Bull Run Corp., parent company of sports marketer Host Communications Inc., has been dropped from the Nasdaq SmallCap Market.
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| Bull Run Corp. |
| Web site: bullruncorp.com |
| Trading symbol: BULL |
| Stock price as of Jan. 20: $0.75 |
| 52-week high (date): $6.20 (Jan. 21, 2003) |
| 52-week low (date): $0.70 (Jan. 20, 2004) |
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| Q1 2004 | Q1 2003 |
| Revenue | $21.6 million | $31.3 million |
| Net loss | $1.65 million | $1.50 million |
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| Note: For three-month periods ended Nov. 30. |
| Source: Bull Run Corp. |
The company was delisted on Jan. 15 after failing to comply with Nasdaq's minimum stockholder-equity requirement of $2.5 million for continued listing. Bull Run had a stockholder deficit of $18.5 million as of Nov. 30, according to quarterly financial results released the same day the company announced its delisting.
Bull Run received a notice from Nasdaq in December that it faced delisting. The company now trades on the OTC Bulletin Board under its same symbol, "BULL."
Bull Run CFO Fred Erickson attributed the stockholder deficit to the company's write-off of certain goodwill assets, such as trademarks, last August. He said the company will aim to build stockholder equity so that it can be relisted on Nasdaq, though he said there are no specific actions planned at this time.
"The delisting has no impact whatsoever on the [company's] operating business," Erickson said.
Bull Run posted a net loss of $1.65 million for the first quarter of its fiscal year, ended Nov. 30. For the same period one year prior, the company reported a $1.5 million loss. Revenue was $21.6 million for the quarter, compared with $31.3 million in the year-earlier period. Quarterly revenue last year included $5.2 million in consulting fee income.
Bull Run, which has Host as its sole operating business, reported in its 10-Q filing that because of the seasonal nature of the company's business, the company "generally expects to use more cash than it generates during the first half of its fiscal year, and generate more cash than it uses during the second half of its fiscal year."
