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Beasley Broadcast Group Reports Third Quarter Revenue Of $24.2 Million; Same-Station Net Revenue Rises 2.6%

 
   
Webcast: Today, October 29, 2010 at 11:00 a.m. ET
    www.bbgi.com
  Replay information provided below
 

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,  
  2010 2009 Change 2010 2009 Change
Net revenue $24.2 $24.4 (0.9)% $71.0 $70.6 0.6%
Station operating income (SOI - non-GAAP) 8.4  6.9   22.5%  23.0  19.0  21.1%
Operating income* 5.9 5.8 1.5% 15.1 12.3 22.4%
Net income* 2.1 1.4 51.2% 4.7 2.1 122.0%
Net income per diluted share* $0.09 $0.06 50.0% $0.21 $0.09 133.3%
 
* 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.

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