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Beasley Broadcast Group First Quarter Net Revenue Rises 6.5%; Same Station Net Revenue Increases 3.4%

Beasley Broadcast Group First Quarter Net Revenue Rises 6.5%; Same Station Net
Revenue Increases 3.4%


Webcast: Today, April 26, 2013 at 10:00 a.m. ET
www.bbgi.com                                    
        
Replay information provided below               

NAPLES, Fla., April 26, 2013 (GLOBE NEWSWIRE) -- Beasley Broadcast Group, Inc.
(Nasdaq:BBGI), a large- and mid-size market radio broadcaster, today announced
operating results for the three-month period ended March 31, 2013 as
summarized below.

Summary of First Quarter Results
In millions, except per share data Three Months Ended 
                                  March 31,
                                  2013      2012     Change
Net revenue                        $24.8     $23.3    6.5%
Station operating income                            
(SOI - non-GAAP)                   8.1       7.8      4.1%
Operating income                   5.5       5.2      4.0%
Net income                         2.4       2.4      0.5%
Net income per diluted share       $0.11     $0.11    --

The $1.5 million, or 6.5%, rise in net revenue during the three months ended
March 31, 2013, compared with the same period in 2012 reflects strength in the
Company's Philadelphia, Las Vegas and Fort Myers market clusters including the
acquisition of KOAS-FM in Las Vegas in the 2012 third quarter.

The $0.2 million, or 4.0%, year-over-year improvement in 2013 first quarter
operating income reflects the quarterly revenue increase which more than
offset a 7.2%, or $1.3 million, rise in total operating expenses, which
included costs related to operating KOAS-FM in Las Vegas, and higher sales
expenses.

First quarter 2013 station operating income (SOI), a non-GAAP financial
measure, rose $0.3 million, or 4.1%, to $8.1 million compared with the 2012
first quarter, as the higher quarterly net revenue more than offset a $1.2
million, or 7.7%, increase in station operating expenses.

A $0.7 million, or 52.1%, increase in interest expense and a $0.5 million, or
34.0%, reduction in income tax expense resulted in net income and net income
per diluted share of $2.4 million and $0.11, respectively for the 2013 first
quarter, which was in line with the comparable period last year.

Please refer to the "Calculation of SOI," "Reconciliation of SOI to Net
Income," "Calculation of Same-Station SOI," and "Reconciliation of
Same-Station SOI to Net Income" tables at the end of this announcement for a
discussion regarding SOI calculations.

Commenting on the results, George G. Beasley, Chairman and Chief Executive
Officer, said, "The solid first quarter revenue growth led to another period
of SOI growth, as consolidated SOI increased 4.1% year-over-year.First
quarter SOI margins also remain healthy at 32.7% but declined slightly from
last year as station operating expenses rose due to our investments in our
local sales teams.

"Beyond our company-wide focus on programming and ratings which serve as the
foundation for the success of our on-air and digital advertising platforms, we
continue to strengthen our balance sheet.During the first quarter, we made
repayments totaling $1.0 million against the credit facility, reducing total
bank debt to $115.7 million at March 31, 2013, from $123.4 million at the end
of last year's first quarter."

On April 3, Beasley Broadcast Group amended its first lien credit agreement,
allowing it to pre-pay the $25.0 million second lien credit facility in full
and modify the interest rate margins on the term loan.The Company borrowed an
additional $20.0 million on the first lien term loan and $2.0 million on its
revolving credit facility, and paid the remaining $3.0 million from cash on
hand.Total debt outstanding on the credit facility, after the amendment, was
$112.7 million, reflecting the full repayment of the second lien credit
facility.In connection with the amendment, the Company expects to record a
loss on extinguishment of debt of approximately $1.3 million in the quarter
ending June 30, 2013.

Mr. Beasley concluded, "Our debt and leverage reduction initiatives over the
last few years have reduced our leverage ratio to its lowest level in over ten
years and we intend to continue deploying cash from operations to further
reduce debt and pursue other initiatives that can enhance shareholder value,
including the return of capital through possible dividend declarations or
share repurchases.Looking forward, we remain focused on managing our station
clusters to match or exceed their market's revenue performance while
delivering continued ratings strength through our strong core programming and
targeted localism."

