Exhibit 99.1

TRIPLE CROWN MEDIA, INC.

PRO-FORMA CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except per share data)

	Consolidated September 30, 2007			Host and Pinnacle		Pro-Forma Adjustments			Adjusted September 30, 2007
ASSETS
Current assets:
Cash and cash equivalents	$	2,733		$	—	$	—		$	2,733
Accounts receivable, less allowance for doubtful accounts of $434 and $447, respectively		5,268			—		—			5,268
Inventories		359			—		—			359
Assets associated with discontinued operations		106,292			106,292					—
Other current assets		632			—		—			632
Total current assets		115,284			106,292		—			8,992
Property and equipment		22,798			—		—			22,798
Less accumulated depreciation		(15,113	)		—		—			(15,113	)
Property plant and equipments		7,685			—		—			7,685
Goodwill		18,428			—		—			18,428
Other intangible assets, net		6,839			—		—			6,839
Deferred income taxes		16,827			—		(3,225	) a		13,602
Other assets		2,603			—		—			2,603
Total assets	$	167,666		$	106,292	$	(3,225	)	$	58,149
LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Current portion of long-term debt	$	18,442		$	—	$	—		$	18,442
Accounts payable		1,584			—		—			1,584
Accrued expenses		5,783			—		2,000	b		7,783
Federal and state income taxes		15			—		2,160	c		2,175
Deferred revenue		977			—		—			977
Liabilities of business held for sale		35,296			35,296		—			—
Total current liabilities		62,097			35,296		4,160			30,961
Long-term debt		116,057			—		(70,913	) d		45,144
Other liabilities		133			—		—			133
Series B redeemable preferred stock, $.001 par value (authorized 20,000 shares; issued and outstanding 6,050 shares; $6,050 liquidation value)		4,538			—		—			4,538
Total liabilities		182,825			35,296		(66,753	)		80,776
Series A redeemable, convertible preferred stock, $.001 par value (authorized 50,000 shares; issued and outstanding 20,890 shares; $20,890 liquidation value)		17,198			—		—			17,198
Commitments and contingencies
Stockholders’ deficit:
Common stock, par value $0.001 (authorized 25,000 shares, issued and outstanding (5,187 and 5,257 shares, respectively)		5			—		—			5
Additional paid-in capital		5,455			—		—			5,455
Accumulated deficit		(37,628	)		70,996		63,528	e		(45,096	)
Accumulated other comprehensive loss, net of tax		(189	)		—		—			(189	)
Total stockholders’ deficit		(32,357	)		70,996		63,528			(39,825	)
Total liabilities, preferred stock and stockholders’ deficit	$	167,666		$	106,292	$	(3,225	)	$	58,149

a - Amount represents the net impact to deferred income taxes resulting from the sale of Host and Pinnacle.

b - Amount represents an accrual for the anticipated costs of selling Host and Pinnacle

c - Amount represents the net impact to federal and state income taxes payable resulting from the sale of Host and Pinnacle.

d - Amount represents the use of the expected net proceeds from the sale of Host and Pinnacle to pay down long-term debt.

e - Amount represents the aggregation of the above-noted adjustments. The actual gain or loss on sale that will be booked in the quarter ended December 31, 2007 is subject to adjustment based on the resolution of working capital and indemnification provisions contained in the sales agreement.

TRIPLE CROWN MEDIA, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

Adjusted for Discontinued Operations

(Amounts in thousands, except per share data)

	Consolidated Quarter Ended September 30, 2007			Host and Pinnacle		Pro-Forma Adjustments			Pro-Forma Quarter Ended September 30, 2007
	(Unaudited)
Operating revenues:
Publishing	$	11,958		$	—	$	—		$	11,958
Collegiate marketing		—			—		—			—
Association management services		—			—		—			—
		11,958			—		—			11,958
Expenses:
Operating expenses before depreciation, amortization and loss on disposal of assets, net:
Publishing		8,539			—		—			8,539
Collegiate marketing		—			—		—			—
Association management services		—			—		—			—
Corporate and administrative		1,274			—		—			1,274
Depreciation		270			—		—			270
Amortization and impairment		165			—		—			165
		10,248			—		—			10,248
Operating income		1,710			—		—			1,710
Other income (expense):
Interest expense related to Series B preferred stock		(114	)		—		—			(114	)
Interest expense, other		(3,505	)		—		1,451	a		(2,054	)
Debt issue cost amortization		(321	)		—		—			(321	)
Loss from continuing operations before income taxes		(2,230	)		—		1,451			(779	)
Income tax expense (benefit)		(20	)		—		13	b		(7	)
Loss from continuing operations		(2,210	)		—		1,438			(772	)
Series A preferred stock dividends accrued		(272	)		—		—			(272	)
Net loss available to common stockholders	$	(2,482	)	$	—	$	1,438		$	(1,044	)
Basic and diluted per share information:
Loss from continuing operations	$	(0.42	)						$	(0.15	)
Net loss from continuing operations available to common stockholders	$	(0.47	)						$	(0.20	)
Weighted average shares outstanding		5,319								5,319

a - Amount represents a reduction in interest expense resulting from the use of the expected net proceeds from the sale of Host and Pinnacle to pay down long-term debt. This amount was calculated by multiplying $65,900 (net cash proceeds received at closing) by 8.8% (the effective interest rate currently being paid on this debt) and dividing by 4 (to calculate the effect for one quarter).

