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

 

 
BEASLEY BROADCAST GROUP, INC. Consolidated Statements of Operations (Unaudited)
         
  Three Months Ended June 30, Six Months Ended June 30,
  2013 2012 2013 2012
         
Net revenue $26,855,633 $24,790,965 $51,668,102 $48,089,573
Operating expenses:        
Station operating expenses (including stock-based compensation and excluding depreciation and amortization shown separately below) (1) (2) 16,773,324 14,634,886 33,476,328 30,140,190
Corporate general and administrative expenses (including stock-based compensation) (3) 2,129,569 1,940,349 4,223,578 3,980,694
Depreciation and amortization 527,529 516,452 1,092,224 1,030,501
Total operating expenses 19,430,422 17,091,687 38,792,130 35,151,385
Operating income 7,425,211 7,699,278 12,875,972 12,938,188
Non-operating income (expense):        
Interest expense (2,326,250) (1,265,985) (4,374,124) (2,612,156)
Loss on extinguishment of long-term debt (1,260,784) -- (1,260,784) --
Other income (expense), net 36,563 (89,374) 82,592 (15,068)
Income before income taxes 3,874,740 6,343,919 7,323,656 10,310,964
Income tax expense 1,516,771 2,482,849 2,545,200 4,041,898
Net income $2,357,969 $3,861,070 $4,778,456 $6,269,066
         
Basic and diluted net income per share $ 0.10 $ 0.17 $ 0.21 $ 0.28
Basic common shares outstanding 22,742,198 22,674,258 22,726,954 22,657,742
Diluted common shares outstanding 22,798,418 22,733,063 22,774,001 22,707,464
         
         
         
   (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 $11,553 and $4,741 for the three months ended June 30, 2013 and 2012, respectively and $18,791 and $7,512 for the six months ended June 30, 2013 and 2012, respectively.
         
   (3)  Includes stock-based compensation of $171,747 and $103,322 for the three months ended June 30, 2013 and 2012, respectively and $301,722 and $230,444 for the six months ended June 30, 2013 and 2012, respectively.
 
 
 
Selected Balance Sheet Data - Unaudited (in thousands)
     
  June 30, 2013 December 31, 2012
Cash and cash equivalents  $ 12,992  $ 11,661
Working capital   22,005   20,754
Total assets  260,967  259,373
Long term debt, less current portion  106,750  113,250
Total stockholders' equity  $ 88,007  $ 83,049
 
 
 
Selected Statement of Cash Flows Data – Unaudited
     
  Six Months Ended June 30,
  2013 2012
Net cash provided by operating activities $ 7,412,977 $ 9,164,142
Net cash used in investing activities (830,987) (623,633)
Net cash used in financing activities (5,250,263) (6,753,350)
Net increase in cash and cash equivalents $ 1,331,727 $ 1,787,159
 
 
 
Calculation of SOI – Unaudited
         
  Three Months Ended June 30, Six Months Ended June 30,
  2013 2012 2013 2012
Net revenue $ 26,855,633 $ 24,790,965 $ 51,668,102 $ 48,089,573
Station operating expenses  (16,773,324)  (14,634,886) (33,476,328)  (30,140,190)
SOI $ 10,082,309 $ 10,156,079 $ 18,191,774  $ 17,949,383
 
 
 
Reconciliation of SOI to Net Income - Unaudited
     
  Three Months Ended June 30, Six Months Ended June 30,
  2013 2012 2013 2012
SOI $ 10,082,309 $ 10,156,079 $ 18,191,774 $ 17,949,383
Corporate general and administrative expenses   (2,129,569)   (1,940,349)   (4,223,578)   (3,980,694)
Depreciation and amortization (527,529) (516,452) (1,092,224) (1,030,501)
Interest expense (2,326,250) (1,265,985) (4,374,124) (2,612,156)
Loss on extinguishment of long-term debt (1,260,784) -- (1,260,784) --
Other income (expense), net 36,563 (89,374) 82,592 (15,068)
Income tax expense (1,516,771) (2,482,849) (2,545,200) (4,041,898)
Net income $ 2,357,969 $ 3,861,070 $ 4,778,456 $ 6,269,066
 
 
 
Calculation of Same-Station SOI - Unaudited
     
  Three Months Ended June 30, Six Months Ended June 30,
  2013 2012 2013 2012
Reported net revenue $ 26,855,633 $ 24,790,965 $ 51,668,102 $ 48,089,573
  (1,029,246) -- (1,756,659) --
Same-station net revenue $ 25,826,387 $ 24,790,965 $ 49,911,443 $ 48,089,573
         
Reported station operating expenses $ 16,773,324 $ 14,634,886 $ 33,476,328 $ 30,140,190
  (424,652) -- (849,133) --
Same-station operating expenses $ 16,348,672 $ 14,634,886  $ 32,627,195 $ 30,140,190
         
Same-station net revenue $ 25,826,387 $ 24,790,965 $ 49,911,443 $ 48,089,573
Same-station operating expenses 16,348,672 14,634,886  32,627,195  30,140,190
Same-station SOI $ 9,477,715 $ 10,156,079 $ 17,284,248 $ 17,949,383
 
 
 
Reconciliation of Same-Station SOI to Net Income - Unaudited
     
  Three Months Ended June 30, Six Months Ended June 30,
  2013 2012 2013 2012
Same-station SOI $ 9,477,715 $ 10,156,079 $ 17,284,248 $ 17,949,383
Same-station net revenue adjustment 1,029,246 -- 1,756,659 --
Same-station station operating expenses adjustment (424,652) -- (849,133) --
Corporate general and administrative expenses (2,129,569) (1,940,349) (4,223,578) (3,980,694)
Depreciation and amortization (527,529) (516,452) (1,092,224) (1,030,501)
Interest expense (2,326,250) (1,265,985) (4,374,124) (2,612,156)
Loss on extinguishment of long-term debt (1,260,784) -- (1,260,784) --
Other income (expense), net 36,563 (89,374) 82,592 (15,068)
Income tax expense (1,516,771) (2,482,849) (2,545,200) (4,041,898)
Net income $ 2,357,969 $ 3,861,070 $ 4,778,456 $ 6,269,066
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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