Beasley Broadcast Group First Quarter After Tax Cash Flow Rises 102% to $3.4 Million, or $0.16 Per Share.Business Editors NAPLES Naples, city, Italy Naples, Ital. Napoli, city (1991 pop. 1,067,365), capital of Campania and of Naples prov., S central Italy, on the Bay of Naples, an arm of the Tyrrhenian Sea. , Fla.--(BUSINESS WIRE)--May 3, 2000 Beasley Broadcast Group Beasley Broadcast Group, Inc. NASDAQ: BBGI, based in Naples, Florida, is an owner/operator of radio stations in the United States. As of November, 2006, the company owned 16 AM stations and 26 FM stations. , Inc. (Nasdaq:BBGI BBGI Bloc de Branche Gauche Incomplet (French) ), a large- and mid-size market radio broadcaster, today announced operating results for the three month period ended March 31, 2000. In the first quarter of 2000, consolidated net revenue increased 13% to $22.8 million from $20.1 million in the same period of 1999. BCF BCF Billion Cubic Feet BCF Bioconcentration Factor BCF British Chess Federation BCF British Coatings Federation BCF Breast Cancer Fund BCF Bank Credit Facility BCF Bulked Continuous Filament BCF British Cycling Federation BCF Boeing Converted Freighter (defined as operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. plus depreciation and amortization, corporate general and administrative expenses and equity appreciation rights) rose 22% to $6.9 million, compared to $5.7 million in the first quarter of 1999. ATCF ATCF After Tax Cash Flow ATCF Automated Tropical Cyclone Forecasting ATCF As The Crow Flies ATCF Automated Tropical Cyclone Forecast (meteorology) ATCF air traffic control facility ATCF Aero Touring Club de France ATCF Air Traffic Control Flight (defined as net income plus depreciation and amortization, deferred taxes - or minus deferred income tax benefit, non-recurring items, equity appreciation rights and other non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. ) for the quarter ended March 31, 2000 rose 102% to $3.4 million, or $0.16 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to $1.7 million, or $0.10 per diluted share, in the corresponding 1999 period. On a same-station basis (comparing stations operated by the Company at March 31, 2000 to those same stations, whether or not operated by the Company in 1999), consolidated net revenue increased 11% to $22.8 million from $20.5 million in the first quarter of 1999. BCF on a same-station basis increased 17% to $7.0 million from $6.0 million in the same period of 1999. On a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis, as if recently completed and pending transactions were completed on January January: see month. 1, 2000, consolidated net revenue for the first quarter of 2000 would have been $23.8 million and BCF would have been $7.6 million. Commenting on the quarter, Chairman and Chief Executive Officer George George, river, c.345 mi (560 km) long, rising in a lake on the Quebec-Labrador boundary, E Canada. It flows N through Indian Lake (125 sq mi/324 sq km) to Ungava Bay (an arm of Hudson Strait). G. Beasley Beasley is a surname, and may refer to
A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: , which once again exceeded 30 percent. "Within the next few months, we expect to complete several acquisitions that either strengthen established clusters or mark Beasley's entrance into major new markets. Beasley is ranked first or second in market share in five of the seven markets in which we currently operate, and our intention is to develop cluster synergies in all of the markets in which we operate. With the proceeds from our initial public offering and a strong balance sheet with modest leverage, we are pursuing reasonably priced acquisitions to extend Beasley's nearly 40 year track record of proven success in acquiring, programming and developing value from its portfolio of radio broadcast properties. "The outlook for continued growth in 2000 is excellent. With a healthy advertising environment and the Company's radio stations posting good ratings, Beasley Broadcast Group is poised to deliver a record financial performance in 2000 and continue building shareholder value." On February February: see month. 