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Beasley Broadcast Group Second Quarter Net Revenue Rises 8.3%; Same Station Net Revenue Increases 4.2%

 
Webcast:   Today, July 26, 2013 at 10:00 a.m. ET
www.bbgi.com
Replay information provided below
 

NAPLES, Fla., July 26, 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 six month periods ended June 30, 2013 as summarized below. 
Summary of Second Quarter and Year-to-Date Results
In millions, except per share data Three Months Ended June 30,   Six Months Ended June 30,  
  2013 2012 Change 2013 2012 Change
Net revenue $26.9 $24.8 8.3% $51.7 $48.1 7.4%
Station operating income (SOI - non-GAAP) (1)   10.1   10.2    (0.7)%   18.2   17.9   1.4%
Operating income (1) 7.4 7.7  (3.6)% 12.9 12.9  (0.5)%
Net income (1) (2) 2.4 3.9 (38.9)% 4.8 6.3  (23.8)%
Net income per diluted share (1) (2) $0.10 $0.17 (41.2)% $0.21 $0.28 (25.0)%

(1) Station operating income, operating income, net income and net income per diluted share for the three and six month periods ended June 30, 2012 benefited from a pre-tax $0.8 million music license fee settlement with BMI which had the effect of reducing station operating expenses in the quarter ended June 30, 2012.

(2) Net income and net income per diluted share for the three and six month periods ended June 30, 2013 were impacted by a pre-tax $1.0 million fee incurred in connection with debt pre-payment and a non-cash pre-tax charge of $1.3 million for loss on extinguishment of long-term debt incurred in connection with an amended credit agreement and the debt pre-payment.

The $2.1 million, or 8.3%, rise in net revenue during the three months ended June 30, 2013, compared with the same period in 2012 reflects strength in the Company's Philadelphia, Fayetteville and Las Vegas market clusters, including the acquisition of KOAS-FM in Las Vegas during the 2012 third quarter.

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