Pinnacle announces selected operating results for 2008

An extension for filing its Annual Report on Form 10-K ended December 31, 2008 had to do with the complexity of determining the amount of certain impairments related to goodwill, equity securities, indefinite-lived intangible assets, real estate and other long-lived assets.

Extra time is needed to account for and review these impairments, in part, due to the magnitude and the number of impairments.

For the fourth quarter of 2008, revenues increased 18.1% to us$ 259 million from us$ 219 million in the 2007 fourth quarter. Consolidated Adjusted EBITDA was us$ 45.6 million in the current quarter, an increase of 38.5% from us$ 32.9 million in the fourth quarter of 2007.

The company expects that the total amount of non-cash impairment charges to be recorded will range between us$ 275 million to us$ 330 million for the fourth quarter of 2008. As a result of these impairment charges, on a GAAP basis, the company expects to record a net loss ranging between approximately us$ 253 million to us$ 308 million for the 2008 fourth quarter compared with a net loss of us$ 19.2 million for the 2007 fourth quarter.

For the year ended December 31, 2008, revenues rose 13.3% to us$ 1 billion from us$ 922 million for the year ended December 31, 2007. Consolidated Adjusted EBITDA was us$ 160 million in 2008 compared to us$ 171 million for the prior-year period.

The company expects that the total amount of non-cash impairment charges to be recorded will range between us$ 302 million to us$ 357 million for the fiscal year ended December 31, 2008. As a result of these impairment charges, on a GAAP basis, the company expects to record a net loss ranging between approximately us$ 277 million to us$ 332 million for the 2008 fiscal year compared with a net loss of us$ 1.4 million for the 2007 fiscal year. The foregoing results are estimated and are subject to change.