Bull Run Corporation Announces Second Quarter Results

Bull Run Corporation Announces Second Quarter Results 


ATLANTA, April 14  /PRNewswire-FirstCall/ -- Bull Run Corporation  today
announced a net loss of $1.7 million for its second quarter ended February 29,
2004, compared to a net loss of $5.0 million for the same quarter in the prior
fiscal year.  The net loss for the six months ended February 29, 2004 was $2.8
million, compared to a net loss of $6.3 for the same period in the prior fiscal
year.  Revenues from continuing operations for the current year were $16.9
million for the second quarter and $38.6 million for the six months ended
February 29, 2004.  Prior year revenues from continuing operations were $17.6
million for the second quarter and $43.5 million for the six months ended
February 28, 2003.  Prior year six-month results also included non-cash
non-operating charges of approximately $3.5 million attributable to Bull Run's
former equity investment assets, and income of approximately $5.3 million from
a discontinued business segment.

As a result of reductions in Bull Run's outstanding debt, interest expense for
the recently completed second quarter and six-month period was approximately
half of the $2.1 and $4.3 million incurred during the comparable second quarter
and six-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
"Hoop-It-Up" basketball tour and the "got milk? 3-v-3 Soccer Shootout" national
tour).

Bull Run's common stock is currently 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 also 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 six months ended
February 29, 2004 and February 28, 2003 follow:

                              BULL RUN CORPORATION
                       Comparative Results of Operations
                    (in thousands, except per share amounts)

                                        Three Months Ended  Six Months Ended
                                        February February  February February
                                           29,      28,       29,      28,
                                          2004     2003      2004     2003

    Revenue from services rendered       $16,921  $17,626  $38,555  $43,468
    Operating costs and expenses:
      Direct operating costs for
       services rendered                  11,067   12,779   26,458   30,845
      Selling, general and
       administrative                      6,053    6,303   12,040   12,734
      Amortization of acquisition
       intangibles                           314      304      627      608
                                          17,434   19,386   39,125   44,187
        Loss from operations                (513)  (1,760)    (570)    (719)

    Equity in losses of affiliated
     companies                                       (366)             (193)
    Net change in value of certain
     derivatives                             241     (189)     547   (1,863)
    Loss on issuance of shares by
     affiliate                                                       (2,339)
    Loss on investment valuation
     adjustments                                                       (977)
    Debt issue cost amortization            (293)    (610)    (584)  (1,154)
    Interest and other, net               (1,125)  (2,117)  (2,205)  (4,308)
       Loss from continuing operations    (1,690)  (5,042)  (2,812) (11,553)
    Discontinued operations                                           5,267
       Net loss                           (1,690)  (5,042)  (2,812)  (6,286)

    Preferred dividends                     (558)    (281)  (1,090)    (540)
       Net loss available to common
        stockholders                     $(2,248) $(5,323) $(3,902) $(6,826)

    Loss per share available to common
     stockholders, basic and diluted:
    Continuing operations                 $(0.50)  $(1.38)  $(0.88)  $(3.14)
    Discontinued operations                                            1.37
       Net loss                           $(0.50)  $(1.38)  $(0.88)  $(1.77)
    Weighted average number of common
     shares outstanding, basic and
     diluted                               4,500    3,867    4,420    3,849


DATASOURCE: Bull Run Corporation



CONTACT:  Robert S. Prather, Jr., President & Chief Executive Officer,

[phone], or Frederick J. Erickson, VP-Finance & Chief Financial

Officer, [phone], both of Bull Run Corporation; or Gordon D. Whitener,

Chief Executive Officer of Host Communications, Inc., [phone]



Web site:  http://www.bullruncorp.com/ 

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