Beasley Broadcast Group Second Quarter Net Revenue Rises 8.3%; Same Station Net Revenue Increases 4.2%

Beasley Broadcast Group Second Quarter Net Revenue Rises 8.3%; Same Station
Net Revenue Increases 4.2%


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


NAPLES, Fla., July 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 and six month periods ended June 30,
2013 as summarized below.

Summary of Second Quarter and Year-to-Date Results
In millions, except per   Three Months Ended        Six Months Ended 
share data                June 30,                   June 30,
                         2013      2012     Change  2013     2012    Change
Net revenue               $26.9     $24.8    8.3%    $51.7    $48.1   7.4%
Station operating income                                         
(SOI - non-GAAP) (1)      10.1      10.2     (0.7)% 18.2     17.9    1.4%
Operating income (1)      7.4       7.7      (3.6)% 12.9     12.9    (0.5)%
Net income (1) (2)        2.4       3.9      (38.9)% 4.8      6.3     (23.8)%
Net income per diluted    $0.10     $0.17    (41.2)% $0.21    $0.28   (25.0)%
share (1) (2)

  (1) Station operating income, operating income, net income and net income
  per diluted share for the three and six month periods ended June 30, 2012
  benefited from a pre-tax $0.8 million music license fee settlement with BMI
  which had the effect of reducing station operating expenses in the quarter
  ended June 30, 2012.

  (2)Net income and net income per diluted share for the three and six month
  periods ended June 30, 2013 were impacted by a pre-tax $1.0 million fee
  incurred in connection with debt pre-payment and a non-cash pre-tax charge
  of $1.3 million for loss on extinguishment of long-term debt incurred in
  connection with an amended credit agreement and the debt pre-payment.

The $2.1 million, or 8.3%, rise in net revenue during the three months ended
June 30, 2013, compared with the same period in 2012 reflects strength in the
Company's Philadelphia, Fayetteville and Las Vegas market clusters, including
the acquisition of KOAS-FM in Las Vegas during the 2012 third quarter.

The $0.3 million, or 3.6%, year-over-year decline in 2013 second quarter
operating income reflects a 13.7%, or $2.3 million, rise in total operating
expenses which more than offset the quarterly revenue increase.

Second quarter 2013 station operating income (SOI), a non-GAAP financial
measure, declined by $0.1 million, or 0.7%, to $10.1 million compared with the
2012 second quarter, as the higher quarterly net revenue was more than offset
by a $2.1 million, or 14.6%, increase in station operating expenses related to
operating KOAS-FM in Las Vegas and a rise in sales, programming and streaming
expenses.In addition, the second quarter of 2012 benefited from the license
fee settlement with BMI which had the effect of reducing station operating
expenses during the period.

A $1.3 million loss on extinguishment of long-term debt, as well as a $1.1
million, or 83.8% increase in interest expense, primarily attributable to a
$1.0 million pre-payment fee, and a $1.0 million, or 38.9%, reduction in
income tax expense resulted in net income and net income per diluted share of
$2.4 million and $0.10, respectively for the 2013 second quarter, which
compares with net income and net income per diluted share of $3.9 million and
$0.17 in the same period last year which included no loss on extinguishment of
long-term debt or pre-payment fee.

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, "Beasley Broadcast Group generated its fourth consecutive
period of top line growth as second quarter net revenue rose 8.3% and same
station net revenue increased 4.2%.The increase in second quarter revenue
reflects strong national and digital revenue growth which contributed to
strength in several market clusters including Philadelphia, Las Vegas, Ft.
Myers and Augusta.Overall, for our five markets that report to Miller Kaplan
-- which represent approximately 75% of our total second quarter revenue –
Beasley station clusters grew revenue by 8.4% while the total revenue for all
reporting radio stations in these markets declined by 2.4% for the quarter.We
attribute our out-performance to our organization-wide focus on strong core
programming and targeted localism, both of which are contributing to the
Company's ratings strength in its markets.

