Exhibit 99.1
[TRIPLE CROWN MEDIA INC. LOGO]
725 Old Norcross Rd. o Lawrenceville, GA 30045 o 770-338-7351
o www.triplecrownmedia.com
News Release
May 13, 2008
TRIPLE CROWN MEDIA, INC. ANNOUNCES THIRD QUARTER 2008 RESULTS
Lawrenceville, Georgia - Triple Crown Media, Inc. (Nasdaq: TCMI) announces that
for the third quarter ended March 31, 2008, total revenues were $10.9 million
and a loss from continuing operations was $2.2 million, or ($.41) per share,
compared to total revenues of $11.2 million and a loss from continuing
operations of $5.2 million, or ($.98) per share, for the third quarter of last
year.
For the nine months ended March 31, 2008, total revenues were $35.3 million and
a loss from continuing operations was $8.1 million, or ($1.50) per share,
compared to total revenues of $36.2 million and a loss from continuing operation
of $5.0 million, or ($.96) per share, for the comparable period last year. The
year to date was adversely affected by a higher tax rate due to the sale of Host
Communications.
Discontinued operations gives affect to the previously announced disposition of
Host Communications, formerly a wholly owned subsidiary of the Company.
"We are extremely pleased that EBITDA for the quarter ended March 31, 2008
increased to $1.9 million from $1.1 million for the comparable quarter of the
prior year, an increase of approximately $0.8 million. Year to date EBITDA
increased to $6.9 million from $6.4 million for the comparable quarter of the
prior year, an increase of approximately $0.5 million. Our publishers and
employees have worked extremely hard to maximize revenue and control expenses in
our current environment. The newspaper industry is experiencing declines in
automotive, help wanted and real estate advertising and the economy as a whole
appears to be softening" said Robert S. Prather, Jr., 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.
TRIPLE CROWN MEDIA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
Three Months Ended Nine Months Ended
March 31, March 31,
-------------------------- --------------------------
2007 2008 2007 2008
----------- ----------- ----------- -----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Operating revenues: $ 11,236 $ 10,892 $ 36,236 $ 35,333
Expenses:
Operating expenses before depreciation, amortization
Publishing 8,308 8,376 25,678 25,358
Corporate and administrative 1,797 637 4,191 3,082
Depreciation and amortization 443 486 1,314 1,364
----------- ----------- ----------- -----------
10,548 9,499 31,183 29,804
----------- ----------- ----------- -----------
Operating income 688 1,393 5,053 5,529
Other expenses:
Interest expense related to Series B preferred stock (113) (113) (339) (340)
Interest expense, other (3,395) (2,349) (9,858) (8,872)
Debt issue cost amortization (300) (360) (851) (1,009)
----------- ----------- ----------- -----------
Loss from continuing operations before income taxes (3,120) (1,429) (5,995) (4,692)
Income tax expense (benefit) 2,051 768 (967) 3,363
----------- ----------- ----------- -----------
Loss from continuing operations (5,171) (2,197) (5,028) (8,055)
Income (loss) on sale of discontinued operations, net -- 185 -- (4,061)
Income (loss) from discontinued operations, net 4,596 787 4,397 (40,065)
----------- ----------- ----------- -----------
Net loss (575) (1,225) (631) (52,181)
Series A preferred stock dividends accrued (271) (272) (813) (816)
----------- ----------- ----------- -----------
Net loss available to common stockholders $ (846) $ (1,497) $ (1,444) $ (52,997)
=========== =========== =========== ===========
Basic per share information:
Loss from continuing operations $ (0.98) $ (0.41) $ (0.96) $ (1.50)
Income (loss) from discontinued operations, net of tax $ 0.87 $ 0.18 $ 0.84 $ (8.23)
Net loss $ (0.11) $ (0.23) $ (0.12) $ (9.74)
Net loss available to common shareholders $ (0.16) $ (0.28) $ (0.28) $ (9.89)
Weighted average shares outstanding 5,268 5,352 5,222 5,360
Three Months Ended Nine Months Ended
March 31 March 31
------------------------- -------------------------
2007 2008 2007 2008
----------- ----------- ----------- -----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
EBITDA:
Operating revenues $ 11,236 $ 10,892 $ 36,236 $ 35,333
Operating expenses before depreciation and amortization 10,105 9,013 29,869 28,440
EBITDA $ 1,131 $ 1,879 $ 6,367 $ 6,893
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 Annual Report on Form 10-K and other documents as filed with
the Securities and Exchange Commission.
Contacts:
Robert S. Prather, President and Chief Executive Officer, at (404) 266-8333, or
Mark G. Meikle, Executive Vice President & Chief Financial Officer, at (859)
226-4376