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|
|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,|
|Station operating income (SOI - non-GAAP)||8.4||6.9||22.5%||23.0||19.0||21.1%|
|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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