Bull Run Corporation Announces Third Quarter Results

Bull Run Corporation Announces Third Quarter Results 


ATLANTA, July 14  /PRNewswire-FirstCall/ -- Bull Run Corporation (OTC:BULL)
today announced that its financial results continue to improve in comparison
with prior year results since the Company's decision to discontinue a business
segment in August 2004.  The loss from continuing operations and net loss for
the Company's third quarter ended May 31, 2005 were both approximately $(1.0)
million, compared to a loss from continuing operations of $(4.9) million and a
net loss of $(6.3) million for the third quarter of the prior year.  For the
nine months ended May 31, 2005, the Company reported a loss from continuing
operations and a net loss of approximately $(0.1) million, compared to a loss
from continuing operations of $(4.4) million and a net loss of $(9.1) million
for the same nine-month period of the prior year.

The improvements in the current year results over the prior year continue to be
derived from the Company's Collegiate Marketing and Production Services
business segment, and the Company's decision to discontinue its Affinity Events
business segment.  In December 2004, the Company completed the sale of assets
associated with the Hoop-It-Up 3-on-3 basketball tour and the 3v3 Soccer
Shootout tour, the primary components of the discontinued segment. The prior
year third quarter and year-to-date results were also unfavorably impacted by a
$3.3 million goodwill impairment charge.

Total revenues from continuing operations, derived entirely by the Company's
operating subsidiary, Host Communications, Inc., were $12.9 million for the
third quarter and $54.1 million for the nine-month period ended May 31, 2005,
compared to $12.8 million and $48.6 million for the same respective periods of
the prior fiscal year.  The Company's Collegiate business is seasonal,
corresponding with the collegiate football and basketball seasons, and the
segment's revenues and operating profits are therefore expected to be highest
in the first two quarters of the fiscal year.  The Collegiate segment, which
includes the Company's Printing and Publishing operations, is expected to
generate approximately 80-85% of the Company's total annual revenues from
continuing operations.

Total revenues and operating profits for the Association Management business
were favorably affected in the current fiscal year by a new five-year contract
to manage the International Coach Federation (ICF), effective on May 1, 2005. 
With more than 8,000 members in 32 countries, ICF is recognized as the largest
non-profit professional association of personal and business coaches.

"Our steady progress has been very encouraging," said Robert S. Prather, Jr.,
the Company's President and CEO.  "We have witnessed much improved results at
Host over this past year, not only in terms of profitability, but also
evidenced in much stronger business partnerships."

Thomas J. Stultz, President and CEO of Host since August 2004, said, "Our plan
was to place greater focus on our core, historically-profitable operations -
our Collegiate, Printing and Publishing and Association Management businesses,
and eliminate those operations which have historically produced losses.  We
have been rewarded, thus far, with a more profitable business and success in
expanding and/or extending many of our existing key relationships, with the
added bonus of our new relationship with ICF.  In addition, we have recently
been successful in adding three new corporate partners for the Southeastern
Conference, each a three-year arrangement. There is still much more work to do,
but we're on the right track."

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/), a centralized quotation service for
OTC securities, using the symbol "BULL".  Additional company information and
stock quotes are available on the Company's corporate web site at
http://www.bullruncorp.com/.

Summarized financial results for each of the three months and nine months ended
May 31, 2005 and 2004 follow:

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

                                      Three Months Ended  Nine Months Ended
                                            May 31,            May 31,
                                         2005     2004     2005      2004

  Revenue from services rendered        $12,949  $12,773  $54,058   $48,611
  Operating costs
   Direct operating costs for
    services rendered                     7,664    8,426   36,460    32,029
   Selling, general and
    administrative                        4,693    4,577   13,319    13,436
   Amortization and impairment of
    acquisition intangibles                 179    3,613      538     4,240
                                         12,536   16,616   50,317    49,705
    Operating income (loss)                 413   (3,843)   3,741    (1,094)

  Net change in value of derivative
   instrument                                        400      412       947
  Debt issue cost amortization             (350)    (294)    (950)     (878)
  Interest and other, net                (1,056)  (1,199)  (3,306)   (3,404)
    Loss from continuing operations        (993)  (4,936)    (103)   (4,429)

  Discontinued operations                   (15)  (1,400)       8    (4,719)
      Net loss                           (1,008)  (6,336)     (95)   (9,148)

  Preferred dividends                      (488)    (568)  (1,520)   (1,658)
    Net loss available to
     common stockholders                $(1,496) $(6,904) $(1,615) $(10,806)

  Earnings (loss) per share available to
   common stockholders, basic and diluted:
  Continuing operations                 $(0.22)  $(1.15)  $(0.25)   $(1.34)
  Discontinued operations                (0.00)   (0.29)    0.00     (1.04)
                                        $(0.22)  $(1.44)  $(0.25)   $(2.38)

  Weighted average number
   of common shares outstanding:
     Basic and diluted                   6,887    4,798    6,376     4,546

   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. 

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 Thomas J. Stultz,

President & Chief Executive Officer of Host Communications, Inc.,

[phone]    



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

Copyright