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April 7, 2008
Journal Register Company Hires Lazard Freres as its Financial
Advisor
Yardley,
PA –
Journal Register Company (NYSE: JRC) announced today that it hired
Lazard Freres & Co. LLC as its financial advisor. James W. Hall,
Chairman & Chief Executive Officer stated “Lazard Freres will help
us evaluate our strategic options. While we are concerned about the
state of the overall economy and the environment for print
advertising, we generated $90.3 million of EBITDA in 2007, well in
excess of our $38.5 million interest expense, reduced debt by $105
million during 2007 and have no scheduled principal payments due
until the second quarter of 2009.”
The
Company has no debt for money borrowed except under its amended and
restated credit agreement with JPMorgan Chase Bank, N.A., as
administrative agent.
About
Journal Register Company
Journal Register Company is a leading U.S. media company. Journal
Register Company owns 22 daily newspapers and 310 non-daily
publications. Journal Register Company currently operates 229
individual Web sites that are affiliated with the Company's daily
newspapers, non-daily publications and its network of employment Web
sites. These Web sites can be accessed at www.JournalRegister.com.
All of the Company's operations are strategically clustered in six
geographic areas: Greater Philadelphia; Michigan; Connecticut;
Greater Cleveland; and the Capital-Saratoga and Mid-Hudson regions
of New York. The Company owns JobsInTheUS, a network of 20
employment Web sites.
Safe-Harbor
This release contains forward-looking information about Journal
Register Company that is intended to be covered by the safe harbor
for forward-looking statements provided by the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are
statements that are not historical facts. These statements can be
identified by the use of forward-looking terminology such as
"believe," "expect," "may," "will," "should," "project," "plan,"
"seek," "intend," or "anticipate" or the negative thereof or
comparable terminology. These forward-looking statements involve a
number of risks and uncertainties, which could cause actual results
to differ materially. These risks and uncertainties include, but are
not limited to
statements related to the engagement of a financial advisor, the
Company’s decision to evaluate strategic options and changes in
performance that affect financial covenant compliance or funds
available for borrowing.
These
and additional risk factors are outlined in the Company's most
recent Annual Report on Form 10-K filed with the Securities and
Exchange Commission. The Company undertakes no obligation to
publicly update any forward-looking statement, whether as a result
of new information, future events, or otherwise.
| For more information: |
Journal Register Company
790 Township Line Road
Yardley, PA 19067
(215) 504-4200 voice;
(215) 504-4201 fax |
Investor Relations
Tel: (215) 504-4200
Fax: (215) 504-4201
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