b - Amount represents the tax effect of the above entry utilizing the effective tax rate for the period

TRIPLE CROWN MEDIA, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

Adjusted for Discontinued Operations

(Amounts in thousands, except per share data)

	Consolidated Twelve Months Ended June 30, 2007			Host and Pinnacle		Pro-Forma Adjustments			Pro-Forma Twelve Months Ended June 30, 2007
	(Unaudited)
Operating revenues:
Publishing	$	48,464			—		—		$	48,464
Collegiate marketing		70,896			70,896		—			—
Association management services		10,941			10,941		—			—
		130,301			81,837		—			48,464
Expenses:
Operating expenses before depreciation, amortization and loss on disposal of assets, net:
Publishing		34,104			—		—			34,104
Collegiate marketing		65,347			65,347		—			—
Association management services		7,762			7,762		—			—
Corporate and administrative		5,711					—			5,711
Depreciation		1,858			763		—			1,095
Amortization and impairment of intangibles		3,920			3,258		—			662
Loss on disposal of assets, net		930			932		—			(2	)
		119,632			78,062		—			41,570
Operating income		10,669			3,775		—			6,894
Other income (expense):
Interest expense related to Series B preferred stock		(453	)		—		—			(453	)
Interest expense, other		(13,247	)		—		5,803	a		(7,444	)
Debt issue cost amortization		(1,276	)		—		—			(1,276	)
Miscellaneous income, net		100			100		—			—
Income (loss) from continuing operations before income taxes		(4,207	)		3,875		5,803			(2,279	)
Income tax expense (benefit)		(1,572	)		1,434		2,147	b		(859	)
Earnings (loss) from continuing operations		(2,635	)		2,441		3,656			(1,420	)
Series A preferred stock dividends		(1,086	)							(1,086	)
Net Income (loss) from continuing operations available to commons stockholders	$	(3,721	)	$	2,441	$	3,656		$	(2,506	)
Basic and diluted per share information:
Loss from continuing operations	$	(0.50	)						$	(0.27	)
Net loss available to common stockholders	$	(0.71	)						$	(0.48	)
Weighted average shares outstanding		5,246								5,246

a - Amount represents a reduction in interest expense resulting from the use of the expected net proceeds from the sale of Host and Pinnacle to pay down long-term debt. This amount was calculated by multiplying $65,900 (net cash proceeds received at closing) by 8.8% (the effective interest rate currently being paid on this debt).

b - Amount represents the tax effect of the above entry utilizing the effective tax rate for the period.

TRIPLE CROWN MEDIA, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

Adjusted for Discontinued Operations

(Amounts in thousands, except per share data)

	Consolidated Six Months Ended June 30, 2006			Host and Pinnacle		Pro-Forma Adjustments			Pro-Forma Six Months Ended June 30, 2006
	(Unaudited)
Operating revenues:
Publishing	$	22,047		$	—	$	—		$	22,047
Collegiate marketing		24,174			24,174		—			—
Association management services		4,701			4,701		—			—
		50,922			28,875		—			22,047
Expenses:
Operating expenses before depreciation, amortization and loss on disposal of assets, net:
Publishing		15,829			—		—			15,829
Collegiate marketing		22,370			22,370		—			—
Association management services		3,472			3,472		—			—
Corporate and administrative		2,594			—		—			2,594
Depreciation		918			352		—			566
Amortization and impairment of intangibles		1,406			1,241		—			165
Loss (Gain) on disposal of assets, net		—			—		—			—
		46,589			27,435		—			19,154
Operating income		4,333			1,440		—			2,893
Other income (expense):
Interest expense related to Series B preferred stock		(226	)		—		—			(226	)
Interest expense, other		(5,917	)		—		2,902	a		(3,015	)
Debt issue cost amortization		(608	)		—		—			(608	)
Miscellaneous income, net		—			—		—			—
Income (loss) from continuing operations before income taxes		(2,418	)		1,440		2,902			(956	)
Income tax expense (benefit)		(654	)		389		784	b		(259	)
Earnings (loss) from continuing operations		(1,764	)		1,051		2,118			(697	)
Series A preferred stock dividends		(542	)		—		—			(542	)
Net Income (loss) from continuing operations available to commons stockholders	$	(2,306	)	$	1,051	$	2,118		$	(1,239	)
Basic and diluted per share information:
Loss from continuing operations	$	(0.34	)						$	(0.14	)
Net loss available to common stockholders	$	(0.45	)						$	(0.24	)
Weighted average shares outstanding		5,139								5,139

