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NAPLES, Fla., Oct. 29, 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 nine-month periods ended September 30, 2010 as summarized below:
Summary of Third Quarter and Year-to-date Results
In millions, except per share data
Three Months Ended September 30,
Nine Months Ended September 30,
Station operating income (SOI - non-GAAP)
Net income per diluted share*
* Operating income, net income and net income per diluted share for the three and nine month periods ended September 30, 2009 reflect a $1.7 million pre-tax gain on the sale of certain Las Vegas radio assets.
The $0.2 million, or 0.9% decrease in net revenue during the three months ended September 30, 2010, compared with the same period in 2009 was primarily due to a $0.5 million revenue decline at the Company's Miami-Fort Lauderdale market cluster related to the non-renewal of certain sports programming rights which generated revenue of approximately $0.7 million in the comparable year ago period. The decrease was partially offset by a net revenue increase at the Company's Las Vegas market cluster. On a same-station basis (a non-GAAP financial measure as defined on page 3 which excludes 2009 third quarter net revenue from certain Las Vegas radio station assets which were sold in August 2009 and the aforementioned net revenue related to the Miami-Fort Lauderdale market cluster sports programming) consolidated net revenue rose 2.6% in the 2010 third quarter to $24.2 million from $23.6 million in the third quarter of 2009.