"We further strengthened our balance sheet and capital structure by leveraging our strong cash flows from operations to repay $2.1 million of our debt, which ended the quarter at $116.8 million compared to $126.7 million at December 31, 2011, and $142.0 million at the end of 2010. We ended the fourth quarter with our lowest leverage ratio in over ten years and remain committed to using cash from operations to further lower debt and pursue other initiatives that can enhance shareholder value. In this regard, and reflecting the terms of the Company's new credit facilities, the Company declared and paid a special one-time dividend of $0.085 per share near the end of December, amounting to a return of capital to shareholders of approximately $1.9 million.
"Looking forward, we remain focused on managing our station clusters to match or exceed their market's revenue performance while delivering continued ratings strength through our strong core programming and targeted localism. In addition to our focus on on-air and digital advertising initiatives, we will continue to strengthen our balance sheet and lower leverage by allocating cash flows from operations to further reduce our borrowings. With further progress on this front, and, reflecting the terms of our new credit facility, we will evaluate future opportunities to return capital to shareholders in the form of dividends or share repurchases.
"Finally, the licensing agreement between Beasley Broadcast Group and Big Machine Label Group represents yet another way Beasley is leveraging its core broadcasting platform and digital initiatives to benefit on-air and digital listeners and users. We believe this alignment furthers our mission of offering advertisers a wider range of platforms and options for reaching listeners while bringing them great content when and where they want it."
Webcast InformationThe Company will host a webcast today, February 5, 2013, 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 . About Beasley Broadcast Group Founded in 1961, Beasley Broadcast Group, Inc. is a radio broadcasting company that owns and operates 43 stations (27 FM and 16 AM) located in eleven large- and mid-size markets in the United States. The Company also provides management services to an FM station in Las Vegas for which it has an option to purchase, and operates one station in the expanded AM band in Augusta, GA.