Osprey Media Income Fund announces 2007 second quarter results

    MARKHAM, ON, Aug. 2 /CNW/ - Osprey Media Income Fund (the "Fund")
(TSX: OSP.UN) today announced results for the second quarter ended June 30,
2007. Revenue for the quarter decreased to $59.7 million compared to
$61.3 million in 2006, resulting in Adjusted EBITDA of $16.4 million, an
improvement of $0.4 million or 2.5% over the $16.0 million recorded in 2006.
Adjusted EBITDA Margin for the quarter was 27.5% compared to 26.1% last year.
Net loss was $5.2 million, after a non-cash charge for income taxes of
$14.2 million, compared to a net loss of $87.5 million in 2006 after a
non-cash goodwill impairment charge of $95.0 million. Distributable cash for
the quarter was $13.3 million or $0.271 per unit compared to $12.8 million or
$0.261 per unit last year.
    Cash distributions declared for the quarter totaled $9.4 million, or
$0.192 per unit. This reflected monthly distributions of $0.064 per unit in
accordance with the Fund's annual rate of $0.768 per unit.
    The Fund's unaudited consolidated financial statements for the quarter
ended June 30, 2007 and the related Management's Discussion and Analysis can
be accessed electronically at www.sedar.com.

For further information:

For further information: Michael Sifton, President & CEO, (905) 752-1132
x 225; John Leader, CFO & Senior Vice President, Finance, (905) 752-1132 x

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