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

(2) Includes stock-based compensation of $(10,662) and $12,315 for the three months ended December 31, 2010 and 2009, respectively and $55,547 and $62,193 for the twelve months ended December 31, 2010 and 2009, respectively.

(3) Includes stock-based compensation of $101,376 and $217,455 for the three months ended December 31, 2010 and 2009, respectively and $683,313 and $939,374 for the twelve months ended December 31, 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 twelve months ended December 31, 2009.

Selected Balance Sheet Data - Unaudited
(in thousands)
     
  December 31, 2010 December 31, 2009
Cash and cash equivalents  $ 10,660  $ 5,893
Working capital   16,962   11,777
Total assets  253,012  249,926
Long term debt, less current installments  135,064  146,840
Total stockholders' equity  62,226   52,440
 
Selected Statement of Cash Flows Data - Unaudited
   
  Twelve Months Ended December 31,
  2010 2009
Net cash provided by operating activities $ 16,412,160 $ 11,593,059
Net cash provided by (used in) investing activities (906,418) 14,528,981
Net cash used in financing activities (10,738,856) (23,682,768)
Net increase in cash and cash equivalents $ 4,766,886 $ 2,439,272
 
Calculation of SOI - Unaudited
     
  Three Months Ended December 31, Twelve Months Ended December 31,
  2010 2009 2010 2009
Net revenue $ 26,986,380 $ 26,162,889 $ 97,971,404 $ 96,747,373
Station operating expenses  (16,551,702)  (18,389,531) (64,577,927)  (70,018,783)
SOI  $ 10,434,678 $ 7,773,358  $ 33,393,477  $ 26,728,590
 
Reconciliation of SOI to Net Income - Unaudited
     
  Three Months Ended December 31, Twelve Months Ended December 31,
  2010 2009 2010 2009
SOI $ 10,434,678 7,773,358 $ 33,393,477 $ 26,728,590
Corporate general and administrative (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 -- (12,540) -- 1,483,796
Interest expense (2,433,648) (2,593,201) (10,006,091) (10,121,647)
Loss on extinguishment of long-term debt -- -- -- (513,642)
Other income (expenses), net 52,926 71,563 376,748 312,193
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
 
Calculation of Same-Station SOI - Unaudited
           
  Three Months Ended December 31, Twelve Months Ended December 31,      
  2010 2009 2010 2009  
Reported net revenue $ 26,986,380 $ 26,162,889 $ 97,971,404 $ 96,747,373  
Sold stations and non-renewal of certain Miami sports programming rights     --     (1,418,638)     (106,013)     (2,923,045)  
Same-station net revenue $ 26,986,380 $ 24,744,251 $ 97,865,391 $ 93,824,328  
           
Reported station operating expenses $ 16,551,702 $ 18,389,531 $ 64,577,927 $ 70,018,783  
Sold stations and non-renewal of certain Miami sports programming rights     --     (2,029,424)     (155,486)     (4,742,486)  
Same-station operating expenses $ 16,551,702 $ 16,360,107 64,422,441 $ 65,276,297  
           
Same-station net revenue $ 26,986,380 $ 24,744,251 $ 97,865,391 $ 93,824,328  
Same-station operating expenses 16,551,702 16,360,107  64,422,441  65,276,297  
Same-station SOI $ 10,434,678 $ 8,384,144 $ 33,442,950 $ 28,548,031  
 
Reconciliation of Same-Station SOI to Net Income - Unaudited
           
  Three Months Ended December 31, Twelve Months Ended December 31,      
  2010 2009 2010 2009  
Same-station SOI 10,434,678 $ 8,384,144 $ 33,442,950 $ 28,548,031  
Same-station net revenue adjustment -- 1,418,638 106,013 2,923,045  
Same-station station operating expenses adjustment   --   (2,029,424)   (155,486)   (4,742,486)  
Corporate general and administrative (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 -- (12,540) -- 1,483,796  
Interest expense (2,433,648) (2,593,201) (10,006,091) (10,121,647)  
Loss on extinguishment of long-term debt -- -- -- (513,642)  
Other income (expenses), net 52,926 71,563 376,748 312,193  
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  
CONTACT: B. Caroline Beasley, Chief Financial Officer
         Beasley Broadcast Group, Inc.
         239/263-5000; email@bbgi.com
         
         Joseph N. Jaffoni
         Jaffoni & Collins Incorporated
         212/835-8500 or bbgi@jcir.com

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