a - Amount represents a reduction in interest expense resulting from the use of the expected net proceeds from the sale of Host and Pinnacle to pay down long-term debt. This amount was calculated by multiplying $65,900 (net cash proceeds received at closing) by 8.8% (the effective interest rate currently being paid on this debt).

b - Amount represents the tax effect of the above entry utilizing the effective tax rate for the period.

TRIPLE CROWN MEDIA, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

Adjusted for Discontinued Operations

(Amounts in thousands, except per share data)

	Consolidated Twelve Months Ended December 31, 2005			Host and Pinnacle			Pro-Forma Adjustments			Pro-Forma Twelve Months Ended December 31, 2005
	(Unaudited)
Operating revenues:
Publishing	$	40,237		$	—		$	—		$	40,237
Collegiate marketing		97			97			—			—
Association management services		16			16			—			—
		40,350			113			—			40,237
Expenses:
Operating expenses before depreciation, amortization and loss on disposal of assets, net:
Publishing		30,304			—			—			30,304
Collegiate marketing		101			101			—			—
Association management services		12			12			—			—
Corporate and administrative		1,117			—			—			1,117
Depreciation		987			7			—			980
Amortization and impairment of intangibles		10			3			—			7
Loss on disposal of assets, net		47			—			—			47
		32,578			123			—			32,455
Operating income		7,772			(10	)		—			7,782
Other income (expense):
Interest expense related to Series B preferred stock		(1	)		—			—			(1	)
Interest expense, other		(236	)		—			—	a		(236	)
Debt issue cost amortization		(3	)		—			—			(3	)
Miscellaneous income, net		—			—			—			—
Income (loss) from continuing operations before income taxes		7,532			(10	)		—			7,542
Income tax expense (benefit)		2,863			(4	)		—			2,867
Earnings (loss) from continuing operations		4,669			(6	)		—			4,675
Series A preferred stock dividends		(3	)		—			—			(3	)
Net Income (loss) from continuing operations available to commons stockholders	$	4,666		$	(6	)	$	—		$	4,672
Basic and diluted per share information:
Earnings from continuing operations	$	0.96								$	0.96
Net income available to common stockholders	$	0.96								$	0.96
Weighted average shares outstanding		4,871									4,871

a - We have not reduced interest expense this period as the underlying debt being paid down with the proceeds of the transaction was only outstanding for one day of this fiscal year.

TRIPLE CROWN MEDIA, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

Adjusted for Discontinued Operations

(Amounts in thousands, except per share data)

	Consolidated Twelve Months Ended December 31, 2004			Host and Pinnacle		Pro-Forma Adjustments			Pro-Forma Twelve Months Ended December 31, 2004
	(Unaudited)
Operating revenues:
Publishing	$	38,790		$	—	$	—		$	38,790
Collegiate marketing		—			—		—			—
Association management services		—			—		—			—
		38,790			—		—			38,790
Expenses:
Operating expenses before depreciation, amortization and loss on disposal of assets, net:
Publishing		27,716			—		—			27,716
Collegiate marketing		—			—		—			—
Association management services		—			—		—			—
Corporate and administrative		1,209			—		—			1,209
Depreciation		809			—		—			809
Amortization and impairment of intangibles		5			—		—			5
Loss on disposal of assets, net		49			—		—			49
		29,788			—		—			29,788
Operating income		9,002			—		—			9,002
Other income (expense):
Interest expense related to Series B preferred stock										—
Interest expense, other		(3	)		—		—	a		(3	)
Debt issue cost amortization										—
Miscellaneous income, net		37			—		—			37
Income from continuing operations before income taxes		9,036			—		—			9,036
Income tax expense		3,355			—		—			3,355
Earnings from continuing operations		5,681			—		—			5,681
Series A preferred stock dividends		—			—		—			—
Net Income from continuing operations available to commons stockholders	$	5,681		$	—	$	—		$	5,681
Basic and diluted per share information:
Earnings from continuing operations	$	1.17							$	1.17
Net income available to common stockholders	$	1.17							$	1.17
Weighted average shares outstanding		4,870								4,870

a - We have not reduced interest expense this period as the underlying debt being paid down with the proceeds of the transaction was not outstanding at any time during the year ended 12/31/04.