Beasley Broadcast Group Reports First Quarter Net Revenue of $24.2 Million and Diluted EPS of $0.03

Beasley Broadcast Group Reports First Quarter Net Revenue of $24.2 Million and
Diluted EPS of $0.03

Change in Company's Federal Tax Rate Increases First Quarter Income Tax
Expense by $1.3 Million

Webcast: Today, April 30, 2014 at 10:00 a.m. ET
Replay information provided below

NAPLES, Fla., April 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-months ended March 31, 2014 as summarized

Summary of First Quarter Results
In millions, except per share data       Three Months Ended March 31, 
                                         2014           2013          Change
Net revenue                               $24.2          $24.8         (2.4)%
Station operating income (SOI - non-GAAP) 7.1            8.1           (12.2)%
Operating income                          4.2            5.5           (22.3)%
Net income                                0.7            2.4           (71.8)%
Net income per diluted share              $0.03          $0.11         (72.7)%

The $0.6 million, or 2.4%, year-over-year decline in net revenue during the
three months ended March 31, 2014, primarily reflects lower advertising
revenue at the Company's Miami-Fort Lauderdale and Philadelphia market

Lower net revenue in the 2014 first quarter and a $0.4 million, or 2.4%,
increase in station operating expenses, primarily related to operating KVGS-FM
in Las Vegas which was acquired in September 2013, caused first quarter 2014
station operating income (SOI), a non-GAAP financial measure, to decrease by
$1.0 million, or 12.2%, to $7.1 million, as compared to the 2013 first
quarter. The $1.2 million, or 22.3% year-over-year reduction in 2014 first
quarter operating income, is primarily attributable to the year-over-year
revenue decline and a $0.6 million or 3.2% increase in total operating
expenses, which included costs related to operating KVGS-FM in Las Vegas.

A $0.8 million, or 40.2% year-over-year reduction in first quarter 2014
interest expense related to lower borrowing costs and reduced amounts
outstanding, was more than offset by a $1.3 million, or 128.8%, rise in income
tax expense primarily due to a change to the Company's federal income tax
rate. In addition, the tax rate in the comparable year ago period benefited
from a change to the Company's effective state tax rate. As a result, net
income and net income per diluted share for the 2014 first quarter of $0.7
million and $0.03, respectively, compared with $2.4 million, and $0.11,
respectively, in the comparable year ago period.

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 first quarter decline in net revenue reflects several
factors that primarily impacted our three largest markets, including the
severe winter weather which had a negative effect on our operations in the

"Overall, for our five markets that report to Miller Kaplan – which represent
approximately 77% of total first quarter revenue – Beasley station cluster
revenue declined by 4.3%, while the total revenue for all reporting radio
stations in these markets decreased by 0.3% for the quarter. In Philadelphia,
our cluster underperformed the market for the first time since mid-2012 as
business was significantly impacted by the severe winter weather that
pressured billings, particularly among our local customers, and caused our
stations to close for the equivalent of approximately three business weeks
during the first quarter.In Miami, the first quarter underperformance largely
relates to the revenue decline at our AM Sports Talk station following the
departure of a popular afternoon host. On April 1, we addressed this situation
directly by re-launching our afternoon drive programming with the addition of
another highly rated Miami sports talk show host from a direct competitor in
the market.Notwithstanding the challenges endured in the first quarter, our
ratings and market position in both Philadelphia and Miami remain strong.

"A final factor which negatively impacted first quarter revenue results was
the completion of comprehensive training for our sales team regarding our new
digital and NTR initiatives. While this training took our sales teams away
from customers for several days, we believe it was essential to drive growth
in these areas of our business going forward. Our planned investments in sales
and programming and the expansion of our digital offerings, combined with the
revenue decline, led to a 12.2% decline in first quarter 2014 SOI compared to
year-ago levels.

"During the first quarter, we continued to allocate operating cash flow to
debt reduction and made credit facility repayments totaling $3.4 million,
reducing borrowings to $103.5 million at March 31, 2014.Our debt and leverage
reduction initiatives over the last few years are benefiting our bottom line,
as first quarter interest expense declined year-over-year by over 40%, or over
$0.8 million, while our leverage ratio remains at its lowest level in over 10
years.We intend to continue our use of cash from operations to further reduce
debt, pay quarterly cash dividends and to pursue other opportunities to
enhance shareholder value.

"We've worked hard to maintain strong community involvement and an intimate
connection with our listeners and advertisers in all of our markets. We remain
focused on ensuring that our station clusters match or exceed their market's
revenue performance while further strengthening our balance sheet.Going
forward, we believe that the recent changes in our largest markets as well as
the expansion of our digital and NTR offerings should allow us, over the
long-term, to overcome those factors in our control which weighed on the first

Webcast Information

The Company will host a webcast today, April 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 its
completion, a replay of the webcast can be accessed for five days on the
Company's web site,

About Beasley Broadcast Group

Founded in 1961, Beasley Broadcast Group, Inc.,, 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.


