generated $90.3 million of EBITDA in 2007, well in
excess of our $38.5 million interest expense, reduced debt by $105
million during 2007 and have no scheduled principal payments due
until the second quarter of 2009."
The Company has no debt for money borrowed except under its
amended and restated credit agreement with JPMorgan Chase Bank,
N.A., as administrative agent.
About Journal Register Company
Journal Register Company is a leading U.S. media company.
Journal Register Company owns 22 daily newspapers and 310 non-daily
publications. Journal Register Company currently operates 229
individual Web sites that are affiliated with the Company's daily
newspapers, non-daily publications and its network of employment
Web sites. These Web sites can be accessed at
www.JournalRegister.com. All of the Company's operations are
strategically clustered in six geographic areas: Greater
Philadelphia; Michigan; Connecticut; Greater Cleveland; and the
Capital-Saratoga and Mid-Hudson regions of New York. The Company
owns JobsInTheUS, a network of 20 employment Web sites.
Safe-Harbor
This release contains forward-looking information about Journal
Register Company that is intended to be covered by the safe harbor
for forward-looking statements provided by the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are
statements that are not historical facts. These statements can be
identified by the use of forward-looking terminology such as
"believe," "expect," "may," "will," "should," "project," "plan,"
"seek," "intend," or "anticipate" or the negative thereof or
comparable terminology. These forward-looking statements involve a
number of risks and uncertainties, which could cause actual results
to differ materially. These risks and uncertainties include, but
are not limited to statements related to the engagement of a
financial advisor, the Company's decision to evaluate strategic
options and changes in performance that affect financial covenant
compliance or funds available for borrowing. These and additional
risk factors are outlined in the Company's most recent Annual
Report on Form 10-K filed with the Securities and Exchange
Commission. The Company undertakes no obligation to publicly update
any forward-looking statement, whether as a result of new
information, future events, or otherwise.
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For more information: Journal Register Company Gary Struening
Investor Relations 790 Township Line Road Yardley, PA 19067 Tel:
(215) 504-4200 Fax: (215) 504-4201
Journal Register (NYSE:JRC)
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