|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,|
|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.