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TheStreet Open House

Beasley Broadcast Group Reports Fourth Quarter Revenue Of $27.0 Million; Same-Station Net Revenue Rises 9.1%

 
Webcast: Today, February 8, 2011 at 11:00 a.m. ET
  www.bbgi.com
   
  Replay information provided below
 

NAPLES, Fla., Feb. 8, 2011 (GLOBE NEWSWIRE) -- Beasley Broadcast Group, Inc. (Nasdaq:BBGI), a large- and mid-size market radio broadcaster, today announced operating results for the three- and twelve-month periods ended December 31, 2010 as summarized below:

 

Summary of Fourth Quarter and 2010 Results
 
In millions, except per share data   Three Months Ended December 31,   Twelve Months Ended December 31,  
  2010 2009 Change 2010 2009 Change
Net revenue $ 27.0 $ 26.2 3.1% $ 98.0 $ 96.7 1.3%
Station operating income (SOI - non-GAAP)   10.4   7.8   34.2%   33.4   26.7   24.9%
Operating income* 7.8 5.4 44.9% 22.9 17.7 29.3%
Net income* 3.3 1.4 146.5% 8.0 3.4 131.6%
Net income per diluted share* $ 0.15 $ 0.06 150.0% $ 0.35 $ 0.15 133.3%
* Operating income, net income and net income per diluted share for the twelve months ended December 31, 2009 reflect a $1.7 million pre-tax gain on the sale of certain Las Vegas radio assets.

The $0.8 million, or 3.1% increase in net revenue during the three months ended December 31, 2010, compared with the same period in 2009 was primarily attributable to net revenue increases at the Company's Philadelphia, Wilmington, Las Vegas, Fayetteville and Augusta market clusters which more than offset a $1.1 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 $1.4 million in the comparable year ago period. On a same-station basis (a non-GAAP financial measure as defined later in the release which excludes the aforementioned net revenue related to the Miami-Fort Lauderdale market cluster sports programming), consolidated net revenue rose 9.1% in the 2010 fourth quarter to $27.0 million from $24.7 million in the fourth quarter of 2009.

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