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

SOI is a measure widely used in the radio broadcast industry. While the Company recognizes that because SOI is not calculated in accordance with GAAP, it is not necessarily comparable to similarly titled measures employed by other companies. Management believes that SOI provides meaningful information to investors because it is an important measure of how effectively we operate our business (i.e., operate radio stations) and assists investors in comparing our operating performance with that of other radio companies. We also believe that providing SOI on a same-station basis is a useful measure of our performance because it presents SOI before the impact of any acquisitions or dispositions completed during the relevant periods. This allows investors to measure the performance of radio stations we owned and operated during the entirety of two operating periods being compared.  

Note Regarding Forward-Looking Statements :

Statements in this release that are "forward-looking statements" are based upon current expectations and assumptions, and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words or expressions such as "intends," "expects," "expected," "anticipates" or variations of such words and similar expressions are intended to identify such forward-looking statements. Key risks are described in our reports filed with the SEC including in our Annual Report on Form 10-K for the year ended December 31, 2012. Readers should note that forward-looking statements are subject to change and to inherent risks and uncertainties and may be impacted by several factors, including: external economic forces that could have a material adverse impact on our advertising revenues and results of operations; our radio stations may not be able to compete effectively in their respective markets for advertising revenues; we may not remain competitive if we do not respond to changes in technology, standards and services that affect our industry; our substantial debt levels; and, the loss of key personnel. Our actual performance and results could differ materially because of these factors and other factors discussed in the "Management's Discussion and Analysis of Results of Operations and Financial Condition" in our SEC filings, including but not limited to annual reports on Form 10-K or quarterly reports on Form 10-Q, copies of which can be obtained from the SEC, www.sec.gov , or our website, www.bbgi.com . All information in this release is as of October 25, 2013, and we undertake no obligation to update the information contained herein to actual results or changes to our expectations.

-tables follow-

BEASLEY BROADCAST GROUP, INC.
Consolidated Statements of Operations (Unaudited)
         
  Three Months Ended Nine Months Ended 
  September 30, September 30,
  2013 2012 2013 2012
Net revenue $25,950,102 $24,714,493 $77,618,204 $72,804,066
Operating expenses:        
Station operating expenses (including stock-based compensation and excluding depreciation and amortization shown separately below) (1) (2) 16,506,148 15,740,976 49,982,476 45,881,166
Corporate general and administrative expenses (including stock-based compensation) (3) 2,157,138 1,940,499 6,380,716 5,921,193
Other operating expenses 185,916 -- 185,916 --
Depreciation and amortization 548,184 532,975 1,640,408 1,563,476
Total operating expenses 19,397,386 18,214,450 58,189,516 53,365,835
Operating income  6,552,716 6,500,043 19,428,688 19,438,231
Non-operating income (expense):        
Interest expense (1,337,605) (1,792,469) (5,711,729) (4,404,625)
Loss on extinguishment of long-term debt -- (2,608,158) (1,260,784) (2,608,158)
Other income (expense), net 23,801 (176,460) 106,393 (191,528)
Income before income taxes 5,238,912 1,922,956 12,562,568 12,233,920
Income tax expense  2,052,021 766,033 4,597,221 4,807,931
Net income $3,186,891 $1,156,923 $7,965,347 $7,425,989
         
Basic and diluted net income per share $0.14 $0.05 $0.35 $0.33
Basic common shares outstanding 22,743,515 22,675,427 22,732,535 22,663,680
Diluted common shares outstanding 22,828,664 22,743,027 22,808,999 22,731,263
         
(1)  We refer to "Cost of services," and "Selling, general and administrative" together as "station operating expenses" for the "Calculation of SOI" and "Reconciliation of SOI to Net Income" below.
 
(2)  Includes stock-based compensation of $7,038 and $4,741 for the three months ended September 30, 2013 and 2012, respectively and $25,829 and $12,253 for the nine months ended September 30, 2013 and 2012, respectively.
 
(3)  Includes stock-based compensation of $178,531 and $103,322 for the three months ended September 30, 2013 and 2012, respectively and $480,253 and $333,766 for the nine months ended September 30, 2013 and 2012, respectively.
     
