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Beasley Broadcast Group Reports Fourth Quarter Net Revenue of $27.3 Million and Diluted EPS of $0.16

Beasley Broadcast Group Reports Fourth Quarter Net Revenue of $27.3 Million
and Diluted EPS of $0.16

Full Year 2013 Net Revenue Rises 4.7% While 2013 Same Station Net Revenue
Increases 1.9%


Webcast: Today, January 30, 2014 at 10:00 a.m. ET
www.bbgi.com
Replay information provided below

NAPLES, Fla., Jan. 30, 2014 (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 twelve month periods ended December
31, 2013 as summarized below.

Summary of Fourth Quarter and 2013 Full Year Results
In millions,       Three Months Ended             Twelve Months
except per share   December 31,                  Ended December 31,   
data
                  2013       2012       Change   2013       2012      Change
Net revenue        $27.3      $27.4      (0.5)%   $104.9     $100.2    4.7%
Station operating                                                 
income (SOI)       10.2       10.8       (5.2)%  37.9       37.7      0.4%
(non-GAAP) (1)
Operating income   7.4        8.1        (8.3)%   26.8       27.5      (2.5)%
(1)
Net income (1) (2) 3.6        3.6        (0.7)%   11.5       11.0      4.7%
Net income per                                                    
diluted share (1)  $0.16      $0.16      --       $0.51      $0.48     6.3%
(2)
                                                                 
(1) Station operating income, operating income, net income and net income per
diluted share for the twelve month period ended December 31, 2012 benefited
from a pre-tax $0.8 million music license fee settlement with BMI which had
the effect of reducing station operating expenses during the period.
(2) Net income and net income per diluted share for the twelve month period
ended December 31, 2013 was 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.Net income and net income
per diluted share for the twelve month period ended December 31, 2012 reflects
a non-cash pre-tax charge of $2.6 million for loss on extinguishment of
long-term debt.

The $0.1 million, or 0.5%, decline in net revenue during the three months
ended December 31, 2013 primarily reflects the impact of a reduction in
political advertising compared with the same period in 2012.

Lower net revenue in the 2013 fourth quarter and a $0.4 million, or 2.5%,
increase in station operating expenses related to operating KVGS-FM in Las
Vegas which was acquired in September 2013, as well as a rise in sales and
programming expenses, caused fourth quarter 2013 station operating income
(SOI), a non-GAAP financial measure, to decrease by $0.6 million, or 5.2%, to
$10.2 million, as compared to the 2012 fourth quarter.The $0.7 million, or
8.3% year-over-year reduction in 2013 fourth quarter operating income is
primarily attributable to the year-over-year revenue decline and a $0.5
million or 2.7% increase in total operating expenses compared with fourth
quarter 2012 levels.

Interest expense in the 2013 fourth quarter declined by 34.3%, or $0.7
million, reflecting the lower cost of borrowing resulting from the refinancing
of the second lien debt in the second quarter of 2013 and reduced amounts
outstanding.Income tax expense in the 2013 fourth quarter of $2.4 million was
flat with the 2012 fourth quarter, reflecting flat pre-tax income for both
periods.Fourth quarter 2013 net income and net income per diluted share was
$3.6 million and $0.16, respectively, which compares with net income and net
income per diluted share of $3.6 million and $0.16, respectively, in the same
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, "Beasley Broadcast Group's fourth quarter net revenue decline
primarily reflects a reduction in political spending as in the fourth quarter
of 2012 we recorded approximately $1.2 million in political advertising
revenue.While we were not able to fully offset the cyclical impact of
political revenue, the fourth quarter radio advertising environment in our
markets remains healthy and on an actual basis we reported just a slight
decline in net revenue compared with last year. Excluding the benefit of
political advertising in the year-ago quarter, Beasley Broadcast Group's 2013
fourth quarter same station net revenue rose approximately 2% and, reflecting
our success throughout 2013, actual full year net revenue rose 4.7% while same
station net revenue for 2013 was up 1.9% versus full year 2012.

"Overall, for our five markets that report to Miller Kaplan – which represent
approximately 76% of total fourth quarter revenue – Beasley station cluster
revenue declined by 2.6%, which again was primarily attributable to the
cyclical nature of political advertising, while the total revenue for all
reporting radio stations in these markets decreased by 4.1% for the
quarter.Beasley Broadcast Group's out-performance relative to our markets
again highlights the benefit of our organization-wide focus on strong core
programming and targeted localism.Our planned investments in sales and
programming and the expansion of our digital offerings, combined with the
revenue decline, led to fourth quarter 2013 SOI which was 5.2% below year-ago
levels. 

