SBJ/June 18 - 24, 2001/Special Report

Bull Run Corp.

Bull Run Corp.
4370 Peachtree Road N.E.
Atlanta, GA 30319
Phone: (404) 266-8333
Fax: (404) 261-9607


Bull Run is one of the few sports marketing companies that is public. Others like Octagon are part of much larger companies and so the results are not broken out. But Bull Run gives us a rare opportunity to see quarterly the results of a sports marketer.

One problem: While Bull Run bought collegiate sports marketer Host Communications in December 1999, last month the company announced accounting problems at a Host sister company. The earnings for the last nine months of 2000 are still in the process of being restated. That means there are only two quarters of pure earnings to look at since the acquisition — the one right after it, and the first three months of this year.

What those quarters do show is Host is not very profitable; in fact, it is losing money. So careful attention should be paid to Bull Run's earnings to get a sense of the direction of sports marketing.

CEO: Robert S. Prather Jr.

2000 salary:

2000 bonus:
2000 other compensation:
1999 salary:
(six months ended June 30)
1999 bonus:
1999 other compensation:
Common shares owned:

 Price as of June 11: $1.35

  52-week price range: $1.00 to $3.13

  IPO date: October 1983

  IPO price: N/A

  Underwriter: N/A

  IPO performance: N/A

  Shares outstanding: 35 million

  Inside ownership: 10,750,000 shares (30.6%)

  No. of employees: 621

N/A — Not available or not applicable

Board of directors:

Gerald N. Agranoff — A director since 1990, Agranoff is managing general partner of SES Family Investment & Trading Partnership. (Owns 95,000 shares)

James W. Busby — A director since 1994, Busby is president of Del Mar of Wilmington Corp. and president of Datasouth Computer Corp. (Owns 2,135,206 shares, or 6.1%)

W. James Host — A director since 1999, Host is chief executive officer of Host Communications Inc. (Owns 1,768,325 shares, or 4.9%)

Hilton H. Howell Jr. — A director since 1994, Howell is vice president and secretary of Bull Run. (Owns 2,036,050 shares, or 5.8%)

Robert S. Prather Jr. — A director since 1992, Prather is president and chief executive officer of Bull Run. (Owns 3,186,338 shares, or 9.0%)

J. Mack Robinson — A director since 1992, Robinson is chairman of the board for Bull Run. (Owns 7,435,894 shares, or 21.1%)

Monte Johnson — A director since 2001. (Owns no shares)

Corporate officers:

Fredrick J. Erickson, vice president-finance, treasurer and chief financial officer (2000 salary: $140,500; bonus: $36,377; options: 0; other compensation: $10,613)

Hilton H. Howell Jr., vice president and secretary

Largest outside shareholder:

Shapiro Capital Management Co. — 3,720,125 shares (10.6%)

Performance record:
Fiscal years ended June 30
Operating costs and expenses
Net income (loss)
Net earnings (loss) per share
* For the nine months ended March 31, 2000, because Bull Run is
in the process of restating some of its figures for the 2000 fiscal
year as a result of accounting errors.
** For the six months ended June 30, 1999, because Bull Run
changed its fiscal year end from Dec. 31 to June 30.
*** These are figures for the fiscal year ended Dec. 31.
Source: Bull Run Corp.'s annual reports, proxies and
IPO filings
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