CKX Files Annual Report for Year Ended December 31, 2005

CKX Files Annual Report for Year Ended December 31, 2005

Company Restates Third Quarter 2005 Results Due to Error in Accounting for Income Taxes; Correction Results in Increase in Third Quarter Net Income; No Effect on Operating Cash Flow

NEW YORK, March 14 /PRNewswire-FirstCall/ -- CKX, Inc. (NASDAQ:CKXE) announced that it had filed its Annual Report on Form 10-K for the year ended December 31, 2005. A copy of the Form 10-K is available at the Company's website at www.ckx.com as well as at the SEC's website at www.sec.gov.

In addition, the Company announced that during the course of preparing its annual financial statements it found that it had understated net income for the three and nine months ended September 30, 2005 in the condensed consolidated financial statements in its previously filed Form 10-QSB for the periods ended September 30, 2005 due to an overstatement of foreign income tax expense. Accordingly, the Company has restated its previously issued condensed consolidated financial statements for the periods ended September 30, 2005 to correct the overstatement of income tax expense and corresponding understatement of net income for such periods. The restatement has no impact on the Company's 2005 cash flows. The Company has filed a Form 8-K announcing the restatement, as well as an amended Form 10-QSB for the period in question reflecting the aforementioned correction. For more detailed information see our Current Report on Form 8-K, which may be obtained at the Company's website at www.ckx.com as well as at the SEC's web site at www.sec.gov.

This document includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs, and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, acquisitions of dispositions of business assets, and the potential impact of future decisions by management that may result in merger and restructuring charges, as well as the potential impact of any future impairment charges to goodwill or other intangible assets. More detailed information about these factors may be found in filings by CKX, Inc. with the Securities and Exchange Commission. CKX, Inc. is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.

Source: CKX, Inc.

CONTACT: Sean Cassidy, +1-212-981-5233, or Ed Tagliaferri,
+1-212-981-5182, or Robert Zimmerman, +1-212-981-5118, all for CKX, Inc.

Web site: http://www.ckx.com/

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