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Beasley Broadcast Group Second Quarter Revenue Rises 5.6% To $24.9 Million; Same-Station Net Revenue Rises 6.6%

NAPLES, Fla., July 30, 2010 (GLOBE NEWSWIRE) -- Beasley Broadcast Group, Inc. (Nasdaq:BBGI), a large- and mid-size market radio broadcaster, today announced operating results for the three- and six-month periods ended June 30, 2010 as summarized below:
Summary of Second Quarter and Year-to-date Results
In millions, except per share data Three Months Ended June 30,   Six Months Ended June 30,  
  2010 2009 Change 2010 2009 Change
Net revenue $24.9 $23.6 5.6% $46.8 $46.2 1.3%
Station operating income (SOI - non-GAAP)   8.5   6.7    26.5%   14.5   12.1   20.4%
Operating income 5.8 4.0  46.4% 9.1 6.5  41.3%
Net income 2.0 0.7 188.1% 2.6 0.7  258.1%
Net income per diluted share $0.09 $0.03 200.0% $0.11 $0.03 266.7%

The $1.3 million, or 5.6% increase in net revenue during the three months ended June 30, 2010, compared with the same period in 2009, primarily reflects higher net revenue at the Company's Las Vegas, Philadelphia and Ft. Myers-Naples market clusters. Beyond these clusters, total net revenue from the Company's other eight market clusters in the second quarter of 2010 was comparable to the year ago period as the Company generated net revenue increases from three market clusters which more than offset revenue declines at the Company's remaining five market clusters. On a same-station basis consolidated net revenue (a non-GAAP financial measure as defined on page 3) rose 6.6% in the 2010 second quarter to $24.9 million from $23.4 million in the second quarter of 2009.

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