Webcast Information

The Company will host a webcast today, April 26, 2013, at 10:00 a.m. ET to
discuss its financial results and operations.Interested parties may access
the webcast at the Company's web site at www.bbgi.com.Following its
completion, a replay of the webcast can be accessed for five days on the
Company's web site, www.bbgi.com.

About Beasley Broadcast Group

Founded in 1961, Beasley Broadcast Group, Inc. is a radio broadcasting company
that owns and operates 43 stations (27 FM and 16 AM) located in eleven large-
and mid-size markets in the United States.The Company also provides
management services to an FM station in Las Vegas for which it has an option
to purchase, and operates one station in the expanded AM band in Augusta, GA.

Definitions

Station Operating Income (SOI) consists of net revenue less station operating
expenses.We define station operating expenses as cost of services and
selling, general and administrative expenses. Same-station results, as
presented herein, compare stations operated by the Company throughout all
periods presented in the following tables.For the three months ended March
31, 2013, same-station results exclude revenue and costs related to the
acquisition of KOAS-FM in Las Vegas.

SOI and same-station SOI are financial measures of performance that are not
calculated in accordance with U.S. generally accepted accounting principles,
which we refer to as GAAP.We use these non-GAAP financial measures for
internal budgeting purposes.We also use SOI to make decisions as to the
acquisition and disposition of radio stations.SOI and same-station SOI
excludes corporate-level costs and expenses and depreciation and amortization,
which may be material to an assessment of the Company's overall operating
performance.Management compensates for this limitation by separately
considering the impact of these excluded items to the extent they are material
to operating decisions or assessments of the Company's operating
performance.Moreover, the corresponding amounts of the non-cash and
corporate-level costs and expenses excluded from the calculation are available
to investors as they are presented on our statements of operations contained
in our periodic reports filed with the Securities and Exchange Commission
(SEC).

SOI is a measure widely used in the radio broadcast industry.While the
Company recognizes that because SOI is not calculated in accordance with GAAP,
it is not necessarily comparable to similarly titled measures employed by
other companies.Management believes that SOI provides meaningful information
to investors because it is an important measure of how effectively we operate
our business (i.e., operate radio stations) and assists investors in comparing
our operating performance with that of other radio companies.We also believe
that providing SOI on a same-station basis is a useful measure of our
performance because it presents SOI before the impact of any acquisitions or
dispositions completed during the relevant periods.This allows investors to
measure the performance of radio stations we owned and operated during the
entirety of two operating periods being compared.

Note Regarding Forward-Looking Statements:

Statements in this release that are "forward-looking statements" are based
upon current expectations and assumptions, and involve certain risks and
uncertainties within the meaning of the U.S. Private Securities Litigation
Reform Act of 1995.Words or expressions such as "intends," "expects,"
"expected," "anticipates" or variations of such words and similar expressions
are intended to identify such forward-looking statements.Key risks are
described in our reports filed with the SEC including in our Annual Report on
Form 10-K for the year ended December 31, 2012.Readers should note that
forward-looking statements are subject to change and to inherent risks and
uncertainties and may be impacted by several factors, including: external
economic forces that could have a material adverse impact on our advertising
revenues and results of operations; our radio stations may not be able to
compete effectively in their respective markets for advertising revenues; we
may not remain competitive if we do not respond to changes in technology,
standards and services that affect our industry; our substantial debt levels;
and, the loss of key personnel.Our actual performance and results could
differ materially because of these factors and other factors discussed in the
"Management's Discussion and Analysis of Results of Operations and Financial
Condition" in our SEC filings, including but not limited to annual reports on
Form 10-K or quarterly reports on Form 10-Q, copies of which can be obtained
from the SEC, www.sec.gov, or our website, www.bbgi.com.All information in
this release is as of April 26, 2013, and we undertake no obligation to update
the information contained herein to actual results or changes to our
expectations.