"In addition to our focus on core programming and expanding our on-air and
digital advertising platforms, we continue to strengthen our balance
sheet.Reflecting strong operating cash flow, we made repayments totaling $3.4
million against the credit facility during the fourth quarter, reducing
borrowings to $106.9 million at December 31, 2013 from $116.8 million at the
end of 2012.Our debt and leverage reduction initiatives over the last few
years are benefiting our bottom line, as fourth quarter interest expense
declined year-over-year by over 34%, or approximately $0.7 million, while our
leverage ratio is at its lowest level in over 10 years.We intend to continue
using cash from operations to further lower debt and to pursue other
initiatives to enhance shareholder value.In this regard, during the fourth
quarter the Company re-initiated a quarterly cash dividend of $0.045 per share
with the first dividend paid earlier this month.

"In 2014, we remain focused on ensuring that our station clusters match or
exceed their market's revenue performance while further strengthening our
balance sheet.We have strong station clusters and ratings in key markets and
excellent leadership and personnel across our organization.We believe our
focus on our core content and new media opportunities positions Beasley
Broadcast Group to deliver compelling entertainment to radio users, a high
value media buy for advertisers and profitable station and digital revenue
growth for the Company."

Webcast Information

The Company will host a webcast today, January 30, 2014, 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., 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.

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 December 31, 2013, same-station results exclude revenue and
expenses from KVGS-FM in Las Vegas. For the twelve months ended December 31,
2013, same-station results exclude revenue and expenses from KOAS-FM and
KVGS-FM in Las Vegas. For the twelve months ended December 31, 2012,
same-station results exclude revenue and expenses from KOAS-FM. KVGS-FM was
acquired during the 2013 third quarter and KOAS-FM was acquired 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.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.However, 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 the 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 "guidance," "may," "will,"
"could," "should," "forecasts," "expects," "intends," "plans," "anticipates,"
"projects," "outlook," "believes," "estimates," "predicts," "potential,"
"continue," "preliminary," or the negative of these terms or other comparable
terminology 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 January 30, 2014, 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          Twelve Months Ended
                       December 31,                December 31,
                      2013          2012          2013          2012
Net revenue            $27,287,516   $27,436,531   $104,905,720  $100,240,597
Operating expenses:                                           
Station operating
expenses (including
stock-based
compensation and       17,061,663    16,647,629    67,044,139    62,528,795
excluding depreciation
and amortization shown
separately below) ^
(1) (2)
Corporate general and
administrative
expenses (including    2,243,679     2,184,057     8,624,395     8,105,250
stock-based
compensation) ^ (3)
Other operating        --            --            185,916       --
expenses
Depreciation and       580,233       533,703       2,220,641     2,097,179
amortization
Total operating        19,885,575    19,365,389    78,075,091    72,731,224
expenses
Operating income       7,401,941     8,071,142     26,830,629    27,509,373
Non-operating income                                          
(expense):
Interest expense       (1,370,072)   (2,083,896)   (7,081,801)   (6,488,521)
Loss on extinguishment --            44,179        (1,260,784)   (2,563,979)
of long-term debt
Other income           (16,635)      12,812        89,758        (178,716)
(expense), net
Income before income   6,015,234     6,044,237     18,577,802    18,278,157
taxes
Income tax expense     2,434,318     2,438,956     7,031,539     7,246,887
Net income             $3,580,916    $3,605,281    $11,546,263   $11,031,270
                                                             
Basic net income per   $0.16        $0.16        $0.51        $0.49
share
Diluted net income per $0.16        $0.16        $0.51        $0.48
share
Basic common shares    22,745,384    22,677,296    22,735,774    22,667,102
outstanding
Diluted common shares  22,857,365    22,759,429    22,838,209    22,748,962
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 $(4,458) and $(7,923) for the three
months ended December 31, 2013 and 2012, respectively and $21,371 and $4,330
for the twelve months ended December 31, 2013 and 2012, respectively.
                                                             
(3) Includes stock-based compensation of $191,471 and $95,973 for the three
months ended December 31, 2013 and 2012, respectively and $671,724 and
$429,739 for the twelve months ended December 31, 2013 and 2012, respectively.




