This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

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, 2011. 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: external economic forces that could have a material adverse impact on our advertising revenues and results of operations; our radio stations may not be able to compete effectively in their respective markets for advertising revenues; we may not remain competitive if we do not respond to changes in technology, standards and services that affect our industry; our substantial debt levels; and, the loss of key personnel. 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" in 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 5, 2013, and we undertake no obligation to update the information contained herein to actual results or changes to our expectations.

-tables follow-
         
BEASLEY BROADCAST GROUP, INC.
Consolidated Statements of Operations (Unaudited)
         
  Three Months Ended December 31, Twelve Months Ended December 31,
  2012 2011 2012 2011
Net revenue $27,436,531 $25,157,228 $100,240,597 $97,698,634
Operating expenses:        
Station operating expenses (including stock-based compensation and excluding depreciation and amortization shown separately below) (1) (2) 16,647,629 15,717,223 62,528,795 63,320,617
Corporate general and administrative expenses (including stock-based compensation) (3) 2,184,057 1,939,115 8,105,250 8,046,126
Depreciation and amortization 533,703 583,124 2,097,179 2,391,531
Total operating expenses 19,365,389 18,239,462 72,731,224 73,758,274
Operating income  8,071,142 6,917,766 27,509,373 23,940,360
Non-operating income (expense):        
Interest expense (2,083,896) (1,390,019) (6,488,521) (7,357,943)
Loss on extinguishment of long-term debt 44,179 -- (2,563,979) --
Other income (expense), net 12,812 76,022 (178,716) 243,639
Income before income taxes 6,044,237 5,603,769 18,278,157 16,826,056
Income tax expense  2,438,956 2,214,372 7,246,887 6,725,731
Net income $3,605,281 $3,389,397 $11,031,270 $10,100,325
         
Basic income per share $0.16 $0.15 $0.49 $0.45
Diluted net income per share $0.16 $0.15 $0.48 $0.45
Basic common shares outstanding 22,677,296 22,604,534 22,667,102 22,593,327
Diluted common shares outstanding 22,759,429 22,693,301 22,748,962 22,685,661
         
         
(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.
         
(2)  Includes stock-based compensation of $(7,923) and $(29,230) for the three months ended December 31, 2012 and 2011, respectively and $4,330 and $5,730 for the twelve months ended December 31, 2012 and 2011, respectively.
         
(3)  Includes stock-based compensation of $95,973 and $148,068 for the three months ended December 31, 2012 and 2011, respectively and $429,739 and $613,370 for the twelve months ended December 31, 2012 and 2011, respectively.
     
Selected Balance Sheet Data - Unaudited
(in thousands)
     
  December 31, 2012 December 31, 2011
Cash and cash equivalents  $11,661 $13,610
Working capital  20,754 19,789
Total assets 259,373 254,989
Long term debt, less current installments  113,250 119,885
Total stockholders' equity  $83,049 $73,647
 
Selected Statement of Cash Flows Data – Unaudited
     
  Twelve Months Ended December 31,
  2012 2011
Net cash provided by operating activities  $20,404,535 $20,668,341
Net cash used in investing activities  (3,787,370) (2,327,766)
Net cash used in financing activities (18,566,586) (15,390,169)
Net increase (decrease) in cash and cash equivalents  ($1,949,421) $2,950,406
 
Calculation of SOI – Unaudited
     
  Three Months Ended December 31, Twelve Months Ended December 31,
  2012 2011 2012 2011
Net revenue $27,436,531 $25,157,228 $100,240,597 $97,698,634
Station operating expenses (16,647,629) (15,717,223) (62,528,795) (63,320,617)
SOI $10,788,902 $9,440,005 $37,711,802 $34,378,017
 
Reconciliation of SOI to Net Income - Unaudited
     
  Three Months Ended December 31, Twelve Months Ended December 31, 
  2012 2011 2012 2011
SOI $10,788,902 $9,440,005 $37,711,802 $34,378,017
Corporate general and administrative expenses (2,184,057) (1,939,115) (8,105,250) (8,046,126)
Depreciation and amortization (533,703) (583,124) (2,097,179) (2,391,531)
Interest expense (2,083,896) (1,390,019) (6,488,521) (7,357,943)
Loss on extinguishment of long-term debt 44,179 -- (2,563,979) --
Other income (expense), net 12,812 76,022 (178,716) 243,639
Income tax expense (2,438,956) (2,214,372) (7,246,887) (6,725,731)
Net income $3,605,281 $3,389,397 $11,031,270 $10,100,325
 
Calculation of Same-Station SOI - Unaudited
     
  Three Months Ended December 31, Twelve Months Ended December 31,
  2012 2011 2012 2011
Reported net revenue $27,436,531 $25,157,228 $100,240,597 $97,698,634
Acquisition of KOAS-FM (849,811) -- (1,252,318) --
Same-station net revenue $26,586,720 $25,157,228 $98,988,279 $97,698,634
         
Reported station operating expenses $16,647,629 $15,717,223 $62,528,795 $63,320,617
Acquisition of KOAS-FM (398,124) -- (628,936) --
Same-station operating expenses $16,249,505 $15,717,223 61,899,859 $63,320,617
         
Same-station net revenue $26,586,720 $25,157,228 $98,988,279 $97,698,634
Same-station operating expenses 16,249,505 15,717,223 61,899,859 63,320,617
Same-station SOI $10,337,215 $9,440,005 $37,088,420 $34,378,017
 
Reconciliation of Same-Station SOI to Net Income - Unaudited
     
  Three Months Ended December 31, Twelve Months Ended December 31,
  2012 2011 2012 2011
Same-station SOI $10,337,215 $9,440,005 $37,088,420 $34,378,017
Same-station net revenue adjustment 849,811 -- 1,252,318 --
Same-station station operating expenses adjustment (398,124) -- (628,936) --
Corporate general and administrative expenses (2,184,057) (1,939,115) (8,105,250) (8,046,126)
Depreciation and amortization (533,703) (583,124) (2,097,179) (2,391,531)
Interest expense (2,083,896) (1,390,019) (6,488,521) (7,357,943)
Loss on extinguishment of long-term debt 44,179 -- (2,563,979) --
Other income (expense), net 12,812 76,022 (178,716) 243,639
Income tax expense  (2,438,956) (2,214,372) (7,246,887) (6,725,731)
Net income  $3,605,281 $3,389,397 $11,031,270 $10,100,325
CONTACT: B. Caroline Beasley, Chief Financial Officer
         Beasley Broadcast Group, Inc.
         239/263-5000; email@bbgi.com
         
         Joseph N. Jaffoni
         JCIR
         212/835-8500 or bbgi@jcir.com

Beasley Broadcast Group Inc. Logo

5 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,550.69 -47.51 -0.27%
S&P 500 2,093.32 -4.72 -0.22%
NASDAQ 5,105.5460 -9.8360 -0.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs