Bull Run Corporation Announces Second Quarter Results

The improvements in the current year-to-date results over the prior year
are primarily derived from the stronger performance from the Company's
historically-profitable Collegiate Marketing and Production Services business
segment, and the Company's decision to discontinue its Affinity Events
business segment in August 2004.3% increase for the second quarter and a
14. The ten-year extension of our multi-media marketing rights
agreement with the University of Kentucky has helped solidify our position as
a recognized leader in collegiate sports marketing.00 (0.13)
Discontinued operations 0.02) $(0.88)

Weighted average number of common
shares outstanding:
Basic 6,529 4,500 6,121 4,420
Diluted 6,529 4,500 6,121 4,420

The Chinese market for printing inks has grown steadily over the
past few years and in 2003 the market grew by 10%, with domestic
demand for ink exceeding 300,000 tonnes.

- Information on leading and smaller ink producers in China .

by industry

The Company's Collegiate business is seasonal, and the segment's
revenues and operating profits are anticipated to be higher in the first six
months in comparison with the remaining six months of the year. Prather, Jr.

Summarized financial results for each of the three months and six months
ended February 28, 2005 and February 29, 2004 follow:

BULL RUN CORPORATION
Comparative Results of Operations
(in thousands, except per share amounts)

Three Months Ended Six Months Ended
February February February February
28, 2005 29, 2004 28, 2005 29 , 2004

Revenue from services rendered $18,034 $16,343 $41,109 $35,838
Operating costs and expenses:
Direct operating costs for services
rendered 13,020 10,645 28,796 23,603
Selling, general and administrative 4,283 4,451 8,626 8,859
Amortization of acquisition
intangibles 180 314 359 627
17,483 15,410 37,781 33,089
Operating income 551 933 3,328 2,749

Net change in value of derivative
instrument 102 241 412 547
Debt issue cost amortization (351) (293) (600) (584)
Interest and other, net (1,091) (1,125) (2,250) (2,205)
Income (loss) from continuing
operations (789) (244) 890 507

Discontinued operations 132 (1,446) 23 (3,319 )
Net income (loss) (657) (1,690) 913 (2,812)

Preferred dividends (503) (558) (1,032) (1,090)
Net loss available to common
stockholders $(1,160) $(2,248) $(119) $(3,902)

Earnings (loss) per share available to
common stockholders, basic:
Continuing operations $(0.02) $(0.75)
$(0.

Research and Markets: Growth in The Chinese Printing Industry Fuelling Growth in the Chinese Printing Ink Industry

com /reports/c13234) has
announced the addition of A Profile Of The Chinese Printing Ink
Industry, 1st Edition to their offering
This first-edition volume provides a detailed overview of Chinas
rapidly -expanding printing ink industry.

- Ink consumption and production by region .

- Market segmentation by end-use sector .

business organizations

Meanwhile, we are
extremely proud of our capabilities and the steady performance of our
association management teams."
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 and national/global associations.88)

Earnings (loss) per share available to
common stockholders , diluted:
Continuing operations $(0.02 (0.

publishing associations

ATLANTA, Bull Run Corporation
(OTC: BULL) today announced net income of $0., were $18.0 million
for the second quarter and $41. "By remaining focused on Host's historically-profitable Collegiate,
Printing and Publishing and Association Management businesses, and by working
to enhance our key business relationships in those areas, we are realizing
some tangible results and enhancing the opportunities for growth."
Thomas J. We will continue to seek contract extensions with many of our
existing business partners and aggressively pursue new properties as they
become available. Bull Run's common stock is
quoted on the Pink Sheets ( http://www.18) $(0.

publishing people

7) million for the second quarter of the prior fiscal year. The
Collegiate segment, which includes the Company's Printing and Publishing
operations , is expected to generate approximately 80-85% of the Company's
total annual revenues from continuing operations. Stultz, President and CEO of Host since August 2004, "As we near
the completion of our Collegiate year, we are very encouraged about the
results we've achieved thus far, but we understand that there is more to
accomplish.pinksheets.13)
Discontinued operations 0.32) 0.

- Chinese ink imports and exports .
Research for this profile will draw on a variety of published sources,
including in-house and library data.

industry business

For the three months ended
February 28, 2005, the Company's net loss was $(0.7) million, compared to a
net loss of $(1. We are excited about working with our current collegiate
properties and our managed associations to develop creative revenue-generating
opportunities. 4 for ink
output.

- Information on leading foreign companies operating in China

The report will serve as a valuable tool for strategic planners,
business analysts and marketing managers involved in the manufacture,
distribution and marketing of printing inks and their raw materials.com/reports/c13234

people society

8) million for the same
six-month period of the prior fiscal year. In December 2004, the Company completed the
sale of assets associated with the Hoop-It-Up 3-on-3 basketball tour and the
3v3 Soccer Shootout tour, the primary components of the Affinity Events
segment.com ), a centralized quotation
service for OTC securities, using the symbol "BULL".bullruncorp.
These statements are not guaranties of future performance and actual results
may differ materially from those forecasted.02 (0.20) $(0.18) $(0.00 (0. In 2002 annual domestic production
of ink exceeded 171,000 tonnes, making China the worlds No.

people by

7% increase year-to-date over the comparable periods of the prior fiscal
year., the Company's President
and CEO.

Forward-Looking Statements
Certain statements in this press release are "forward looking" statements
within the meaning of the Private Securities Litigation Reform Act of 1995.20 ) $(0.75)
$(0.researchandmarkets.

organizations industry

9 million for its six months
ended February 28, 2005, compared to a net loss of $(2.1 million for the six-month period ended
February 28, 2005, representing a 10. Additional company
information and stock quotes are available on the Company's corporate web site
at http://www.18) $(0.32) 0.18) $(0.50) $(0. Mainly the explosion of the
Chinese printing industry, primarily in the packaging and publishing
sectors , has fuelled this growth.
This Profile provides detailed analysis of this dynamic market
focusing on both Chinese manufacturing and foreign investment.

The report will provide information on:

- The Chinese ink industry and its raw material supply .

organizations business

Total revenues from continuing operations, derived entirely by the
Company's operating subsidiary, Host Communications, Inc.
"As we complete the first half of our fiscal year, we are very encouraged
by the results to date ," said Robert S.com .50) $(0.02) $(0.02) $(0.

Business Editors/Chemicals Writers/Manufacturing Writers

DUBLIN, Ireland----Research and
Markets (http://www.
For more information visit
http://www.researchandmarkets.