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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

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