11, 2000, Beasley Broadcast Group completed its initial public offering consisting of 6,850,000 shares of Class A Common Stock, which generated net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to the Company of approximately $99 million. Immediately prior to its initial public offering in February 2000, the Company reorganized re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. from an "S" Corporation to a "C" Corporation. As a result, all of the Company's net income after February 11, 2000 is taxable to the Company rather than to the Company's shareholders. In connection with the change of tax status, the Company recorded a non-cash deferred income tax expense of $27.7 million in the first quarter of 2000 to reflect the cumulative effect of temporary differences between the tax and financial reporting bases of the Company's assets and liabilities. As a result of this special one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge, the Company reported a net loss applicable to common shares of $29.4 million, or $1.39 per diluted share, compared to a net loss of $1.2 million, or $0.06 per diluted share, in the first quarter of 1999. On a pro forma basis, as if the Company had been subject to federal and state income taxes as a "C" Corporation during the entire 2000 and 1999 periods, the Company would have reported a net loss of $1.1 million, or $0.05 per share, for the period ended March 31, 2000. The Company's weighted average number of shares outstanding for the first quarters of 2000 and 1999 were 21,187,000 and 17,423,000, respectively, and reflect the issuance of shares in the Company's February 2000 initial public offering. Founded in 1961, Beasley Broadcast Group, Inc. is a radio broadcasting The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company that, upon completion of pending transactions, will own or operate 36 stations (21 FM and 15 AM) located in nine large- and mid-size markets in the Eastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . This news announcement contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Words or expressions such as "intend" or "expect" or variations of such words and similar expressions are intended to identify such forward-looking statements. Key risks are described in the Company's reports filed with the U.S. Securities and Exchange Commission. Readers should note that these statements may be impacted by several factors, including economic changes and changes in the radio broadcast industry generally and, accordingly, the Company's actual performance and results may vary from those stated herein, and the Company undertakes no obligation to update the information contained herein.
BEASLEY BROADCAST GROUP, INC.
Consolidated Statements Of Operations
(unaudited)
(in thousands, except per share data)
Three Months Ended
March 31,
2000 1999
---- ----
Net revenue $22,787 $20,144
Station operating expenses 15,846 14,452
--------------- --------------
Broadcast cash flow (1) 6,941 5,692
Corporate general & administrative 1,019 664
Depreciation and amortization 3,985 3,601
Equity appreciation rights 1,174 --
--------------- --------------
Operating income 763 1,427
Interest expense (2,663) (3,390)
Other non-operating income 148 46
--------------- --------------
Other expense, net (2,515) (3,344)
--------------- --------------
Loss before income taxes (1,752) (1,917)
Income tax benefit (expense)
for "S" Corporation, net (2) -- (721)
Deferred income tax expense (3) (27,653) --
--------------- --------------
Net loss applicable to
common shares (4) ($29,405) $(1,196)
=============== ==============
Net loss per common share (4) $(1.39) $(0.06)
=============== ==============
Weighted average common
shares outstanding 21,187,000 17,423,000
=============== ==============
(1) Broadcast cash flow consists of station operating income before
depreciation, amortization and corporate general and
administrative expenses.
(2) Pro forma, as if the Company had been subject to a federal tax
rate of 34% for the entire 2000 and 1999 periods
(3) Due to establishment of deferred tax assets and liabilities
upon conversion from a subchapter "S" to a subchapter "C"
corporation on February 11, 2000 in conjunction with the
Company's initial public offering.
(4) Had the Company had been subject to federal and state income
taxes as a "C" Corporation during the entire 2000 and 1999
periods, the Company would have reported a net loss of $1.1
million, or $0.05 per share, for the period ended March 31,
2000.
Other Data:
% Change
BCF margin 30.5% 28.3% 8%
EBITDA $5,922 $5,028 18%
ATCF (1) $3,407 $1,690 102%
ATCF/share $0.16 $0.10 60%
(1) After-tax cash flow consists of net income plus depreciation
and amortization, deferred tax provision (or minus deferred income tax
benefit), non-recurring items and equity appreciation rights and other
non-cash charges.
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