Beasley Broadcast Group Reports Second Quarter Net Revenue of $25.9 Million and Diluted EPS of $0.13

Beasley Broadcast Group Reports Second Quarter Net Revenue of $25.9 Million
and Diluted EPS of $0.13

NAPLES, Fla., July 25, 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 six month periods ended June 30,
2014 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,
                          2014      2013     Change  2014     2013    Change
Net revenue                $25.9     $26.9    (3.6)%  $50.1    $51.7   (3.0)%
Station operating income   9.5      10.1     (5.9)% 16.6     18.2    (8.7)%
(SOI) (non-GAAP)
Operating income           6.5       7.4      (12.1)% 10.8     12.9    (16.4)%
Net income (1)             3.0       2.4      28.1%   3.7      4.8     (22.5)%
Net income per diluted                                            
share (1)                  $0.13     $0.10    30.0%   $0.16    $0.21   (23.8)%

(1) 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 debt pre-payment. Net income
and net income per diluted share for the three and six month periods ended
June 30, 2014 were impacted by a pre-tax $0.3 million expense for debt
forgiveness related to a notes receivable.

The $1.0 million, or 3.6%, year-over-year decline in net revenue during the
three months ended June 30, 2014, primarily reflects lower advertising revenue
at the Company's Philadelphia, Wilmington and Greenville-New Bern-Jacksonville
market clusters.The decline in net revenue was partially offset by $0.7
million in other revenue, resulting from an agreement with an electronics
company and its affiliate concerning the use of our and their respective
logos.

Lower net revenue in the 2014 second quarter was partially offset by a $0.4
million, or 2.3%, reduction in station operating expenses, resulting in a $0.6
million, or 5.9%, decline in second quarter 2014 station operating income
(SOI), a non-GAAP financial measure, to $9.5 million compared to the 2013
second quarter.The $0.9 million, or 12.1% year-over-year reduction in 2014
second quarter operating income, is primarily attributable to the
year-over-year revenue decline which more than offset a 0.4% reduction in
total operating expenses in the second quarter of 2014 compared with the same
period in 2013.

A $1.2 million, or 52.7% year-over-year reduction in second quarter 2014
interest expense related to lower borrowing costs and reduced amounts
outstanding, was partially offset by a $0.6 million, or 36.3%, rise in income
tax expense. In addition, results for the three months ended June 30, 2013
were impacted by pre-tax charges totaling $2.3 million for fees incurred in
connection with debt pre-payment and loss on extinguishment of long-term debt
incurred in connection with an amended credit agreement.As a result, net
income for the 2014 second quarter rose $0.7 million, or 28.1%, to $3.0
million while net income per diluted share increased 30% to $0.13, compared
with 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, "Second quarter revenue levels reflect slower advertising
spending across most markets where we operate which led to declines in seven
of our eleven markets and lower station operating income.

"Overall, we outperformed in our five market clusters that report to Miller
Kaplan.In these markets, which accounted for approximately 78% of total
second quarter revenue, Beasley station cluster revenue declined 5.2%,
compared with the total revenue for all reporting radio stations in these
markets which were down 6.0% for the quarter.Our year-over-year revenue
decline is partially attributable to difficult comparisons with 2013 second
quarter results when we generated double digit revenue gains in markets
including Philadelphia and Las Vegas.However, our initiatives to expand our
digital offerings are delivering results as we recorded an approximate 24%
rise in digital revenue during the quarter. Notwithstanding the challenges
faced in the second quarter, our market positions remain healthy based on our
organization-wide focus on strong core programming and targeted localism.This
focus is vital to the Company's ratings strength and long-term success.

"We continue to focus on debt reduction and returning capital to shareholders
and during the second quarter we made credit facility repayments totaling
$1.25 million, reducing borrowings to $102.25 million at June 30, 2014.Our
debt and leverage reduction initiatives over the last few years are benefiting
our bottom line, as we've lowered interest expense, while our leverage ratio
remains near its lowest level in over 10 years.We intend to continue to
allocate cash from operations to further reduce debt, pay quarterly cash
dividends and to pursue other opportunities to enhance shareholder value.

"Looking forward, 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 community involvement and an intimate
connection with our listeners and advertisers in all of our markets, healthy
station clusters and ratings, and excellent leadership and personnel across
our organization.We believe our focus on our core content and digital 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, July 25, 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 and six months ended June 30, 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, www.sec.gov, or our website, www.bbgi.com.All information in
this release is as of July 25, 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      Six Months Ended
                               June 30,                June 30,
                              2014        2013        2014        2013
Net revenue                    $25,875,785 $26,855,633 $50,095,054 $51,668,102
Operating expenses:                                             
Station operating expenses
(including stock-based
compensation and excluding     16,390,400  16,773,324  33,492,540  33,476,328
depreciation and amortization
shown separately below) ^ (1)
(2)
Corporate general and
administrative expenses        2,342,619  2,129,569   4,617,623   4,223,578
(including stock-based
compensation) ^ (3)
Depreciation and amortization  616,750     527,529     1,223,312   1,092,224
Total operating expenses       19,349,769  19,430,422  39,333,475  38,792,130
Operating income               6,526,016   7,425,211   10,761,579  12,875,972
Non-operating income                                            
(expense):
Interest expense               (1,100,089) (2,326,250) (2,323,804) (4,374,124)
Loss on extinguishment of      (23,599)    (1,260,784) (23,599)    (1,260,784)
long-term debt
Other income (expense), net    (313,655)   36,563      (289,393)   82,592
Income before income taxes     5,088,673   3,874,740   8,124,783   7,323,656
Income tax expense             2,067,384   1,516,771   4,420,622   2,545,200
Net income                     $3,021,289  $2,357,969  $3,704,161  $4,778,456
                                                               
Basic and diluted net income   $0.13      $0.10      $0.16      $0.21
per share
Basic common shares            22,818,398  22,742,198  22,800,628  22,726,954
outstanding
Diluted common shares          22,879,408  22,798,418  22,877,921  22,774,001
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 $54,066 and $11,553 for the three
months ended June 30, 2014 and 2013, respectively and $133,664 and $18,791 for
the six months ended June 30, 2014 and 2013, respectively.

