"Notwithstanding the solid revenue growth, comparisons of our other financial metrics with the year-ago period are clouded due to the operating expense credit in last year's second quarter, and certain charges in the 2013 second quarter including a loss on the early extinguishment of debt and a prepayment fee incurred in connection with the refinancing of our second lien debt. In addition, recent initiatives in the areas of sales, programming and the further expansion of our digital offerings are expected to drive long-term revenue growth, but are resulting in higher operating expenses on a short-term basis."On April 3, 2013, Beasley Broadcast Group amended its first lien credit agreement, pre-paying the $25.0 million second lien credit facility in full and modifying the interest rate margins on the term loan. To pre-pay the second lien facility, the Company borrowed an additional $20.0 million on the first lien term loan and $2.0 million on its revolving credit facility and paid the remaining $3.0 million from cash on hand. Total debt outstanding on the credit facility, after the amendment, was $112.7 million, reflecting the full repayment of the second lien credit facility, and this amount was reduced to $112.2 million at June 30, 2013 reflecting additional repayments during the quarter. In connection with the amendment, the Company recorded a non-cash loss on extinguishment of debt of $1.3 million and incurred a $1 million prepayment fee in the quarter ended June 30, 2013.
Beasley Broadcast Group Second Quarter Net Revenue Rises 8.3%; Same Station Net Revenue Increases 4.2%
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