Beasley Broadcast Group Reports Third Quarter Net Revenue Rises 5.6% To $27.7 Million; Diluted EPS Of $0.07

B. CAROLINE BEASLEY NAMED CHIEF EXECUTIVE OFFICER

MARIE TEDESCO NAMED CHIEF FINANCIAL OFFICER

- Greater Media Acquisition Completed -

Conference Call and WebcastToday, November 2, 2016 at 10:00 a.m. ET719/325-4798, conference ID 2675855 or  www.bbqi.com

Replay information provided below

NAPLES, Fla., Nov. 02, 2016 (GLOBE NEWSWIRE) -- Beasley Broadcast Group, Inc. (Nasdaq:BBGI) ("Beasley" or the "Company"), a large- and mid-size market radio broadcaster, today announced operating results for the three month period ended September 30, 2016.  On November 1, 2016, Beasley completed its acquisition of Greater Media, which included the accretive acquisition of 18 radio stations (net of divestitures) and which is expected to more than double Beasley's revenue base.  The results reported herein solely reflect the Company's ownership and operation of 52 radio stations at September 30, 2016 (before the announced divestiture of a station in Charlotte) and do not include any operating results from the recently completed acquisition of Greater Media, Inc. ("Greater Media").

The Company also announced that, effective January 1, 2017, B. Caroline Beasley has been named Chief Executive Officer of the Company.  Ms. Beasley has served as the Company's Executive Vice President, Chief Financial Officer, Treasurer and Secretary since 1994, as a Director of the Company since 1983 and as the Company's Interim Chief Executive Officer since March 2016, following George G. Beasley's medical leave of absence.  George Beasley will continue to serve as the Company's Chairman of the Board and Ms. Beasley will continue to serve as a Board member.  Marie Tedesco, who presently serves as the Company's Vice President of Finance, will assume Ms. Beasley's responsibilities as Chief Financial Officer, effective January 1, 2017.  The appointments position Beasley to realize the projected growth and operating synergies related to the Company's acquisition of Greater Media.
 
Summary of Third Quarter Results
 
In millions, except per share data Three Months Ended September 30, Nine Months Ended September 30,
    2016     2015     2016     2015  
Net revenue $ 27.7   $ 26.3   $ 83.0   $ 77.5  
Station operating income (SOI - non-GAAP)   8.2     6.6     23.7     21.3  
Operating income (loss) (1)   3.8     (0.1 )   12.7     7.6  
Net income (loss) (1)   1.7     (0.7 )   6.0     3.1  
Net income (loss) per diluted share (1) $ 0.07   $ (0.03 ) $ 0.26   $ 0.13  

(1)  Operating income, net income and net income per diluted share for the three and nine month periods ended September 30, 2016 were impacted by merger expenses of $1.2 million. Operating income, net income and net income per diluted share for the three and nine month periods ended September 30, 2015 include a $3.5 million impairment loss.

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