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
TheStreet Open House

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

Stocks in this article: BBGI

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.

Please refer to the "Calculation of SOI," "Reconciliation of SOI to Net Income," "Calculation of Same-Station SOI," and "Reconciliation of Same-Station SOI to Net Income" tables at the end of this announcement for a discussion regarding SOI calculations.

Commenting on the results, George G. Beasley, Chairman and Chief Executive Officer, said, "The third quarter marks Beasley Broadcast Group's fifth consecutive period of top line growth as third quarter net revenue rose 5.0% and same station net revenue increased 2.7%. Excluding the benefit of political advertising in the year-ago quarter, same station net revenue rose approximately 4.4%.

2 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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!

Markets

DOW 17,191.37 -195.84 -1.13%
S&P 500 2,002.16 -27.39 -1.35%
NASDAQ 4,637.9940 -43.5030 -0.93%

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