Beasley Broadcast Group Reports Second Quarter Results; Provides Guidance for Third Quarter 2002.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)--Aug. 2, 2002 Broadcast Cash Flow Increases 15% to $9.7 Million As 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 Margin Expands to 34%; After-Tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. Cash Flow Increases 48% to $4.5 Million 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 and six-month periods ended June June: see month. 30, 2002. For the three months ended June 30, 2002, consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: net revenue declined 6.2% to $28.4 million from $30.2 million in the same period of 2001. The decline is primarily attributed to the sale of two New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded radio stations in March 2002 that produced $1.6 million in revenue for the three months ended June 30, 2001. The decrease is also attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to $0.8 million in barter-related Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the revenue reported in the year-ago period, which the Company did not generate in the 2002 second quarter. Broadcast Cash Flow (BCF) (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. or loss before corporate general and administrative expenses and depreciation and amortization) rose 15.0% to $9.7 million from $8.5 million in the year-ago period. Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
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 ) (consisting of net income, or net loss, plus or minus losses or gains on the sale of radio stations and the cumulative effect of accounting changes, plus the following: depreciation and amortization, deferred income tax expense - or minus deferred income tax benefit - non-recurring items 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. ) rose 47.9% to $4.5 million from $3.1 million in the year-ago period. On a same-station basis (comparing stations operated by the Company at June 30, 2002 to those same stations operated by the Company at June 30, 2001), consolidated net revenue fell 1.0% to $28.4 million, compared to $28.6 million in the second quarter of 2001. BCF on a same-station basis increased 22.3% to $9.7 million from $8.0 million in the same period of 2001, primarily due to the negotiation of a new contract for the broadcast rights to the Florida Marlins The Florida Marlins are a professional baseball team based in Miami Gardens, Florida. The Marlins are a member of the Eastern Division of Major League Baseball's National League. From to the present, the Marlins have played in Dolphin Stadium. baseball games Noun 1. baseball game - a ball game played with a bat and ball between two teams of nine players; teams take turns at bat trying to score runs; "he played baseball in high school"; "there was a baseball game on every empty lot"; "there was a desire for National League for the 2002 season. 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
For the second quarter of 2002, the Company reported net income of $2.6 million, or $0.11 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 a net loss of $4.1 million, or $0.17 per diluted share, in the second quarter of 2001. Net results for the 2002 period reflect the January January: see month. 1, 2002 adoption of Statement of Financial Accounting Standards (SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System ) No. 142, "Goodwill and Other Intangible Assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. ," which eliminated the amortization expense for goodwill and broadcast license assets. Had SFAS No. 142 been in effect during 2001, the Company would have reported a net loss of $0.6 million, or $0.02 per share, in the 2001 second quarter. The 2002 second quarter results also reflect an implied gain on hedging instruments of approximately $0.7 million. Per share results for the second quarters of 2002 and 2001 are based on 24,316,087 and 24,310,014 diluted shares outstanding, respectively. For the six months ended June 30, 2002, consolidated net revenue declined 5.0% to $53.2 million from $56.1 million in the same period of 2001, while BCF rose 11.5% to $16.7 million from $14.9 million in the year-ago period. Results of operations for the six months ended June 30, 2001 include $2.6 million of revenue from the Company's two divested New Orleans stations. In addition, results of operations for the six months ended June 30, 2001 included $1.7 million in barter-related Internet revenue. EBITDA rose 13.6% to $14.1 million in the first half of 2002, from $12.4 million in the first half of 2001. ATCF increased 44.6% to $8.5 million, or $0.35 per diluted share, compared to $5.9 million, or $0.24 per diluted share, in the corresponding 2001 period. On a same-station basis for the six-month period ended June 30, 2002, net revenue decreased 2.9% to $53.1 million from $54.7 million for the first six months of 2001. BCF on a same-station basis was $16.5 million, an increase of 15.8% from the $14.3 million in the corresponding period of 2001, primarily due to the reasons cited above. The Company reported a net loss of $7.7 million, or $0.32 per diluted share, for the first six months of 2002, compared to a net loss of $6.7 million, or $0.28 per diluted share, in the comparable 2001 period. The 2002 net loss reflects the adoption of SFAS No. 142, including the effect of an non-cash, after-tax impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge taken in the first quarter of 2002 totaling $12.1 million, or $0.50 per diluted share, pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to the write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of certain intangible assets. The 2001 net loss reflects higher amortization expense, a loss on investment and a gain on related party receivable, as well as an implied gain on hedging instruments. Per share results for the first half of 2002 and 2001 are based on 24,308,731 and 24,312,500 diluted shares outstanding, respectively. Business Outlook and Guidance -- For the third quarter ending September 30, 2002, the Company anticipates reporting actual revenue of approximately $27.5 million, BCF of approximately $8.0 million and ATCF per share of approximately $0.12 per share. -- On a same-station basis for the third quarter (comparing stations operated by the Company at September 30, 2002 to those same stations operated by the Company at September 30, 2001) the Company expects revenue to be flat against year-ago levels and BCF to rise as much as 8.0%. 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 owns or operates 42 stations (26 FM and 16 AM) located in eleven large- and mid-size markets in the 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. . The Company will host a conference call and simultaneous webcast today, August 2nd at 10:00 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . Both the call and webcast are open to the general public. The conference call number is 973/582-2785; please call five minutes in advance to ensure that you are connected prior to the presentation. Following its completion, a replay of the call can be accessed for 5 days on the Internet from the Company's Web site, www.bbgi.com, or for 24 hours Adv. 1. for 24 hours - without stopping; "she worked around the clock" around the clock, round the clock via telephone at 973/341-3080 (reservation #3402499). Although broadcast cash flow, EBITDA and after-tax cash flow are not measures of performance or liquidity calculated in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting , the Company believes that these measures are useful to an investor in evaluating its performance. These measures are widely used in the broadcast industry to evaluate a radio company's operating performance. However, investors should not consider these measures in isolation or as substitutes for operating income, cash flows from operating activities or any other measure for determining our operating performance or liquidity that is calculated in accordance with generally accepted accounting principles. In addition, because broadcast cash flow, EBITDA and after-tax cash flow are not calculated in accordance with generally accepted accounting principles, they are not necessarily comparable to similarly titled measures employed by other companies. 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 "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 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. These statements do not include the potential impact of any acquisitions or dispositions announced or completed after August 2, 2002. The Company undertakes no obligation to update the information contained herein.
