Beasley Broadcast Group Reports Second Quarter Results.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. -- 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- and six-month periods ended June June: see month. 30, 2005. For the three months ended June 30, 2005, consolidated net revenue rose 7% to $33.0 million from $31.0 million in the same period of 2004. 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. for the period rose 2% to $8.1 million, compared to $8.0 million in the second quarter of 2004. Station Operating Income (SOI (Silicon On Insulator) A chip architecture that increases transistor switching speed by reducing capacitance (build-up of electrical charges in the transistor's elements), and thus reducing the discharge time. The power requirement is also reduced in some designs. ), a non-GAAP financial measure, rose 6% to $10.8 million, compared to $10.2 million in the year-ago period. Net income was $3.8 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, in the three months ended June 30, 2005 compared to net income of $3.8 million, or $0.15 per diluted share, in the three months ended June 30, 2004. Per-share results for the second quarters of 2005 and 2004 are based on 24,291,863 and 24,381,246 diluted shares outstanding, respectively. For the six months ended June 30, 2005, consolidated net revenue increased 8% to $61.6 million from $57.0 million in the same period of 2004. Operating income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the was $12.4 million, compared to $12.8 million in the year-ago period, while SOI grew 1% to $17.4 million from $17.3 million. The Company reported net income of $5.4 million, or $0.22 per diluted share, for the first six months of 2005, compared to net income of $4.0 million, or $0.16 per diluted share, in the comparable 2004 period. Net income for the first six months of 2004 reflects a $2.4 million loss on extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . Per share results for the first half of 2005 and 2004 are based on 24,423,467 and 24,584,525 diluted shares outstanding, respectively. Reported and same-station results were the same for the periods presented above, as no station acquisitions or dispositions were completed in the relevant periods. Commenting on the results, 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
Philadelphia, name of several ancient cities. One was in Lydia, W Asia Minor (now W Turkey). At the foot of Mt. Tmolus and near the location of modern Alaşehir, it was founded in the 2d cent. B.C. and Ft. Myers Myers can refer to: People
"As always, we continue to invest in our stations to keep them competitive. Higher program rights fees in the Miami-Ft. Lauderdale Lauderdale is the name of various places:
Third Quarter Guidance For the three-month period ending September 30, 2005, the Company anticipates reporting flat net revenue compared to the year-ago level. This guidance assumes no material changes in economic conditions or extraordinary world events. The Company can give no assurance as to whether these conditions will continue, or if they change, how such changes may affect the Company's current expectations. While the Company may, from time to time, issue updated guidance, it assumes no obligation to do so. Conference Call Information: The Company will host a conference call and simultaneous webcast today, July 28, 2005, 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 to discuss its financial results and operations. Both the call and webcast are open to the general public. The dial in number for the conference call is 973/409-9261; please call five minutes in advance to ensure that you are connected prior to the presentation. Interested parties may also access the live call on the 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 at the Company's Web site at www.bbgi.com; allow 15 minutes to register and download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary software. Following its completion, a replay of the call can be accessed for 14 days on the Internet from the Company's Web site 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 #6267218). 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 41 stations (26 FM and 15 AM) located in ten 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. . Definitions Same-station results compare stations operated by our company at June 30, 2005 to those same-stations operated by our company at June 30, 2004. Station Operating Income (SOI) consists of net revenue less station operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . We define station operating expenses as costs of services (excluding depreciation and amortization) and selling, general and administrative expenses. SOI and same-station SOI are financial measures of performance that are not 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 U.S. 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 . We use these non-GAAP financial measures for internal budgeting purposes and to evaluate the performance of our radio stations. Management uses SOI to evaluate the operating performance of our radio stations because SOI enables management to measure the performance of our radio stations before non-cash expenses Noun 1. non-cash expense - an expense (such as depreciation) that is not paid for in cash disbursal, disbursement, expense - amounts paid for goods and services that may be currently tax deductible (as opposed to capital expenditures) for depreciation and amortization and general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. and expenses related to our corporate and capital structure. Management also uses SOI to make decisions as to the acquisition and disposition of radio stations. SOI excludes recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. non-cash and corporate-level costs and expenses, which may also be material to an assessment of the Company's overall operating performance. Management compensates for this limitation by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of the Company's operating performance. Moreover, the corresponding amounts of the non-cash and corporate-level costs and expenses excluded from the calculation are available to investors as they are presented as separate line items on our statements of operations contained in our periodic reports filed with the Securities and Exchange Commission (SEC). While the Company recognizes that because SOI is not calculated in accordance with U.S. generally accepted accounting principles, it is not necessarily comparable to similarly titled measures employed by other companies, SOI is a measure widely used in the radio broadcast industry. 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 management and investors to measure the performance of radio stations we owned and operated during the entirety The whole, in contradistinction to a moiety or part only. When land is conveyed to Husband and Wife, they do not take by moieties, but both are seised of the entirety. of two operating periods being compared. Note Regarding 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. : 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 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 SEC. Readers should note that these statements are subject to change and to inherent risks and uncertainties and may be impacted by several factors, including: economic and regulatory changes, the loss of key personnel, a downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. in the performance of our radio stations, the Company's substantial debt levels, and changes in the radio broadcast industry generally. The Company's actual performance and results could differ materially because of these factors and other factors discussed in the "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Results of Operations and Financial Condition" of our SEC filings, including but not limited to annual reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. or quarterly reports on Form 10-Q Form 10-Q See 10-Q. , copies of which can be obtained from the SEC, www.sec.gov, or our website, www.bbgi.com. These statements do not include the potential impact of any acquisitions or dispositions announced or completed after July 28, 2005. All information in this release is as of July 28, 2005, and the Company undertakes no obligation to update the information contained herein to actual results or changes to the Company's expectations.
