Bull Run Corporation Announces Third Quarter Results

Name	Symbol	Market	Type
WisdomTree Gold	BIT:BULL	Italy	Exchange Traded Fund

	Price Change	% Change	Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Traded	Last Trade
	0.016	0.06%	25.60	25.21	26.58	25.78	25.60	25.755	6,273	02:01:26

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Bull Run Corporation Announces Third Quarter Results ATLANTA, July 15 /PRNewswire-FirstCall/ -- Bull Run Corporation (OTC:BULL) today announced a net loss of $6.3 million for its third quarter ended May 31, 2004, compared to a net loss of $4.7 million for the same quarter in the prior fiscal year. Current year results were unfavorably affected by a $3.3 million non-cash goodwill impairment charge. The net loss for the nine months ended May 31, 2004 was $9.1 million, compared to a net loss of $10.9 for the same period in the prior fiscal year. Revenues from continuing operations for the current year were $14.3 million for the third quarter and $52.9 million for the nine months ended May 31, 2004. Prior year revenues from continuing operations were $18.2 million for the third quarter and $61.6 million for the nine months ended May 31, 2003. Prior year third quarter and nine-month results also included non-cash non-operating charges of approximately $1.6 million and $5.1 million, respectively, attributable to Bull Run's former equity investment assets, and prior year nine-month results included income of approximately $5.3 million from a discontinued business segment. Interest expense for the recently completed third quarter and nine-month period was $1.1 million and $3.3 million, respectively, compared to the $1.9 and $6.2 million incurred during the comparable third quarter and nine-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 basketball "Hoop-It-Up National Tour" and the "got milk? 3-v-3 Soccer Shootout" national tour). 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/ . 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 nine months ended May 31, 2004 and 2003 follow: BULL RUN CORPORATION Comparative Results of Operations (in thousands, except per share amounts) Three Months Ended Nine Months Ended May 31, May 31, 2004 2003 2004 2003 Revenue from services rendered $14,298 $18,154 $52,853 $61,622 Operating costs and expenses: Direct operating costs for services rendered 9,739 11,873 36,197 42,718 Selling, general and administrative 6,189 6,715 18,229 19,449 Amortization and impairment of acquisition intangibles 3,613 304 4,240 912 19,541 18,892 58,666 63,079 Loss from operations (5,243) (738) (5,813) (1,457) Equity in losses of affiliated companies 40 (153) Net change in value of certain derivatives 400 155 947 (1,708) Loss on issuance of shares by affiliate (2,339) Loss on investment valuation adjustments (1,650) (2,627) Debt issue cost amortization (294) (585) (878) (1,739) Interest and other, net (1,199) (1,881) (3,404) (6,189) Loss from continuing operations (6,336) (4,659) (9,148) (16,212) Discontinued operations 5,267 Net loss (6,336) (4,659) (9,148) (10,945) Preferred dividends (568) (288) (1,658) (828) Net loss available to common stockholders $(6,904) $(4,947) $(10,806) $(11,773) Loss per share available to common stockholders, basic and diluted: Continuing operations $(1.44) $(1.25) $(2.38) $(4.38) Discontinued operations 1.35 Net loss $(1.44) $(1.25) $(2.38) $(3.03) Weighted average number of common shares outstanding, basic and diluted 4,798 3,971 4,546 3,890 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, +1-704-602-3107, both of Bull Run Corporation; or Gordon D. Whitener, Chief Executive Officer of Host Communications, Inc., +1-859-226-4356 Web site: http://www.bullruncorp.com/

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