This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

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

Webcast: Today, October 25, 2013 at 10:00 a.m. ET
www.bbgi.com
 
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.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,288.63 +155.93 0.86%
S&P 500 2,117.39 +12.89 0.61%
NASDAQ 5,008.0960 +44.5690 0.90%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs