"Key Beasley clusters in Philadelphia, Las Vegas, Ft. Myers, Augusta and the Coastal Carolinas exceeded results from a year ago and operating results also benefited from growth in national revenue, reversing a trend from recent periods. In addition, the Company continued to drive strong interactive revenue growth with second quarter revenue from these sources rising approximately 19% from 2009 second quarter levels. Reflecting station level expense management disciplines, the Company generated second quarter SOI margins of 34.0%, a significant rise from 28.4% in the comparable period last year.
"We intend to remain vigilant with our expense management programs and to further reduce borrowings under our credit facility as well as our leverage ratio. In this regard, we ended the 2010 second quarter with approximately $147.8 million of borrowings under our credit facility, down from $151.8 million at the end of 2009 and a marked reduction from $174.5 million at December 31, 2008, and we accomplished this despite the enormous challenges presented during this period by the economic recession.
"The second quarter results demonstrate that Beasley Broadcast Group is well positioned to benefit both on the top and bottom line from even modest advertising activity increases in our markets. Looking forward, we remain focused on managing our station clusters to match or exceed the revenue performance of the market, participating in expected higher levels of political spending in the second half of 2010 and further growing revenue related to our interactive initiatives."
Webcast InformationThe Company will host a webcast today, July 30, 2010, at 11:00 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 . Questions from analysts and institutional investors may be e-mailed to firstname.lastname@example.org at any time up until 10:00 a.m. ET today. Management will answer as many questions as possible during the webcast. Following its completion, a replay of the webcast can be accessed for five days on the Company's web site, www.bbgi.com . Founded in 1961, Beasley Broadcast Group, Inc. is a radio broadcasting company that owns and operates 42 stations (26 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.