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Beasley Broadcast Group Fourth Quarter Net Revenue Rises 9.1%; Same Station Net Revenue Increases 5.7%

NAPLES, Fla., Feb. 5, 2013 (GLOBE NEWSWIRE) -- Beasley Broadcast Group, Inc. (Nasdaq:BBGI), a large- and mid-size market radio broadcaster, today announced operating results for the three-month and twelve month periods ended December 31, 2012 as summarized below. Separately, Beasley Broadcast announced a licensing agreement with Nashville-based Big Machine Label Group to share certain over-the-air broadcasting and digital revenue related to the use of Big Machine's Music.

             
Summary of Fourth Quarter and 2012 Full Year Results
In millions, except per share data Three Months Ended December 31,   Twelve Months Ended December 31,  
  2012 2011 Change 2012 2011 Change
Net revenue $27.4 $25.2 9.1% $100.2 $97.7 2.6%
Station operating income (SOI - non-GAAP) 10.8 9.4 14.3% 37.7 34.4 9.7%
Operating income 8.1 6.9 16.7% 27.5 23.9 14.9%
Net income* 3.6 3.4 6.4% 11 10.1 9.2%
 Net income per diluted share* $0.16 $0.15 6.7% $0.48 $0.45 6.7%
             
* Net income and net income per diluted share for the twelve month period ended December 31, 2012 reflects a $2.6 million pre-tax charge for loss on extinguishment of long-term debt incurred in the quarter ended September 30, 2012.

The $2.3 million, or 9.1%, rise in net revenue during the three months ended December 31, 2012, compared with the same period in 2011 reflects the benefit of political advertising during the period, the acquisition of KOAS-FM Las Vegas in the 2012 third quarter, and strength in the Company's Philadelphia, Las Vegas, Fort Myers and Augusta market clusters.

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