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, 2014, same-station results exclude revenue and
expenses from KVGS-FM in Las Vegas which was acquired in September 2013.

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, 2013. 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,, or our website, All information in
this release is as of April 30, 2014, and we undertake no obligation to update
the information contained herein to actual results or changes to our

                               -tables follow-


Consolidated Statements of Operations (Unaudited)

                                                      Three Months Ended
                                                       March 31,
                                                      2014        2013
Net revenue                                            $24,219,269 $24,812,469
Operating expenses:                                               
Station operating expenses (including stock-based
compensation and excluding depreciation and            17,102,140  16,703,004
amortization shown separately below) ^ (1) (2)
Corporate general and administrative expenses          2,275,004   2,094,009
(including stock-based compensation) ^ (3)
Depreciation and amortization                          606,562     564,695
Total operating expenses                               19,983,706  19,361,708
Operating income                                       4,235,563   5,450,761
Non-operating income (expense):                                   
Interest expense                                       (1,223,715) (2,047,874)
Other income (expense), net                            24,262      46,029
Income before income taxes                             3,036,110   3,448,916
Income tax expense                                     2,353,238   1,028,429
Net income                                             $ 682,872   $ 2,420,487
Basic and diluted net income per share                 $0.03      $0.11
Basic common shares outstanding                        22,782,661  22,711,541
Diluted common shares outstanding                      22,843,287  22,726,909

(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" see below.

(2)Includes stock-based compensation of $79,598 and $7,238 for the three
months ended March 31, 2014 and 2013, respectively.

(3)Includes stock-based compensation of $276,904 and $129,975 for the three
months ended March 31, 2014 and 2013, respectively.

Selected Balance Sheet Data - Unaudited
(in thousands)

                                      March 31, December 31,
                                      2014      2013
Cash and cash equivalents              $12,719  $14,299
Working capital                        21,180  21,535
Total assets                           262,332  264,209
Long term debt, net of current portion 100,562  102,625
Stockholders' equity                   $93,384  $93,626


Selected Statement of Cash Flows Data – Unaudited

                                                    Three Months Ended
                                                     March 31,
                                                    2014          2013
Net cash provided by operating activities            $4,214,341   $3,934,476
Net cash used in investing activities                (1,155,222)   (243,285)
Net cash used in financing activities                (4,639,144)   (1,128,387)
Net increase (decrease) in cash and cash equivalents $(1,580,025) $2,562,804

Calculation of SOI – Unaudited

                          Three Months Ended
                           March 31,
                          2014          2013
Net revenue                $ 24,219,269  $ 24,812,469
Station operating expenses (17,102,140) (16,703,004)
SOI                        $7,117,129  $8,109,465


Reconciliation of SOI to Net Income – Unaudited

                                             Three Months Ended
                                              March 31,
                                             2014         2013
SOI                                           $ 7,117,129  $ 8,109,465
Corporate general and administrative expenses (2,275,004) (2,094,009)
Depreciation and amortization                 (606,562)    (564,695)
Interest expense                              (1,223,715)  (2,047,874)
Other income (expense), net                   24,262       46,029
Income tax expense                            (2,353,238)  (1,028,429)
Net income                                    $ 682,872    $ 2,420,487

Calculation of Same-Station SOI - Unaudited

                                   Three Months Ended
                                    March 31,
                                   2014         2013
Reported net revenue                $24,219,269 $24,812,469
KGVS-FM                             (570,586)    --
Same-station net revenue            $23,648,683 $24,812,469
                                   Three Months Ended
                                    March 31,
                                   2014         2013
Reported station operating expenses $17,102,140 $16,703,004
KGVS-FM                             (451,288)    --
Same-station operating expenses     $16,650,852 $16,703,004
                                   Three Months Ended
                                    March 31,
                                   2014         2013
Same-station net revenue            $23,648,683 $24,812,469
Same-station operating expenses     16,650,852   16,703,004
Same-station SOI                    $6,997,831  $8,109,465

Reconciliation of Same-Station SOI to Net Income - Unaudited

                                                  Three Months Ended
                                                   March 31,
                                                  2014         2013
Same-station SOI                                   $ 6,997,831  $ 8,109,465
Same-station net revenue adjustment                570,586      --
Same-station station operating expenses adjustment (451,288)   --
Corporate general and administrative expenses      (2,275,004) (2,094,009)
Depreciation and amortization                      (606,562)    (564,695)
Interest expense                                   (1,223,715)  (2,047,874)
Other income (expense), net                        24,262       46,029
Income tax expense                                 (2,353,238)  (1,028,429)
Net income                                         $ 682,872    $ 2,420,487

CONTACT: B. Caroline Beasley, Chief Financial Officer
         Beasley Broadcast Group, Inc.
         Joseph N. Jaffoni
         212/835-8500 or

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