Beasley Broadcast Group Reports Fourth Quarter Revenue Of $27.0 Million; Same-Station Net Revenue Rises 9.1%
"We believe our success in driving profitable same-station revenue growth is attributable to our focus on our core product and our ability to build digital extensions for our core content and the creation of new online, text and mobile content and applications that heighten listener engagement and provide marketing solutions to advertisers. These factors allowed us to enter 2011 with healthy ratings and clusters across our markets. We also continue to strengthen our balance sheet by repaying $3.3 million against the credit facility during the fourth quarter which reduced total bank debt to $142.0 million from $151.8 million at the end of 2009 and again lowered our leverage ratio.
"Looking forward, we remain focused on our station clusters' sales matching or exceeding their market's revenue performance, continuing to grow revenue related to our interactive and digital initiatives and further addressing the balance sheet through continued reductions in borrowings."
The Company will host a webcast today, February 8, 2011, 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 to purchase, 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.
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