"Notwithstanding the solid revenue growth, comparisons of our other financial
metrics with the year-ago period are clouded due to the operating expense
credit in last year's second quarter, and certain charges in the 2013 second
quarter including a loss on the early extinguishment of debt and a prepayment
fee incurred in connection with the refinancing of our second lien debt.In
addition, recent initiatives in the areas of sales, programming and the
further expansion of our digital offerings are expected to drive long-term
revenue growth, but are resulting in higher operating expenses on a short-term
basis."

On April 3, 2013, Beasley Broadcast Group amended its first lien credit
agreement, pre-paying the $25.0 million second lien credit facility in full
and modifying the interest rate margins on the term loan.To pre-pay the
second lien facility, 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, and this amount was reduced
to $112.2 million at June 30, 2013 reflecting additional repayments during the
quarter.In connection with the amendment, the Company recorded a non-cash
loss on extinguishment of debt of $1.3 million and incurred a $1 million
prepayment fee in the quarter ended June 30, 2013.

Mr. Beasley concluded, "Looking forward, we are excited about the strength of
our ratings in key markets and will continue to reinvest in programming,
personnel and expanding our digital offerings.As such, we expect our station
clusters to exceed their respective market's revenue performance.At the same
time, we expect to continue to strengthen our balance sheet and lower leverage
by allocating cash flows from operations to further reduce our
borrowings.With further progress on this front, we intend to evaluate future
opportunities to return capital to shareholders and to selectively expand our
operating platform.In this regard, late in the second quarter the Company
exercised its option to purchase KVGS-FM in Las Vegas for $4.0 million which
it has been operating under a Management Agreement since September, 2011."

Webcast Information

The Company will host a webcast today, July 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 which it has agreed to
purchase pursuant to an option, 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 and six months ended June 30, 2013, same-station results exclude revenue
and expenses related to the acquisition of KOAS-FM in Las Vegas during the
2012 third quarter.

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 July 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          Six Months Ended
                         June 30,                    June 30,
                        2013          2012          2013         2012
                                                              
Net revenue              $26,855,633   $24,790,965   $51,668,102  $48,089,573
Operating expenses:                                            
Station operating
expenses (including
stock-based compensation
and excluding            16,773,324    14,634,886    33,476,328   30,140,190
depreciation and
amortization shown
separately below) ^(1)
(2)
Corporate general and
administrative expenses  2,129,569     1,940,349     4,223,578    3,980,694
(including stock-based
compensation) ^ (3)
Depreciation and         527,529       516,452       1,092,224    1,030,501
amortization
Total operating expenses 19,430,422    17,091,687    38,792,130   35,151,385
Operating income         7,425,211     7,699,278     12,875,972   12,938,188
Non-operating income                                           
(expense):
Interest expense         (2,326,250)   (1,265,985)   (4,374,124)  (2,612,156)
Loss on extinguishment   (1,260,784)   --            (1,260,784)  --
of long-term debt
Other income (expense),  36,563        (89,374)      82,592       (15,068)
net
Income before income     3,874,740     6,343,919     7,323,656    10,310,964
taxes
Income tax expense       1,516,771     2,482,849     2,545,200    4,041,898
Net income               $2,357,969    $3,861,070    $4,778,456   $6,269,066
                                                              
Basic and diluted net    $0.10        $0.17        $0.21       $0.28
income per share
Basic common shares      22,742,198    22,674,258    22,726,954   22,657,742
outstanding
Diluted common shares    22,798,418    22,733,063    22,774,001   22,707,464
outstanding
                                                              
                                                              
                                                              
 (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 $11,553 and $4,741 for the three
months ended June 30, 2013 and 2012, respectively and $18,791 and $7,512 for
the six months ended June 30, 2013 and 2012, respectively.
                                                              
 (3) Includes stock-based compensation of $171,747 and $103,322 for the
three months ended June 30, 2013 and 2012, respectively and $301,722 and
$230,444 for the six months ended June 30, 2013 and 2012, respectively.