Selected Balance Sheet Data - Unaudited
(in thousands)
                                                             
                                             December 31,     December 31,
                                              2013             2012
Cash and cash equivalents                     $ 14,299        $ 11,661
Working capital                               21,535         20,754
Total assets                                  264,209         259,373
Long term debt, less current portion          102,625         113,250
Total stockholders' equity                    $ 93,626        $ 83,049
                                                             

Selected Statement of Cash Flows Data – Unaudited
                                             
                                             Twelve Months Ended December 31,
                                             2013             2012
Net cash provided by operating activities     $ 19,913,684     $ 20,404,535
Net cash used in investing activities         (6,655,233)      (3,787,370)
Net cash used in financing activities         (10,620,086)     (18,566,586)
Net increase (decrease) in cash and cash      $ 2,638,365      $ (1,949,421)
equivalents



Calculation of SOI – Unaudited
                                                 
                      Three Months Ended          Twelve Months Ended
                       December 31,                December 31,
                      2013          2012          2013          2012
Net revenue            $ 27,287,516  $ 27,436,531  $ 104,905,720 $ 100,240,597
Station operating      (17,061,663) (16,647,629) (67,044,139)  (62,528,795)
expenses
SOI                    $10,225,853  $10,788,902  $ 37,861,581  $ 37,711,802
                                                             
                                                             
Reconciliation of SOI to Net Income - Unaudited
                                                 
                      Three Months Ended          Twelve Months Ended
                       December 31,                December 31,
                      2013          2012          2013          2012
SOI                    $ 10,225,853  $ 10,788,902  $ 37,861,581  $ 37,711,802
Corporate general and
administrative         (2,243,679)   (2,184,057)   (8,624,395)   (8,105,250)
expenses
Other operating        --            --            (185,916)     --
expenses
Depreciation and       (580,233)     (533,703)     (2,220,641)   (2,097,179)
amortization
Interest expense       (1,370,072)   (2,083,896)   (7,081,801)   (6,488,521)
Loss on extinguishment --            44,179        (1,260,784)   (2,563,979)
of long-term debt
Other income           (16,635)      12,812        89,758        (178,716)
(expense), net
Income tax expense     (2,434,318)   (2,438,956)   (7,031,539)   (7,246,887)
Net income             $ 3,580,916   $ 3,605,281   $ 11,546,263  $ 11,031,270




Calculation of Same-Station SOI - Unaudited
                                               
                      Three Months Ended        Twelve Months Ended
                       December 31,              December 31,
                      2013         2012         2013          2012
Reported net revenue   $27,287,516 $27,436,531 $104,905,720 $ 100,240,597 
KOAS-FM                --           --           (3,311,532)   (1,252,318)   
KVGS-FM                (555,766)    --           (688,922)     --            
Same-station net       $26,731,750 $27,436,531 $100,905,266 $ 98,988,279  
revenue
                                                                        
Reported station       $17,061,663 $16,647,629 $67,044,139  $62,528,795  
operating expenses
KOAS-FM                --           --           (1,593,400)   (628,936)     
KVGS-FM                (319,105)    --           (420,427)     --            
Same-station operating $16,742,558 $16,647,629 $ 65,030,312 $61,899,859  
expenses
                                                                        
Same-station net       $26,731,750 $27,436,531 $ 100,905,266 $ 98,988,279  
revenue
Same-station operating 16,742,558   16,647,629   65,030,312   61,899,859   
expenses
Same-station SOI       $9,989,192  $10,788,902 $35,874,954  $ 37,088,420  



Reconciliation of Same-Station SOI to Net Income - Unaudited
                                                   
                          Three Months Ended        Twelve Months Ended
                           December 31,              December 31,
                          2013         2012         2013         2012
Same-station SOI           $ 9,989,192  $ 10,788,902 $35,874,954 $37,088,420
Same-station net revenue   555,766      --           4,000,454    1,252,318
adjustment
Same-station station
operating expenses         (319,105)    --           (2,013,827)  (628,936)
adjustment
Corporate general and      (2,243,679) (2,184,057)  (8,624,395)  (8,105,250)
administrative expenses
Other operating expenses   --           --           (185,916)    --
Depreciation and           (580,233)    (533,703)    (2,220,641)  (2,097,179)
amortization
Interest expense           (1,370,072)  (2,083,896)  (7,081,801)  (6,488,521)
Loss on extinguishment of  --           44,179       (1,260,784)  (2,563,979)
long-term debt
Other income (expense),    (16,635)     12,812       89,758       (178,716)
net
Income tax expense         (2,434,318)  (2,438,956)  (7,031,539)  (7,246,887)
Net income                 $ 3,580,916  $ 3,605,281  $ 11,546,263 $11,031,270

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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