BEASLEY BROADCAST GROUP, INC.
Consolidated Statements of Operations (unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2005 2004 2005 2004
---- ---- ---- ----
Net revenue $33,011,479 $30,959,144 $61,647,662 $57,027,762
------------ ------------ ------------ ------------
Costs and expenses:
Cost of services
(excluding
depreciation and
amortization)
(1) 10,884,464 10,024,336 20,734,411 18,948,096
Selling, general
and
administrative
(1) 11,295,228 10,724,869 23,469,601 20,764,108
Corporate general
and
administrative 1,834,815 1,535,343 3,467,033 3,097,953
Depreciation and
amortization 723,716 694,087 1,466,114 1,407,351
Asset purchase
agreement
termination
costs 141,449 - 141,449 -
------------ ------------ ------------ ------------
Total costs
and expenses 24,879,672 22,978,635 49,278,608 44,217,508
Operating income 8,131,807 7,980,509 12,369,054 12,810,254
Interest expense (1,920,951) (1,750,570) (3,784,036) (3,824,632)
Loss on
extinguishment of
long-term debt(2) - - - (2,418,781)
Gain on increase
in fair value
of derivative
financial
instruments - 112,836 - 151,949
Interest income 129,786 90,528 254,440 179,384
Other non-operating
income (expense) (73,979) - 126,310 (60,070)
------------ ------------ ------------ ------------
Income before
income taxes 6,266,663 6,433,303 8,965,768 6,838,104
Income tax expense 2,478,899 2,660,082 3,550,444 2,822,002
------------ ------------ ------------ ------------
Net income $3,787,764 $3,773,221 $5,415,324 $4,016,102
============ ============ ============ ============
Basic net income
per share: 0.16 0.16 0.22 0.17
Diluted net income
per share: 0.16 0.15 0.22 0.16
Basic common shares
outstanding 24,236,547 24,275,107 24,235,766 24,275,404
============ ============ ============ ============
Diluted common
shares outstanding 24,291,863 24,381,246 24,423,467 24,584,525
============ ============ ============ ============
(1) We refer to our "Cost of services (excluding depreciation and
amortization)" and "Selling, general and administrative"
together as our "station operating expenses" for the
"Calculation of SOI" and "Reconciliation of SOI to Net Income"
below.
(2) In the 2004 first quarter, Beasley incurred a loss on
extinguishment of debt of $2.4 million to write-off debt
issuance costs related to the old credit facility and certain
fees related to the establishment of a new credit facility.
Selected Balance Sheet Data - Unaudited
(in thousands)
June 30, December 31,
------------ ------------
2005 2004
------------ ------------
Cash and cash equivalents $ 12,799 $ 14,850
Working capital 25,834 26,580
Total assets 283,441 286,300
Long term debt, less current installments 144,612 153,362
Total stockholders' equity 84,888 81,075
Selected Statement of Cash Flows Data - Unaudited
(in thousands)
Six Months Ended
June 30,
-----------------------
2005 2004
----------- -----------
Net cash provided by operating activities $ 5,660 $ 10,513
Net cash used in investing activities (498) (2,552)
Net cash used in financing activities (7,213) (7,284)
Net increase (decrease) in cash and cash
equivalents (2,051) 677
Calculation of SOI (Unaudited):
-------------------------------
Three Months Ended Six Months Ended
June 30, June 30,
--------------------------- -------------------------
2005 2004 2005 2004
-------------- ------------ ------------ ------------
Net revenue $33,011,479 $30,959,144 $61,647,662 $57,027,762
Station operating
expenses (22,179,692) (20,749,205) (44,204,012) (39,712,204)
-------------- ------------ ------------ ------------
SOI $10,831,787 $10,209,939 $17,443,650 $17,315,558
============== ============ ============ ============
Reconciliation of SOI to Net Income (Unaudited):
------------------------------------------------
Three Months Ended Six Months Ended
June 30, June 30,
------------------------- -------------------------
2005 2004 2005 2004
------------ ------------ ------------ ------------
SOI $10,831,787 $10,209,939 $17,443,650 $17,315,558
Corporate general
and administrative (1,834,815) (1,535,343) (3,467,033) (3,097,953)
Depreciation and
amortization (723,716) (694,087) (1,466,114) (1,407,351)
Asset purchase
agreement
termination costs (141,449) - (141,449) -
Interest expense (1,920,951) (1,750,570) (3,784,036) (3,824,632)
Loss on
extinguishment of
long-term debt - - - (2,418,781)
Gain on increase in
fair value of
derivative
financial
instruments - 112,836 - 151,949
Interest income 129,786 90,528 254,440 179,384
Other non-operating
income (expense) (73,979) - 126,310 (60,070)
Income tax expense (2,478,899) (2,660,082) (3,550,444) (2,822,002)
------------ ------------ ------------ ------------
Net income $ 3,787,764 $ 3,773,221 $ 5,415,324 $ 4,016,102
============ ============ ============ ============
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