Selected Balance Sheet Data - Unaudited
(in thousands)
                                             
                                    June 30,  December 31,
                                     2013      2012
Cash and cash equivalents            $ 12,992 $ 11,661
Working capital                      22,005  20,754
Total assets                         260,967  259,373
Long term debt, less current portion 106,750  113,250
Total stockholders' equity           $ 88,007 $ 83,049




Selected Statement of Cash Flows Data – Unaudited
                                                                  
                                         Six Months Ended June 30,
                                         2013         2012
Net cash provided by operating activities $ 7,412,977  $ 9,164,142
Net cash used in investing activities     (830,987)    (623,633)
Net cash used in financing activities     (5,250,263)  (6,753,350)
Net increase in cash and cash equivalents $ 1,331,727  $ 1,787,159




Calculation of SOI – Unaudited
                                                                         
                   Three Months Ended          Six Months Ended
                    June 30,                    June 30,
                   2013          2012          2013         2012
Net revenue         $ 26,855,633  $ 24,790,965  $ 51,668,102 $ 48,089,573
Station operating   (16,773,324) (14,634,886) (33,476,328) (30,140,190)
expenses
SOI                 $10,082,309  $10,156,079  $ 18,191,774 $ 17,949,383




Reconciliation of SOI to Net Income - Unaudited
                                                   
                          Three Months Ended        Six Months Ended
                           June 30,                  June 30,
                          2013         2012         2013         2012
SOI                        $ 10,082,309 $ 10,156,079 $ 18,191,774 $ 17,949,383
Corporate general and                                          
administrative             (2,129,569)  (1,940,349)  (4,223,578)  (3,980,694)
expenses
Depreciation and           (527,529)    (516,452)    (1,092,224)  (1,030,501)
amortization
Interest expense           (2,326,250)  (1,265,985)  (4,374,124)  (2,612,156)
Loss on extinguishment of  (1,260,784)  --           (1,260,784)  --
long-term debt
Other income (expense),    36,563       (89,374)     82,592       (15,068)
net
Income tax expense         (1,516,771)  (2,482,849)  (2,545,200)  (4,041,898)
Net income                 $ 2,357,969  $ 3,861,070  $ 4,778,456  $6,269,066




Calculation of Same-Station SOI - Unaudited
                                                  
                         Three Months Ended        Six Months Ended
                          June 30,                  June 30,
                         2013         2012         2013          2012
Reported net revenue      $26,855,633 $24,790,965 $ 51,668,102  $ 48,089,573
                         (1,029,246)  --           (1,756,659)   --
Same-station net revenue  $25,826,387 $24,790,965 $ 49,911,443  $ 48,089,573
                                                              
Reported station          $16,773,324 $14,634,886 $33,476,328  $30,140,190
operating expenses
                         (424,652)    --           (849,133)     --
Same-station operating    $16,348,672 $14,634,886 $ 32,627,195 $30,140,190
expenses
                                                              
Same-station net revenue  $25,826,387 $24,790,965 $ 49,911,443  $ 48,089,573
Same-station operating    16,348,672   14,634,886   32,627,195   30,140,190
expenses
Same-station SOI          $9,477,715  $10,156,079 $17,284,248  $ 17,949,383




Reconciliation of Same-Station SOI to Net Income - Unaudited
                                                   
                           Three Months Ended       Six Months Ended
                            June 30,                 June 30,
                           2013        2012         2013         2012
Same-station SOI            $ 9,477,715 $ 10,156,079 $17,284,248 $17,949,383
Same-station net revenue    1,029,246   --           1,756,659    --
adjustment
Same-station station
operating expenses          (424,652)   --           (849,133)    --
adjustment
Corporate general and       (2,129,569) (1,940,349)  (4,223,578)  (3,980,694)
administrative expenses
Depreciation and            (527,529)   (516,452)    (1,092,224)  (1,030,501)
amortization
Interest expense            (2,326,250) (1,265,985)  (4,374,124)  (2,612,156)
Loss on extinguishment of   (1,260,784) --           (1,260,784)  --
long-term debt
Other income (expense), net 36,563      (89,374)     82,592       (15,068)
Income tax expense          (1,516,771) (2,482,849)  (2,545,200)  (4,041,898)
Net income                  $ 2,357,969 $ 3,861,070  $ 4,778,456  $6,269,066

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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