Beasley Broadcast Group Reports Third Quarter Revenue Of $24.2 Million; Same-Station Net Revenue Rises 2.6%
"In addition to our focus on station operations, we continue to strengthen our balance sheet by repaying borrowings under our credit facility which is reducing our leverage ratio. We ended the 2010 third quarter with approximately $145.3 million of borrowings under our credit facility, down from $151.8 million at the end of 2009.
"Looking forward, Beasley Broadcast Group has opportunities for further financial growth by improving our station clusters' sales to match or exceed the market revenue performance, continuing to grow revenue related to our interactive initiatives and by addressing the balance sheet through further reductions in borrowings."
The Company will host a webcast today, October 29, 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 . 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 provides management services to two FM stations in Las Vegas for which it has an option, and operates one station in the expanded AM band in Augusta, GA. The Beasley Broadcast Group, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4259 Definitions Station Operating Income (SOI) consists of net revenue less station operating expenses. We define station operating expenses as cost of services and selling, general and administrative expenses. Same-station results, as presented herein, compare stations operated by the Company throughout all periods presented in the following tables. For the three and nine months ended September 30, 2010 and 2009, same-station results exclude the operating results from KBET-AM and certain assets used in the operation of radio stations KCYE-FM and KFRH-FM in Las Vegas, Nevada, which were divested during the third quarter of 2009 as well as revenue and costs related to the non-renewal of certain sports programming rights for the Company's Miami-Fort Lauderdale market cluster.
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