Beasley Broadcast Group Declares $0.045 Cash Dividend
NAPLES, Fla., Dec. 6, 2013 (GLOBE NEWSWIRE) -- Beasley Broadcast Group, Inc.
(Nasdaq:BBGI) ("the Company"), a large- and mid-size market radio broadcaster,
announced today that its Board of Directors has declared a cash dividend of
$0.045 per share payable on January 10, 2014, to shareholders of record on
December 27, 2013.
While the Company intends to pay a regular quarterly cash dividend, future
payments, if any, will be at the discretion of the Company's Board of
Directors. Future quarterly dividend payments can also be changed or
discontinued at any time and will be subject to limitations under the terms of
any existing debt agreements applicable to the Company.The payment and timing
of any future quarterly dividends will also depend upon, among other things,
the Company's future operations and earnings, capital requirements and
surplus, general financial condition, contractual restrictions and other
factors deemed relevant by the Board of Directors.
George G. Beasley, Chairman and Chief Executive Officer of Beasley, commented,
"The re-initiation of a regular cash dividend reflects the free cash flow
generated by our operations as well as our commitment to deliver value to our
shareholders, and follows the one-time special dividend of $0.085 paid to
shareholders in December 2012.Importantly, taking into consideration the
proposed annual capital allocated to dividend payments, based on current
conditions we believe Beasley Broadcast Group's total free cash flow should
provide us with the liquidity needed to further reduce leverage, consider
potential station acquisitions and to enhance long-term shareholder value."
About Beasley Broadcast Group
Founded in 1961, Beasley Broadcast Group, Inc., www.bbgi.com, is a radio
broadcasting company that owns and operates 44 stations (28 FM and 16 AM)
located in eleven large- and mid-size markets in the United States. The
Company also operates one station in the expanded AM band in Augusta, GA.
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 December 6, 2013, and we undertake no obligation to
update the information contained herein to actual results or changes to our
CONTACT: B. Caroline Beasley, Chief Financial Officer
Beasley Broadcast Group, Inc.
Joseph N. Jaffoni
212/835-8500 or email@example.com
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