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.
Check Out Our Best Services for Investors
Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Check Out Our Best Services for Investors
Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.