LAWRENCEVILLE, Ga., May 13 /PRNewswire-FirstCall/ -- 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

Source: Triple Crown Media, Inc.