(3)Includes stock-based compensation of $316,615 and $171,747 for the three
months ended June 30, 2014 and 2013, respectively and $593,519 and $301,722
for the six months ended June 30, 2014 and 2013, respectively.

                   Selected Balance Sheet Data - Unaudited
                                (in thousands)

                                             
                                    June 30,  December 31,
                                     2014      2013
Cash and cash equivalents            $ 12,091 $ 14,299
Working capital                      20,656  21,535
Total assets                         263,951  264,209
Long term debt, less current portion 97,137   102,625
Total stockholders' equity           $ 95,741 $ 93,626

              Selected Statement of Cash Flows Data – Unaudited

                                                    
                                                    Six Months Ended June 30,
                                                    2014          2013
Net cash provided by operating activities            $ 6,967,858   $ 7,412,977
Net cash used in investing activities                (1,857,073)   (830,987)
Net cash used in financing activities                (7,318,347)   (5,250,263)
Net increase (decrease) in cash and cash equivalents $(2,207,562)  $ 1,331,727

                        Calculation of SOI – Unaudited

                                               
                 Three Months Ended             Six Months Ended
                  June 30,                        June 30,
                 2014           2013           2014          2013
Net revenue       $ 25,875,785   $ 26,855,633   $ 50,095,054  $ 51,668,102
Station operating (16,390,400)  (16,773,324)  (33,492,540)  (33,476,328)
expenses
SOI               $9,485,385    $10,082,309   $ 16,602,514  $ 18,191,774

               Reconciliation of SOI to Net Income - Unaudited

                                                                          
                         Three Months Ended       Six Months Ended          
                          June 30,                 June 30,
                         2014        2013         2014         2013         
SOI                       $ 9,485,385 $ 10,082,309 $ 16,602,514 $ 18,191,774 
Corporate general and                                                    
administrative expenses   (2,342,619) (2,129,569)  (4,617,623)  (4,223,578)
Depreciation and          (616,750)   (527,529)    (1,223,312)  (1,092,224)  
amortization
Interest expense          (1,100,089) (2,326,250)  (2,323,804)  (4,374,124)  
Loss on extinguishment of (23,599)    (1,260,784)  (23,599)     (1,260,784)  
long-term debt
Other income (expense),   (313,655)   36,563       (289,393)    82,592       
net
Income tax expense        (2,067,384) (1,516,771)  (4,420,622)  (2,545,200)  
Net income                $ 3,021,289 $ 2,357,969  $ 3,704,161  $ 4,778,456  

                 Calculation of Same-Station SOI - Unaudited

                                                    
                             Three Months Ended      Six Months Ended
                             June 30,                June 30,
                             2014        2013        2014         2013
Reported net revenue          $25,875,785 $26,855,633 $50,095,054  $51,668,102
KVGS-FM                       (520,739)  --        (1,091,325) --
Same-station net revenue      $25,355,046 $26,855,633 $49,003,729  $51,668,102
                                                               
Reported station operating    $16,390,400 $16,773,324 $33,492,540  $33,476,328
expenses
KVGS-FM                       (361,425)  --        (812,713)   --
Same-station station          $16,028,975 $16,773,324 $32,679,827  $33,476,328
operating expenses
                                                               
Same-station net revenue      $25,355,046 $26,855,633 $49,003,729  $51,668,102
Same-station station                                            
operating expenses
                             16,028,975  16,773,324  32,679,827   33,476,328
Same-station SOI              $9,326,071  $10,082,309 $16,323,902  $18,191,774

         Reconciliation of Same-Station SOI to Net Income - Unaudited

                                                   
                          Three Months Ended        Six Months Ended
                          June 30,                  June 30,
                          2014         2013         2014         2013
Same-station SOI           $9,326,071   $10,082,309  $16,323,902  $18,191,774
Same-station net revenue   520,739     --         1,091,325   --
adjustment
Same-station station
operating expenses         (361,425)   --         (812,713)   --
adjustment
Corporate general and      (2,342,619) (2,129,569) (4,617,623) (4,223,578)
administrative expenses
Depreciation and           (616,750)   (527,529)   (1,223,312) (1,092,224)
amortization
Interest expense           (1,100,089) (2,326,250) (2,323,804) (4,374,124)
Loss on extinguishment of  (23,599)    (1,260,784) (23,599)    (1,260,784)
long-term debt
Other income (expense),    (313,655)   36,563      (289,393)   82,592
net
Income tax expense        (2,067,384) (1,516,771) (4,420,622) (2,545,200)
Net income                $3,021,289   $2,357,969   $3,704,161   $4,778,456
                                                              

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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