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

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 "intends," "expects," "expected," "anticipates" or variations of such words and similar expressions 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, 2009. 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: a continuation or worsening of the current economic downturn and regulatory changes, the effect of radio station acquisitions or dispositions that we may make, the loss of key personnel, a downturn in the performance of our radio stations, our substantial debt levels and changes in the radio broadcast industry generally. 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" of 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 30, 2010, and we undertake no obligation to update the information contained herein to actual results or changes to our expectations. 

   
BEASLEY BROADCAST GROUP, INC.  
Consolidated Statements of Operations (Unaudited)  
   
  Three Months Ended June 30, Six Months Ended June 30,  
  2010 2009 2010 2009  
           
Net revenue $24,933,353 $23,604,628 $46,778,297 $46,168,496  
Operating expenses:          
Cost of services (including stock-based compensation and excluding depreciation and amortization) (1) (2) 7,579,938 8,214,997 14,767,667 16,090,523  
Selling, general and administrative (including stock-based compensation) (1) (3)   8,864,768   8,680,502   17,463,644    17,991,774  
Corporate general and administrative (including stock-based compensation) (4)   2,012,224   2,020,146   4,069,950   4,159,281  
Depreciation and amortization 671,919 724,840 1,335,584 1,455,777  
Total operating expenses 19,128,849 19,640,485 37,636,845 39,697,355  
Operating income 5,804,504 3,964,143 9,141,452 6,471,141  
Other income (expense):          
Interest expense (2,516,468) (2,779,759) (5,051,617) (4,795,424)  
Loss on extinguishment of long-term debt (5) -- -- -- (513,642)  
Other income (expense), net 143,844 113,374 257,628 150,757  
Income before income taxes 3,431,880 1,297,758 4,347,463 1,312,832  
Income tax expense 1,389,313 588,896 1,780,267 596,026  
Net income $2,042,567 708,862 $2,567,196 716,806  
           
Basic and diluted net income per share $0.09 0.03 $0.11 0.03  
Basic common shares outstanding 22,482,173 22,342,810 22,457,072 22,315,945  
Diluted common shares outstanding 22,533,366 22,402,166 22,499,257 22,370,739  
 
(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 $536 and $202 for the three months ended June 30, 2010 and 2009, respectively and $504 and $1,072 for the six months ended June 30, 2010 and 2009, respectively.
(3) Includes stock-based compensation of $22,790 and $15,112 for the three months ended June 30, 2010 and 2009, respectively and $49,361 and $37,061 for the six months ended June 30, 2010 and 2009, respectively.
(4) Includes stock-based compensation of $225,994 and $227,992 for the three months ended June 30, 2010 and 2009, respectively and $476,077 and $499,055 for the six months ended June 30, 2010 and 2009, respectively.
(5) We recorded a loss on extinguishment of long-term debt of $0.5 million related to a credit agreement amendment during the six months ended June 30, 2009.
 
 
Selected Balance Sheet Data - Unaudited
(in thousands)
     
  June 30, 2010 December 31, 2009
Cash and cash equivalents  $ 7,923 $ 5,893
Working capital  13,610  11,777
Total assets  250,749 249,926
Long term debt, less current installments  142,113 146,840
Total stockholders' equity  55,742  52,440
 
 
Selected Statement of Cash Flows Data - Unaudited
(in thousands)
   
  Six Months Ended June 30,
  2010 2009
Net cash provided by operating activities $ 7,280,208 $ 6,137,608
Net cash used in investing activities (306,454) (252,595)
Net cash used in financing activities (4,943,733) (4,463,699)
Net increase in cash and cash equivalents $ 2,030,021 $ 1,421,314
 
 
Calculation of SOI - Unaudited
     
  Three Months Ended June 30, Six Months Ended June 30,
  2010 2009 2010 2009
Net revenue $ 24,933,353 $ 23,604,628 $ 46,778,297 $ 46,168,496
Station operating expenses  (16,444,706)  (16,895,499) (32,231,311)  (34,082,297)
SOI  8,488,647 $ 6,709,129 14,546,986  $ 12,086,199
 
 
Reconciliation of SOI to Net Income - Unaudited
     
  Three Months Ended June 30, Six Months Ended June 30,
  2010 2009 2010 2009
SOI $ 8,488,647 $ 6,709,129 $ 14,546,986 $ 12,086,199
Corporate general and administrative (2,012,224) (2,020,146) (4,069,950) (4,159,281)
Depreciation and amortization (671,919) (724,840) (1,335,584) (1,455,777)
Interest expense (2,516,468) (2,779,759) (5,051,617) (4,795,424)
Loss on extinguishment of long-term debt -- -- -- (513,642)
Other income (expenses), net 143,844 113,374 257,628 150,757
Income tax expense (1,389,313) (588,896) (1,780,267) (596,026)
Net income $ 2,042,567 708,862 $ 2,567,196 716,806

 

Calculation of Same-Station SOI - Unaudited
     
  Three Months Ended June 30, Six Months Ended June 30,
  2010 2009 2010 2009
Reported net revenue $ 24,933,353 $ 23,604,628 $ 46,778,297 $ 46,168,496
Sold stations -- (207,401) -- (557,279)
Same-station net revenue $ 24,933,353 $ 23,397,227 $ 46,778,297 $ 45,611,217
         
Reported station operating expenses $ 16,444,706 $ 16,895,499 $ 32,231,311 $ 34,082,297
Sold stations -- (503,040) -- (1,028,171)
Same-station operating expenses $ 16,444,706 $ 16,392,459 32,231,311 $ 33,054,126
         
Same-station net revenue $ 24,933,353 $ 23,397,227 $ 46,778,297 $ 45,611,217
Same-station operating expenses 16,444,706 16,392,459 $ 32,231,311 $ 33,054,126
Same-station SOI $ 8,488,647 $ 7,004,768 $ 14,546,986 $ 12,557,091
 
 
Reconciliation of Same-Station SOI to Net Income - Unaudited
     
  Three Months Ended June 30, Six Months Ended June 30,
  2010 2009 2010 2009
Same-station SOI $ 8,488,647 $ 7,004,768 $ 14,546,986 $ 12,557,091
Same-station net revenue adjustment -- 207,401 -- 557,279
Same-station station operating expenses adjustment  --  (503,040)  --  (1,028,171)
Corporate general and administrative  (2,012,224) (2,020,146) (4,069,950) (4,159,281)
Depreciation and amortization (671,919) (724,840) (1,335,584) (1,455,777)
Interest expense (2,516,468) (2,779,759) (5,051,617) (4,795,424)
Loss on extinguishment of long-term debt -- -- -- (513,642)
Other income (expenses), net 143,844 113,374 257,628 150,757
Income tax expense (1,389,313) (588,896) (1,780,267) (596,026)
Net income $ 2,042,567 708,862 $ 2,567,196 716,806
CONTACT:  Beasley Broadcast Group, Inc.
          B. Caroline Beasley, Chief Financial Officer
          239/263-5000
          email@bbgi.com

          Jaffoni & Collins Incorporated
          Joseph N. Jaffoni
          212/835-8500 
          bbgi@jcir.com

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