Selected Balance Sheet Data - Unaudited
(in thousands)
     
  September 30, December 31, 
  2013 2012
Cash and cash equivalents  $12,490 $11,661
Working capital  19,661 20,754
Total assets 262,869 259,373
Long term debt, less current portion  104,687 113,250
Total stockholders' equity  $90,583 $83,049
     
Selected Statement of Cash Flows Data – Unaudited
     
  Nine Months Ended September 30,
  2013 2012
Net cash provided by operating activities  $14,047,435 $15,598,697
Net cash used in investing activities  (5,965,856) (3,251,021)
Net cash used in financing activities (7,252,496) (14,606,024)
Net increase (decrease) in cash and cash equivalents  $829,083 $(2,258,348)
     
Calculation of SOI – Unaudited
         
  Three Months Ended Nine Months Ended
  September 30, September 30,
  2013 2012 2013 2012
Net revenue $25,950,102 $24,714,493 $77,618,204 $72,804,066
Station operating expenses (16,506,148) (15,740,976) (49,982,476) (45,881,166)
SOI $9,443,954 $8,973,517 $27,635,728 $26,922,900
         
         
Reconciliation of SOI to Net Income - Unaudited
         
  Three Months Ended Nine Months Ended 
  September 30, September 30, 
  2013 2012 2013 2012
SOI $9,443,954 $8,973,517 $27,635,728 $26,922,900
Corporate general and administrative expenses (2,157,138) (1,940,499) (6,380,716) (5,921,193)
Other operating expenses (185,916) -- (185,916) --
Depreciation and amortization (548,184) (532,975) (1,640,408) (1,563,476)
Interest expense (1,337,605) (1,792,469) (5,711,729) (4,404,625)
Loss on extinguishment of long-term debt -- (2,608,158) (1,260,784) (2,608,158)
Other income (expense), net 23,801 (176,460) 106,393 (191,528)
Income tax expense (2,052,021) (766,033) (4,597,221) (4,807,931)
Net income $3,186,891 $1,156,923 $7,965,347 $7,425,989
         
         
Calculation of Same-Station SOI - Unaudited
         
  Three Months Ended Nine Months Ended 
  September 30, September 30,
  2013 2012 2013 2012
Reported net revenue $25,950,102 $24,714,493 $77,618,204 $72,804,066
KOAS-FM (847,470) (402,507) (2,604,129) (402,507)
KVGS-FM (133,156) -- (133,156) --
Same-station net revenue $24,969,476 $24,311,986 $74,880,919 $72,401,559
         
Reported station operating expenses $16,506,148 $15,740,976 $49,982,476 $45,881,166
KOAS-FM (400,445) (230,812) (1,249,578) (230,812)
KVGS-FM (101,322) -- (101,322) --
Same-station operating expenses $16,004,381 $15,510,164 48,631,576 $45,650,354
         
Same-station net revenue $24,969,476 $24,311,986 $74,880,919 $72,401,559
Same-station operating expenses 16,004,381 15,510,164 48,631,576 45,650,354
Same-station SOI $8,965,095 $8,801,822 $26,249,343 $26,751,205
         
         
Reconciliation of Same-Station SOI to Net Income - Unaudited
         
  Three Months Ended Nine Months Ended 
  September 30, September 30,
  2013 2012 2013 2012
Same-station SOI $8,965,095 $8,801,822 $26,249,343 $26,751,205
Same-station net revenue adjustment 980,626 402,507 2,737,285 402,507
Same-station station operating expenses adjustment (501,767) (230,812) (1,350,900) (230,812)
Corporate general and administrative expenses (2,157,138) (1,940,499) (6,380,716) (5,921,193)
Other operating expenses (185,916) -- (185,916) --
Depreciation and amortization (548,184) (532,975) (1,640,408) (1,563,476)
Interest expense (1,337,605) (1,792,469) (5,711,729) (4,404,625)
Loss on extinguishment of long-term debt -- (2,608,158) (1,260,784) (2,608,158)
Other income (expense), net 23,801 (176,460) 106,393 (191,528)
Income tax expense  (2,052,021) (766,033) (4,597,221) (4,807,931)
Net income  $3,186,891 $1,156,923 $7,965,347 $7,425,989
CONTACT: B. Caroline Beasley, Chief Financial Officer
         Beasley Broadcast Group, Inc.
         239/263-5000; email@bbgi.com
         
         Joseph N. Jaffoni
         JCIR
         212/835-8500 or bbgi@jcir.com

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