Beasley Broadcast Group Reports Third Quarter Results.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)--Nov. 3, 2003 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 nine-month periods ended September September: see month. 30, 2003. For the three months ended September 30, 2003, 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 rose 2.0% to $29.4 million from $28.8 million in the same period of 2002. 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. 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 for the period rose 1.2% to $7.3 million from $7.2 million in the third quarter of 2002, while 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. ) was $9.5 million, flat versus the year-ago period. Reflecting a $1.2 million gain on the sale of 50,000 shares of securities, net income rose 110.3% to $3.1 million, or $0.13 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, from net income of $1.5 million, or $0.06 per diluted share, in the three months ended September 30, 2002. Per share results for the third quarters of 2003 and 2002 are based on 24,345,543 and 24,298,694 shares outstanding on a fully diluted basis, respectively. Reported and same-station results are the same for the three month periods ended September 30, 2003 and 2002, as no station acquisitions or dispositions were completed in the relevant periods. For the nine months ended September 30, 2003, consolidated net revenue increased 0.4% to $82.3 million from $82.0 million in the same period of 2002. Operating income from continuing operations was $19.0 million, compared to $19.5 million in the year-ago period, while SOI was $25.8 million compared to $26.2 million. The Company reported net income of $9.5 million, or $0.39 per diluted share, for the first nine months of 2003, compared to a net loss of $6.9 million, or $0.28 per diluted share, in the comparable 2002 period. Net income for the 2003 period reflects a $4.5 million gain on the sale of 300,000 shares of securities and $0.3 million, or $0.01 per diluted share, in discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . The 2002 net loss reflects the adoption of 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, which resulted in a non-cash, 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. 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 impairment of certain 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. , of which $0.4 million, or $0.02 per diluted share, is reported in discontinued operations. Per share results for the 2003 and 2002 nine-month periods are based on 24,305,583 and 24,305,205 shares outstanding on a fully diluted basis, respectively. On a same-station basis for the 2003 nine-month period, consolidated net revenue increased 0.6% to $82.3 million from $81.9 million in the year ago period. SOI on a same-station basis decreased 1.1% to $25.8 million, from $26.1 million for the nine months ended September 30, 2002. For the period ended September 30, 2003, the Company's credit facility stipulates a maximum leverage ratio of 6.00-to-1.00, calculated as total outstanding senior debt (as defined in the credit agreement) at the end of a fiscal quarter divided by consolidated operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. (as defined in the credit agreement) for the trailing twelve-month period. As of September 30, 2003, the Company's total outstanding senior debt was $176.3 million and consolidated operating cash flow for the trailing twelve-month period was $31.4 million, for a leverage ratio of 5.61-to-1.00. 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
(1) Two or more systems working together. See clustering. (2) Also called an "allocation unit" or "file allocation unit," it is some number of disk sectors that are treated as a unit. . These increases were partially offset by challenging market conditions at our Fayetteville Fayetteville (fā`ĕtvĭl). 1 City (1990 pop. 42,099), seat of Washington co., NW Ark., in the Ozarks; inc. 1836. It is an agricultural trade center with canneries and food processors. The Univ. market cluster, which is located near several military bases." "As we anticipated, the advertising climate in both our large- and mid-sized markets remains somewhat unpredictable, and with limited visibility on revenue, our fourth quarter outlook remains cautious. We continue to make targeted investments in programming and promotions to enhance our competitive position in certain markets, while eliminating marginally mar·gin·al adj. 1. Of, relating to, located at, or constituting a margin, a border, or an edge: the marginal strip of beach; a marginal issue that had no bearing on the election results. 2. profitable non-traditional revenue events that do not contribute to operating income. We also continue to strengthen our balance sheet by using internally-generated cash flow and proceeds from the sale of securities to reduce the outstanding balance under our credit facility." Fourth Quarter Guidance For the three-month period ending December December: see month. 31, 2003, the Company anticipates reporting a net revenue decrease of up to 5%. The anticipated decrease is due to the suspension suspension, in vehicles suspension, in automobiles, system of springs used to suspend the frame, body, engine, and power train above the wheels. Its principal purpose is to lessen the jarring of the automobile that is caused by irregularities in the roads of a major annual promotional event in Philadelphia Philadelphia, ancient cities 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 the absence of political advertising revenue across the station portfolio, which accounted for approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1.1 million and $0.5 million of revenue, respectively, in the 2002 fourth quarter. This guidance is based on the economic and market conditions as of November November: see month. 