Summary Financial Data for Three Months Ended June 30th ($s in 000s):
----------------------------------------------------------------------
2002 2001 % Change
---- ---- --------
Actual Revenue $28,351 $30,214 (6.2)%
BCF (1) $9,741 $8,469 15.0%
BCF Margin 34.4% 28.0% 6.4%
EBITDA (2) $8,417 $7,099 18.6%
After-Tax Cash Flow (3) $4,531 $3,063 47.9%
ATCF/Diluted Share $0.19 $0.13 46.2%
----------------------------------------------------------------------
1) BCF is defined as operating income or loss before corporate
general and administrative expenses and depreciation and
amortization.
2) EBITDA is defined as BCF minus corporate general and
administrative expense.
3) After-tax cash flow consists of net income, or net loss, plus
or minus losses or gains on the sale of radio stations and the
cumulative effect of accounting changes, plus the following:
depreciation and amortization, deferred income tax expense -
or minus deferred income tax benefit - non-recurring items and
other non-cash charges.
Selected Balance Sheet Data
(in thousands)
June 30, December 31,
2002 2001
-------- --------
Cash and cash equivalents $ 3,318 $ 4,999
Working capital 5,373 5,893
Total assets 279,636 318,594
Long term debt 183,149 210,489
Total stockholders' equity 49,525 57,201
Selected Statement of Cash Flows Data
(in thousands)
June 30, June 30,
2002 2001
-------- --------
Net cash provided by operating activities $ 6,074 $ 5,915
Net cash provided by (used in) investing activities 18,865 (132,627)
Net cash provided by (used in) financing activities (26,620) 123,246
Net decrease in cash & cash equivalents (1,681) (3,466)
BEASLEY BROADCAST GROUP, INC.
Consolidated Statements Of Operations (unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2002 2001 2002 2001
---- ----- ---- ----
Net revenue $28,350,986 $30,214,234 $53,245,339 $56,056,955
Station operating
expenses 18,610,268 21,745,581 36,581,047 41,108,089
----------- ----------- ----------- -----------
Broadcast cash
flow (1) 9,740,718 8,468,653 16,664,292 14,948,866
Corporate general
& administrative 1,323,398 1,369,541 2,552,573 2,530,065
Depreciation and
amortization 962,708 7,169,790 1,984,494 13,208,535
----------- ----------- ----------- -----------
Operating income
(loss) 7,454,612 (70,678) 12,127,225 (789,734)
Interest expense (3,838,927) (4,094,176) (7,863,699) (7,797,577)
Other income
(expense),
net (2) 732,502 (2,079,777) 1,654,905 (1,596,740)
----------- ----------- ----------- -----------
Income (loss)
before income
taxes 4,348,187 (6,244,631) 5,918,431 (10,184,051)
Current income
tax expense
(benefit) 165,420 -- (2,155,681) --
Deferred income
tax expense
(benefit) 1,581,828 (2,144,000) 3,627,874 (3,435,000)
----------- ----------- ----------- -----------
Income (loss)
before
cumulative
effect of 2,600,939 (4,100,631) 4,446,238 (6,724,051)
accounting
change
Cumulative effect
of accounting
change (3)
-- -- (12,122,391) 41,000
----------- ----------- ----------- -----------
Net income (loss)
applicable to
common shares $ 2,600,939 $(4,100,631) $(7,676,153) $(6,683,051)
=========== =========== =========== ===========
Net income (loss)
per common share
(basic and
diluted) $ 0.11 $ (0.17) $ (0.32) $ (0.28)
=========== =========== =========== ===========
Weighted average
common shares
outstanding
(basic) 24,273,441 24,273,441 24,273,441 24,273,441
=========== =========== =========== ===========
Weighted average
common shares
outstanding
(diluted) 24,316,078 24,310,014 24,308,731 24,312,500
=========== =========== =========== ===========
(1) Broadcast cash flow is defined as operating income or loss
before corporate general and administrative expenses and
depreciation and amortization.
(2) Includes: a) an implied gain on hedging instruments of
approximately $0.7 million and $1.9 million for the three and
six month periods ended June 30, 2002, respectively, and
losses of approximately $1.8 million and $2.8 million for the
year ago periods; b) an investment loss of approximately $1.6
million and an investment gain of $2.6 million on related
party receivables for the six month period ended June 30,
2001; and, c) a gain of approximately $0.3 million on the sale
of two New Orleans radio stations for the six month period
ended June 30, 2002.
(3) Effective January 1, 2002, the Company adopted SFAS No. 142,
which eliminates the amortization expense for goodwill and
broadcast license assets. The adoption of SFAS No. 142
requires the Company to complete an annual impairment test on
unamortized goodwill and broadcast licenses. Based on this
test, it was determined the Company should write down the
value of certain intangible assets. The cumulative effect of
this accounting change totaled $12.1 million, or $0.50 per
diluted share, on an after-tax basis in the first six months
of 2002.
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