Beasley Broadcast Group Reports Fourth Quarter Revenue Of $27.0 Million; Same-Station Net Revenue Rises 9.1%
Note Regarding Forward-Looking Statements :
Statements in this release that are "forward-looking statements" are based upon current expectations and assumptions, and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words or expressions such as "intends," "expects," "expected," "anticipates" or variations of such words and similar expressions are intended to identify such forward-looking statements. Key risks are described in our reports filed with the SEC including in our Annual Report on Form 10-K for the year ended December 31, 2009. Readers should note that forward-looking statements are subject to change and to inherent risks and uncertainties and may be impacted by several factors, including: a continuation or worsening of the current economic downturn and regulatory changes, the effect of radio station acquisitions or dispositions that we may make, the loss of key personnel, a downturn in the performance of our radio stations, our substantial debt levels and changes in the radio broadcast industry generally. Our actual performance and results could differ materially because of these factors and other factors discussed in the "Management's Discussion and Analysis of Results of Operations and Financial Condition" of our SEC filings, including but not limited to annual reports on Form 10-K or quarterly reports on Form 10-Q, copies of which can be obtained from the SEC, www.sec.gov , or our website, www.bbgi.com . All information in this release is as of February 8, 2011, and we undertake no obligation to update the information contained herein to actual results or changes to our expectations.
|BEASLEY BROADCAST GROUP, INC.|
|Consolidated Statements of Operations (Unaudited)|
|Three Months Ended December 31,||Twelve Months Ended December 31,|
|Net revenue||$ 26,986,380||$ 26,162,889||$ 97,971,404||$ 96,747,373|
|Operating (income) expense:|
|Station operating expenses (including stock-based compensation and excluding depreciation and amortization shown separately below) (1) (2)||16,551,702||18,389,531||64,577,927||70,018,783|
|Corporate general and administrative expenses (including stock-based compensation) (3)||1,957,952||1,607,327||7,858,132||7,622,490|
|Depreciation and amortization||663,050||759,399||2,652,841||2,886,854|
|Net gain on sale or disposal of assets (4)||--||12,540||--||(1,483,796)|
|Total operating expenses||19,172,704||20,768,797||75,088,900||79,044,331|
|Non-operating income (expense):|
|Loss on extinguishment of long-term debt (5)||--||--||--||(513,642)|
|Other income (expense), net||52,926||71,563||376,748||312,193|
|Income before income taxes||5,432,954||2,872,454||13,253,161||7,379,946|
|Income tax expense||2,100,353||1,520,323||5,267,536||3,931,831|
|Net income||$ 3,332,601||$ 1,352,131||$ 7,985,625||$ 3,448,115|
|Basic net income per share||$ 0.15||$ 0.06||$ 0.36||$ 0.15|
|Diluted net income per share||$ 0.15||$ 0.06||$ 0.35||$ 0.15|
|Basic common shares outstanding||22,529,460||22,397,871||22,493,350||22,356,389|
|Diluted common shares outstanding||22,611,744||22,493,420||22,575,068||22,435,475|
(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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV