EXHIBIT 99
FOR IMMEDIATE RELEASE
Contact: Don TenBarge
812-423-6200
William W. Galvin
The Galvin Partnership
203-618-9800
Brill Media Company, LLC Reports First Quarter Fiscal 2002 Results:
Revenues Down 3%, Media Cashflow Down 15%
Evansville, IN, July 16 - Brill Media Company, LLC and Brill Media Management,
Inc., (together referred to as the "Company"), operator of radio stations,
newspapers and related businesses in middle markets, today reported results for
the first quarter of fiscal 2002.
For the quarter ended May 31, 2001, revenues decreased 3% to $11.4 million from
$11.8 million for the prior year while media cashflow decreased 15% to $2.9
million from $3.4 million. Newspaper revenues were down 2% with media cashflow
declining by 17% from the same quarter last year. The radio operations
experienced a revenue decrease of 5% and a 13% decrease in media cashflow for
the same comparative quarter.
The Company reported a net loss of $3.1 million compared with a $2.3 million
loss in the comparative quarter last year. This difference is primarily due to a
decrease in revenues combined with increased operating expenses and a decrease
in interest income.
Alan R. Brill, President and Chief Executive Officer, said, "Media companies
throughout the US have been faced with a slower economy and weak advertising
demand over the last six months. We have worked and are working aggressively in
each market to maintain our top market share even though market revenues are
down. We refuse to reduce the operating effectiveness we have built in recent
years by over-reacting to this market contraction. As would be expected, sales
commissions are down due to lower revenue but other expenses were reduced also.
We believe this overall decline in the advertising market place to be a
near-term situation; however, a resumption in the near-term of the very robust
growth rates of past periods is unlikely.
"Over the coming quarters, we will continue to focus on market share, working to
hold rate integrity and controlling expenses. All in all, our historical
presence in each market lends strength to our operations and assures advertisers
that we are in this for the long haul," Mr. Brill concluded.
Brill Media is a diversified media enterprise that currently owns, operates or
manages thirteen radio stations in four markets and 27 publications in a large
Michigan marketplace. All of the capital stock of the Company is owned by the
President, Alan R. Brill.
-Table Follows -
BRILL MEDIA COMPANY, LLC
HISTORICAL FINANCIAL HIGHLIGHTS
(Dollars in Thousands)
Three Months Ended May 31
Fiscal 2002 Fiscal 2001 % Change
--------------------------------------------------
Revenues 11,432 11,792 (3.1)
Media Cashflow 2,877 3,374 (14.8)
EBITDA 1,853 2,379 (22.1)
Operating Income 910 1,512 (39.8)
Net Income (Loss) (3,052) (2,250)
The term Media Cashflow represents EBITDA plus incentive plan expense,
management fees, time brokerage fees paid, acquisition related consulting
expense and interest income from loans made by the Company to managed
affiliates. EBITDA represents operating income plus depreciation and
amortization expense. As used above Media Cashflow and EBITDA include the
results of unrestricted subsidiaries and therefore differ from the same terms as
defined in the Indenture for the Company's Senior Notes. Media Cashflow is not a
measure of performance calculated in accordance with GAAP and in addition, the
term Media Cashflow may not be comparable to related or similar measures as
reported by other companies.
The matters discussed in this press release include forward-looking statements.
In addition, when used in this press release, the words "intends to,"
"believes," "anticipates," "expects," and similar expressions are intended to
identify forward-looking statements. Such statements are subject to a number of
risks and uncertainties. Actual results in the future could differ materially
and adversely from those described in the forward-looking statements as a result
of various important factors, including the impact of changes in national and
regional economies, successful integration of acquired radio stations and
newspapers (including achievement of synergies and cost reductions), pricing
fluctuations in local and national advertising, volatility in programming costs,
the availability of suitable acquisitions on acceptable terms and the risk
factors set forth in the Company's Registration Statement filed with the
Securities and Exchange Commission. The Company undertakes no obligation to
publicly release the result of any revision to these forward-looking statements
that may be made to reflect any future events or circumstances.