Exhibit 99.1
[Triple Crown Media Logo]
546 E. Main Street o Lexington, KY 40508 o 859-226-4356 o
www.triplecrownmedia.com
News Release
November 16, 2007
TRIPLE CROWN MEDIA, INC. ANNOUNCES FIRST QUARTER 2008 RESULTS
Lexington, Kentucky - Triple Crown Media, Inc. (Nasdaq: TCMI) announces that for
the first quarter ended September 30, 2007, total revenues were $11.9 million
and loss from continuing operations was $2.2 million, or ($.42) per share
compared to total revenues of $11.9 million and loss from continuing operations
of $1.0 million, or ($.19) per share for the first quarter ended September 30,
2006. The quarter was adversely affected by higher interest expense due to
higher average debt levels, higher corporate expenses due to non-cash
share-based compensation and a lower income tax benefit.
Discontinued operations gives affect to the previously announced disposition of
Host Communications, a wholly owned subsidiary of the Company.
"EBITDA for the first quarter of the fiscal year ending June 30, 2008 was $2.1
million compared to $2.3 million for the comparable quarter for the prior year,
the decrease being primarily due to non-cash share-based compensation. Our
publishers deserve a lot of credit for their efforts in maximizing revenues and
controlling expenses when the newspaper industry is experiencing what we believe
are temporary declines in: automotive, help wanted and real estate advertising"
said Thomas J. Stultz, President and CEO of Triple Crown Media, Inc.
Triple Crown Media owns and operates six daily newspapers and one weekly
newspaper in Georgia.
Non-GAAP Financial Measure
In addition to presenting financial results in accordance with generally
accepted accounting principles, or GAAP, this earnings release also presents
earnings before interest, taxes, depreciation and amortization ("EBITDA").
EBITDA is calculated by deducting operating expenses from operating income and
excluding amounts related to interest expense, income tax expense or benefit,
depreciation expense, amortization expense and any gain or loss on disposal of
assets. The Company believes this non-GAAP financial measure provides investors
with additional insight into the Company's ongoing operating performance. This
non-GAAP financial measure should be considered in conjunction with, but not as
a substitute for, the financial information presented in accordance with GAAP.
(Unaudited)
Three months ended
September 30,
2006 2007
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Operating revenues $ 11,985 $ 11,958
Expenses:
Operating expenses before depreciation and amortization
Publishing 8,527 8,539
Corporate and administrative 1,113 1,274
Depreciation 279 270
Amortization 166 165
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10,085 10,248
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Operating income 1,900 1,710
Other expenses:
Interest expense related to Series B preferred stock (113) (114)
Interest expense, other (3,153) (3,505)
Debt issue cost amortization (266) (321)
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Loss from continuing operations before income taxes (1,632) (2,230)
Income tax benefit (646) (20)
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Loss from continuing operations (986) (2,210)
Discontinued operations:
Income (loss) from discontinued operations, net 241 (24,012)
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Net loss (745) (26,222)
Series A preferred stock dividends accrued (271) (272)
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Net loss available to common stockholders $ (1,016) $ (26,494)
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Basic and diluted per share information:
Loss from continuing operations $ (0.19) $ (0.42)
Loss from discontinued operations, net of tax $ 0.05 $ (4.51)
Net loss $ (0.14) $ (4.93)
Net loss available to common shareholders $ (0.20) $ (4.98)
Weighted average shares outstanding 5,169 5,319
Three Months Ended Three Months Ended
September 30, 2006 September 30, 2007
(Unaudited) (Unaudited)
EBITDA:
Operating Revenues $ 11,985 $ 11,958
Operating Expenses before depreciation and amortization 9,640 9,813
EBITDA $ 2,345 $ 2,145
Cautionary Statements for Purposes of the "Safe Harbor" Provisions of the
Private Securities Litigation Reform Act:
Except for the historical information contained herein, information set forth in
this news release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Words such as "expects,"
"anticipates," "intends," "plans," "believes," "estimates," and variations of
such words and similar expressions that indicate future events and trends are
intended to identify such forward-looking statements. These forward-looking
statements are subject to risks and uncertainties, which could cause the
company's actual results or performance to differ materially from those
expressed or implied in such statements. The Company makes no commitment to
update any forward-looking statement or to disclose any facts, events, or
circumstances after the date hereof that may affect the accuracy of any
forward-looking statement. For additional information about the Company and its
various risk factors, please see the Company's most recent Annual Report on Form
10-K and other documents as filed with the Securities and Exchange Commission.
Contacts:
Robert S. Prather, Chairman, at (404) 266-8333, or
Mark G. Meikle, Executive Vice President & Chief Financial Officer, at
(859) 226-4376