Bull Run Corporation Announces Second Quarter Results ATLANTA, April 14 /PRNewswire-FirstCall/ -- Bull Run Corporation today announced a net loss of $1.7 million for its second quarter ended February 29, 2004, compared to a net loss of $5.0 million for the same quarter in the prior fiscal year. The net loss for the six months ended February 29, 2004 was $2.8 million, compared to a net loss of $6.3 for the same period in the prior fiscal year. Revenues from continuing operations for the current year were $16.9 million for the second quarter and $38.6 million for the six months ended February 29, 2004. Prior year revenues from continuing operations were $17.6 million for the second quarter and $43.5 million for the six months ended February 28, 2003. Prior year six-month results also included non-cash non-operating charges of approximately $3.5 million attributable to Bull Run's former equity investment assets, and income of approximately $5.3 million from a discontinued business segment. As a result of reductions in Bull Run's outstanding debt, interest expense for the recently completed second quarter and six-month period was approximately half of the $2.1 and $4.3 million incurred during the comparable second quarter and six-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 "Hoop-It-Up" basketball tour and the "got milk? 3-v-3 Soccer Shootout" national tour). Bull Run's common stock is currently 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 also 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 six months ended February 29, 2004 and February 28, 2003 follow: BULL RUN CORPORATION Comparative Results of Operations (in thousands, except per share amounts) Three Months Ended Six Months Ended February February February February 29, 28, 29, 28, 2004 2003 2004 2003 Revenue from services rendered $16,921 $17,626 $38,555 $43,468 Operating costs and expenses: Direct operating costs for services rendered 11,067 12,779 26,458 30,845 Selling, general and administrative 6,053 6,303 12,040 12,734 Amortization of acquisition intangibles 314 304 627 608 17,434 19,386 39,125 44,187 Loss from operations (513) (1,760) (570) (719) Equity in losses of affiliated companies (366) (193) Net change in value of certain derivatives 241 (189) 547 (1,863) Loss on issuance of shares by affiliate (2,339) Loss on investment valuation adjustments (977) Debt issue cost amortization (293) (610) (584) (1,154) Interest and other, net (1,125) (2,117) (2,205) (4,308) Loss from continuing operations (1,690) (5,042) (2,812) (11,553) Discontinued operations 5,267 Net loss (1,690) (5,042) (2,812) (6,286) Preferred dividends (558) (281) (1,090) (540) Net loss available to common stockholders $(2,248) $(5,323) $(3,902) $(6,826) Loss per share available to common stockholders, basic and diluted: Continuing operations $(0.50) $(1.38) $(0.88) $(3.14) Discontinued operations 1.37 Net loss $(0.50) $(1.38) $(0.88) $(1.77) Weighted average number of common shares outstanding, basic and diluted 4,500 3,867 4,420 3,849 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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