                               -tables follow-

BEASLEY BROADCAST GROUP, INC.
Consolidated Statements of Operations (Unaudited)

                                            Three Months Ended
                                             March 31,
                                            2013             2012
Net revenue                                  $24,812,469      $23,298,608
Operating expense:                                           
Station operating expenses (including
stock-based compensation and excluding       16,703,004       15,505,304
depreciation and amortization shown
separately below) ^(1) (2)
Corporate general and administrative
expenses (including stock-based              2,094,009        2,040,345
compensation) ^ (3)
Depreciation and amortization                564,695          514,049
Total operating expenses                     19,361,708       18,059,698
Operating income                             5,450,761        5,238,910
Non-operating income (expense):                              
Interest expense                             (2,047,874)      (1,346,171)
Other income (expense), net                  46,029           74,306
Income before income taxes                   3,448,916        3,967,045
Income tax expense                           1,028,429        1,559,049
Net income                                   $2,420,487       $2,407,996
                                                            
Basic and diluted net income per share      $0.11           $0.11
Basic common shares outstanding              22,711,541       22,641,225
Diluted common shares outstanding            22,726,909       22,661,073
                                                            
(1) We refer to "Cost of services," and "Selling, general and administrative"
together as "station operating expenses" for the "Calculation of SOI" and
"Reconciliation of SOI to Net Income" below.
(2) Includes stock-based compensation of $7,238 and $2,771 for the three
months ended March 31, 2013 and 2012, respectively.
(3) Includes stock-based compensation of $129,975 and $127,122 for the three
months ended March 31, 2013 and 2012, respectively.



Selected Balance Sheet Data - Unaudited
(in thousands)

                                      March 31, December 31,
                                      2013      2012
Cash and cash equivalents              $14,223  $11,661
Working capital                        22,310  20,754
Total assets                           260,780  259,373
Long term debt, net of current portion 111,125  113,250
Stockholders' equity                   $85,465  $83,049



Selected Statement of Cash Flows Data – Unaudited

                                         Three Months Ended
                                          March 31,
                                         2013        2012
Net cash provided by operating activities $3,934,476 $5,605,488
Net cash used in investing activities     (243,285)   (362,531)
Net cash used in financing activities     (1,128,387) (3,536,000)
Net increase in cash and cash equivalents $2,562,804 $1,706,957



Calculation of SOI – Unaudited

                          Three Months Ended
                           March 31,
                          2013          2012
Net revenue                $ 24,812,469  $ 23,298,608
Station operating expenses (16,703,004) (15,505,304)
SOI                        $8,109,465  $7,793,304



Reconciliation of SOI to Net Income – Unaudited

                                             Three Months Ended
                                              March 31,
                                             2013        2012
SOI                                           $ 8,109,465 $ 7,793,304
Corporate general and administrative expenses (2,094,009) (2,040,345)
Depreciation and amortization                 (564,695)   (514,049)
Interest expense                              (2,047,874) (1,346,171)
Other income (expense), net                   46,029      74,306
Income tax expense                            (1,028,429) (1,559,049)
Net income                                    $ 2,420,487 $ 2,407,996



Calculation of Same-Station SOI - Unaudited

                                   Three Months Ended
                                    March 31,
                                   2013         2012
Reported net revenue                $24,812,469 $23,298,608
Acquisition of KOAS-FM              (727,413)    --
Same-station net revenue            $24,085,056 $23,298,608
                                               
                                   Three Months Ended
                                    March 31,
                                   2013         2012
Reported station operating expenses $16,703,004 $15,505,304
Acquisition of KOAS-FM              (424,481)    --
Same-station operating expenses     $16,278,523 $15,505,304
                                               
                                   Three Months Ended
                                    March 31,
                                   2013         2012
Same-station net revenue            $24,085,056 $23,298,608
Same-station operating expenses     16,278,523   15,505,304
Same-station SOI                    $7,806,533  $7,793,304



Reconciliation of Same-Station SOI to Net Income - Unaudited

                                                  Three Months Ended
                                                   March 31,
                                                  2013        2012
Same-station SOI                                   $ 7,806,533 $ 7,793,304
Same-station net revenue adjustment                727,413     --
Same-station station operating expenses adjustment (424,481)   --
Corporate general and administrative expenses      (2,094,009) (2,040,345)
                                                             
Depreciation and amortization                      (564,695)   (514,049)
Interest expense                                   (2,047,874) (1,346,171)
Other income (expense), net                        46,029      74,306
Income tax expense                                 (1,028,429) (1,559,049)
Net income                                         $ 2,420,487 $ 2,407,996

CONTACT: B. Caroline Beasley, Chief Financial Officer
         Beasley Broadcast Group, Inc.
         239/263-5000; email@bbgi.com
        
         Joseph N. Jaffoni
         JCIR
         212/835-8500 or bbgi@jcir.com

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