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Beasley Broadcast Group Third Quarter Net Revenue Rises 5.0%; Same Station Net Revenue Increases 2.7%

Stocks in this article: BBGI

Webcast: Today, October 25, 2013 at 10:00 a.m. ET
Replay information provided below

NAPLES, Fla., Oct. 25, 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 nine-month periods ended September 30, 2013 as summarized below.

Summary of Third Quarter and Year-to-Date Results
In millions, except per Three Months Ended   Nine Months Ended  
share data  September 30,   September 30,  
  2013 2012 Change 2013 2012 Change
Net revenue $26.0 $24.7 5.0% $77.6 $72.8 6.6%
Station operating income (SOI - non-GAAP) (1) 9.4 9.0 5.2% 27.6 26.9 2.6%
Operating income (1) 6.6 6.5 0.8% 19.4 19.4  --
Net income (1) (2) 3.2 1.2 175.5% 8.0 7.4 7.3%
Net income per diluted share (1) (2) $0.14 $0.05 180.0% $0.35 $0.33 6.1%
(1)  Station operating income, operating income, net income and net income per diluted share for the nine month period ended September 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 during the period.
(2)  Net income and net income per diluted share for the nine month period ended September 30, 2013 was 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. Net income and net income per diluted share for the three and nine month periods ended September 30, 2012 reflect a non-cash pre-tax charge of $2.6 million for loss on extinguishment of long-term debt.

The $1.2 million, or 5.0%, rise in net revenue during the three months ended September 30, 2013 compared with the same period in 2012 reflects strength in the Company's Philadelphia and Miami-Fort Lauderdale market clusters as well as the acquisition of KOAS-FM in Las Vegas in the 2012 third quarter and KVGS-FM in September 2013.

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