Third quarter 2013 station operating income (SOI), a non-GAAP financial measure, rose by $0.5 million, or 5.2%, from the 2012 third quarter to $9.4 million. Higher net revenue in the 2013 third quarter more than offset the $0.8 million, or 4.9%, increase in station operating expenses related to operating KOAS-FM in Las Vegas for a full quarter in 2013, a partial quarter of expenses for the operation of KVGS-FM in Las Vegas which was acquired in September 2013, and a rise in sales and programming expenses. The flat year-to-year comparison of 2013 third quarter operating income reflects a 6.5%, or $1.2 million, rise in total operating expenses which offset the quarterly revenue increase.Interest expense in the 2013 third quarter declined by 25.4%, or $0.5 million, reflecting the lower cost of borrowing resulting from the refinancing of the second lien debt in the second quarter of 2013 and reduced amounts outstanding. Income tax expense in the 2013 third quarter rose 167.9% to $2.1 million from $0.8 million in the 2012 third quarter, reflecting the increase in pre-tax income. Third quarter net income and net income per diluted share rose to $3.2 million and $0.14, respectively, for the 2013 third quarter which compares with net income and net income per diluted share of $1.2 million and $0.05, respectively, in the same period last year and reflects a $2.6 million pre-tax charge for loss on extinguishment of long-term debt.
Beasley Broadcast Group Third Quarter Net Revenue Rises 5.0%; Same Station Net Revenue Increases 2.7%
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