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

SOI and same-station SOI are financial measures of performance that are not calculated in accordance with U.S. generally accepted accounting principles, which we refer to as GAAP. We use these non-GAAP financial measures for internal budgeting purposes. We also use SOI to make decisions as to the acquisition and disposition of radio stations. SOI and same-station SOI excludes corporate-level costs and expenses and depreciation and amortization, which may be material to an assessment of the Company's overall operating performance. Management compensates for this limitation by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of the Company's operating performance. Moreover, the corresponding amounts of the non-cash and corporate-level costs and expenses excluded from the calculation are available to investors as they are presented on our statements of operations contained in our periodic reports filed with the Securities and Exchange Commission (SEC).

While the Company recognizes that because SOI is not calculated in accordance with GAAP, it is not necessarily comparable to similarly titled measures employed by other companies, SOI is a measure widely used in the radio broadcast industry. Management believes that SOI provides meaningful information to investors because it is an important measure of how effectively we operate our business (i.e., operate radio stations) and assists investors in comparing our operating performance with that of other radio companies. We also believe that providing SOI on a same-station basis is a useful measure of our performance because it presents SOI before the impact of any acquisitions or dispositions completed during the relevant periods. This allows investors to measure the performance of radio stations we owned and operated during the entirety of two operating periods being compared.  

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 October 29, 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 September 30, Nine Months Ended September 30,
  2010 2009 2010 2009
Net revenue $24,206,727 $24,415,988 $70,985,024 $70,584,484
Operating (income) expense:        
Station operating expenses (including stock-based compensation and excluding depreciation and amortization shown separately below) (1) (2) 15,794,914 17,546,955 48,026,225 51,629,252
Corporate general and administrative expenses (including stock-based compensation) (3)  1,830,230 1,855,882  5,900,180  6,015,163
Depreciation and amortization 654,207 671,678 1,989,791 2,127,455
Net gain on sale or disposal of assets (4) -- (1,496,336) -- (1,496,336)
Total operating expenses 18,279,351 18,578,179 55,916,196 58,275,534
Operating income 5,927,376 5,837,809 15,068,828 12,308,950
Non-operating income (expense):        
Interest expense (2,520,826) (2,733,022) (7,572,443) (7,528,446)
Loss on extinguishment of long-term debt (5) -- -- -- (513,642)
Other income (expense), net 66,194 89,873 323,822 240,630
Income before income taxes 3,472,744 3,194,660 7,820,207 4,507,492
Income tax expense 1,386,916 1,815,482 3,167,183 2,411,508
Net income $2,085,828 $1,379,178 $4,653,024 $2,095,984
         
Basic and diluted net income per share $0.09 $0.06 $0.21 $0.09
Basic common shares outstanding 22,528,612 22,394,474 22,481,181 22,342,409
Diluted common shares outstanding 22,593,426 22,472,127 22,544,755 22,414,579
 
(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 $15,776 and $12,313 for the three months ended September 30, 2010 and 2009, respectively and $66,209 and $49,878 for the nine months ended September 30, 2010 and 2009, respectively.
(3) Includes stock-based compensation of $105,860 and $222,864 for the three months ended September 30, 2010 and 2009, respectively and $581,937 and $721,919 for the nine months ended September 30, 2010 and 2009, respectively.
(4) Includes a $1.7 million gain on sale of KBET-AM and certain assets used in the operations of KCYE-FM and KFRH-FM in Las Vegas
(5) We recorded a loss on extinguishment of long-term debt of $0.5 million related to a credit agreement amendment during the nine months ended September 30, 2009.
 
Selected Balance Sheet Data - Unaudited (in thousands)
     
  September 30, December 31,
  2010 2009
Cash and cash equivalents  $ 9,626 $ 5,893
Working capital  14,728  11,777
Total assets  251,729 249,926
Long term debt, less current installments  138,925 146,840
Total stockholders' equity  58,253  52,440
 
Selected Statement of Cash Flows Data - Unaudited
   
  Nine Months Ended September 30,
  2010 2009
Net cash provided by operating activities $ 11,682,916 $ 8,585,372
Net cash provided by (used in) investing activities (502,222) 14,927,004
Net cash used in financing activities (7,447,218) (21,679,842)
Net increase in cash and cash equivalents $ 3,733,476 $ 1,832,534
 
Calculation of SOI - Unaudited
     
  Three Months Ended September 30, Nine Months Ended September 30,
  2010 2009 2010 2009
Net revenue $ 24,206,727 $ 24,415,988 $ 70,985,024 $ 70,584,484
Station operating expenses  (15,794,914)  (17,546,955) (48,026,225)  (51,629,252)
SOI  $ 8,411,813 $ 6,869,033  $ 22,958,799  $ 18,955,232
 
Reconciliation of SOI to Net Income - Unaudited
     
  Three Months Ended September 30, Nine Months Ended September 30,
  2010 2009 2010 2009
SOI $ 8,411,813 $ 6,869,033 $ 22,958,799 $ 18,955,232
Corporate general and administrative (1,830,230) (1,855,882) (5,900,180) (6,015,163)
Depreciation and amortization (654,207) (671,678) (1,989,791) (2,127,455)
Net gain on sale or disposal of assets -- 1,496,336 -- 1,496,336
Interest expense (2,520,826) (2,733,022) (7,572,443) (7,528,446)
Loss on extinguishment of long-term debt -- -- -- (513,642)
Other income (expenses), net 66,194 89,873 323,822 240,630
Income tax expense (1,386,916) (1,815,482) (3,167,183) (2,411,508)
Net income $ 2,085,828 $ 1,379,178 $ 4,653,024 $ 2,095,984
 
Calculation of Same-Station SOI - Unaudited
     
  Three Months Ended September 30, Nine Months Ended September 30,
  2010 2009 2010 2009
Reported net revenue $ 24,206,727 $ 24,415,988 $ 70,985,024 $ 70,584,484
Sold stations -- (817,768) (106,013) (1,504,407)
Same-station net revenue $ 24,206,727 $ 23,598,220 $ 70,879,011 $ 69,080,077
         
Reported station operating expenses $ 15,794,914 $ 17,546,955 $ 48,026,225 $ 51,629,252
Sold stations -- (1,577,334) (155,486) (2,713,062)
Same-station operating expenses $ 15,794,914 $ 15,969,621 47,870,739 $ 48,916,190
         
Same-station net revenue $ 24,206,727 $ 23,598,220 $ 70,879,011 $ 69,080,077
Same-station operating expenses 15,794,914 15,969,621  47,870,739  48,916,190
Same-station SOI $ 8,411,813 $ 7,628,599 $ 23,008,272 $ 20,163,887
 
Reconciliation of Same-Station SOI to Net Income - Unaudited
     
  Three Months Ended September 30, Nine Months Ended September 30,
  2010 2009 2010 2009
Same-station SOI $ 8,411,813 $ 7,628,599 $ 23,008,272 $ 20,163,887
Same-station net revenue adjustment -- 817,768 106,013 1,504,407
Same-station station operating expenses adjustment  --  (1,577,334)  (155,486)  (2,713,062)
Corporate general and administrative (1,830,230) (1,855,882) (5,900,180) (6,015,163)
         
Depreciation and amortization (654,207) (671,678) (1,989,791) (2,127,455)
Net gain on sale or disposal of assets -- 1,496,336 -- 1,496,336
Interest expense (2,520,826) (2,733,022) (7,572,443) (7,528,446)
Loss on extinguishment of long-term debt -- -- -- (513,642)
Other income (expenses), net 66,194 89,873 323,822 240,630
Income tax expense (1,386,916) (1,815,482) (3,167,183) (2,411,508)
Net income $ 2,085,828 $ 1,379,178 $ 4,653,024 $ 2,095,984
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

Beasley Broadcast Group Inc. Logo

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