8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 11, 2005

BULL RUN CORPORATION
(Exact name of registrant as specified in its charter)
GEORGIA	0-9385	58-2458679
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
4370 PEACHTREE ROAD, ATLANTA, GEORGIA		30319
(Address of principal executive offices)		(Zip Code)
(404) 266-8333
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02     Results of Operations and Financial Condition

The information set forth under this Item 2.02 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

On April 11, 2005, Bull Run Corporation (the “Company”) issued a press release reporting its financial results for the second quarter ended February 28, 2005.  A copy of the press release is hereby attached as Exhibit 99 and incorporated herein by reference.

Item 9.01      Financial Statements and Exhibits

          (c) Exhibits

                    99.1 – Press Release of Bull Run Corporation issued April 11, 2005

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:  April 11, 2005	BULL RUN CORPORATION
	By:	/s/ FREDERICK J. ERICKSON
		Frederick J. Erickson Vice President - Finance, Chief Financial Officer, Treasurer and Assistant Secretary

3

EX-99.1

Exhibit 99.1

Bull Run Corporation Announces Second Quarter Results

          ATLANTA, April 11 /PRNewswire-FirstCall/ -- Bull Run Corporation (OTC: BULL) today announced net income of $0.9 million for its six months ended February 28, 2005, compared to a net loss of $(2.8) million for the same six-month period of the prior fiscal year.  For the three months ended February 28, 2005, the Company’s net loss was $(0.7) million, compared to a net loss of $(1.7) million for the second quarter of the prior fiscal year. 

          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.  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.

          Total revenues from continuing operations, derived entirely by the Company’s operating subsidiary, Host Communications, Inc., were $18.0 million for the second quarter and $41.1 million for the six-month period ended February 28, 2005, representing a 10.3% increase for the second quarter and a 14.7% increase year-to-date over the comparable periods of the prior fiscal year.  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.  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.

          “As we complete the first half of our fiscal year, we are very encouraged by the results to date,” said Robert S. Prather, Jr., the Company’s President and CEO.  “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. 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.  We are excited about working with our current collegiate properties and our managed associations to develop creative revenue-generating opportunities.  We will continue to seek contract extensions with many of our existing business partners and aggressively pursue new properties as they become available.  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.  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.  Bull Run’s common stock is quoted on the Pink Sheets ( www.pinksheets.com ), a centralized quotation service for OTC securities, using the symbol “BULL”.  Additional company information and stock quotes are available on the Company’s corporate web site at www.bullruncorp.com . 

          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. These statements are not guaranties of future performance and actual results may differ materially from those forecasted. 

          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 28, 2005			February 29, 2004			February 28, 2005			February 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	$	(0.20	)	$	(0.18	)	$	(0.02	)	$	(0.13	)
Discontinued operations		0.02			(0.32	)		0.00			(0.75	)
	$	(0.18	)	$	(0.50	)	$	(0.02	)	$	(0.88	)
Earnings (loss) per share available to common stockholders, diluted:
Continuing operations	$	(0.20	)	$	(0.18	)	$	(0.02	)	$	(0.13	)
Discontinued operations		0.02			(0.32	)		0.00			(0.75	)
	$	(0.18	)	$	(0.50	)	$	(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

SOURCE  Bull Run Corporation
          -0-                                        04/11/2005
          /CONTACT:  Robert S. Prather, Jr., President & Chief Executive Officer,  +1-404-266-8333, or Frederick J. Erickson, VP-Finance & Chief Financial Officer, +1-859-226-4376, both of Bull Run Corporation; or Thomas J. Stultz, President & Chief Executive Officer of Host Communications, Inc., +1-859-226-4356/
          /Web site:  http://www.bullruncorp.com /