3, 2003, and assumes no material changes in economic conditions or other major 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, November 3, 2003, 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 973/409-9253; 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 14 days 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 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 A clause in a deed of real property whereby the grantor, one who transfers property, creates and retains for the grantor some right or interest in the estate granted, such as rent or an Easement ,a right of use over the land of another. #4275544). About Beasley Broadcast Group 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 September 30, 2003 to those same-stations operated by our company at September 30, 2002. They reflect the exclusion exclusion /ex·clu·sion/ (eks-kloo´zhun) 1. a shutting out or elimination. 2. surgical isolation of a part, as of a segment of intestine, without removal from the body. of operating results from WRNO-FM WRNO-FM (The New 99.5FM.com) is an Interactive Talk radio station serving New Orleans, Louisiana. The Clear Channel Communications station broadcasts at 99.5 MHz with an ERP of 100 kW. and KMEZ-FM in 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 , which were sold during the first quarter of 2002, and the operating results of WBYU-AM in New Orleans, which was sold during the first quarter of 2003 and which are included in discontinued operations. 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 consider station operating expenses as costs of services (excluding depreciation and amortization) and selling, general and administrative expenses. SOI replaces broadcast cash flow (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 ) as the metric used by management to assess the performance of its stations. Although it is calculated in the same manner as BCF, our management believes that using the term "station operating income" provides a more accurate description of the performance measure. SOI (including SOI margin) 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 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 Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of 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 SEC. While the Company recognizes that because SOI is not calculated in accordance with 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 Securities and Exchange Commission (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 reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. 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 large-market 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 See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. , or our website, www.bbgi.com. These statements do not include the potential impact of any acquisitions or dispositions announced or completed after November 3, 2003. All information in this release is as of November 3, 2003, and the Company undertakes no obligation to update the information contained herein to actual results or changes to the Company's expectations. -tables follow-
BEASLEY BROADCAST GROUP, INC.
Consolidated Statements of Operations (unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2003 2002 2003 2002
------------ ------------ ------------ ------------
Net revenue $29,356,876 $28,793,802 $82,349,580 $81,993,914
------------ ------------ ------------ ------------
Costs and expenses:
Cost of services
(excluding
depreciation and
amortization,
shown separately
below) (1) 9,774,020 8,979,710 27,219,781 25,764,296
Selling, general
and
administrative
(1) 10,086,692 10,331,231 29,309,259 29,985,398
Corporate general
and
administrative 1,286,201 1,295,654 4,102,794 3,848,227
Depreciation and
amortization 904,336 967,922 2,699,556 2,919,929
------------ ------------ ------------ ------------
Total costs
and expenses 22,051,249 21,574,517 63,331,390 62,517,850
Operating income
from continuing
operations 7,305,627 7,219,285 19,018,190 19,476,064
Interest expense (3,001,629) (3,753,024) (8,927,244) (11,599,565)
Loss on
extinguishment of
long-term debt -- (1,806,431) -- (1,806,431)
Gain on sale of
investments 1,196,939 -- 4,491,938 --
Gain on increase in
fair value of
derivative
financial
instruments 589,000 697,000 1,409,000 2,568,000
Interest income 157,624 164,771 503,220 449,926
Other
income(expense) (598,790) 118,484 (645,996) (382,766)
------------ ------------ ------------ ------------
Income from
continuing
operations before
income taxes 5,648,771 2,640,085 15,849,108 8,705,228
------------ ------------ ------------ ------------
Income tax expense 2,536,539 1,054,537 6,644,761 3,289,214
------------ ------------ ------------ ------------
Income from
continuing
operations before
cumulative effect
of accounting
change and
discontinued
operations 3,112,232 1,585,548 9,204,347 5,416,014
Cumulative effect
of accounting
change (net of
income taxes) (2) -- -- -- (11,676,516)
Discontinued
operations (net of
income taxes) -- (105,490) 266,840 (641,416)
------------ ------------ ------------ ------------
Net income (loss) $3,112,232 $1,480,058 $9,471,187 $(6,901,918)
============ ============ ============ ============
Basic and diluted
net income (loss)
per share:
Income from
continuing
operations
before
cumulative
effect of
accounting
change and
discontinued
operations 0.13 0.06 0.38 0.22
Cumulative effect
of accounting
change (2) -- -- -- (0.48)
Discontinued
operations -- -- 0.01 (0.02)
------------ ------------ ------------ ------------
Net income (loss) $0.13 $0.06 $0.39 $(0.28)
============ ============ ============ ============
Basic common shares
outstanding 24,273,586 24,273,441 24,273,490 24,273,441
============ ============ ============ ============
Diluted common
shares outstanding 24,345,543 24,298,694 24,305,583 24,305,205
============ ============ ============ ============
(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 purposes of
calculating "Operating Income from Continuing Operations and
Margin," "SOI and Margin," and "Same-Station SOI" below and
reconciling each to "Operating Income from Continuing Operations."
(2) Effective January 1, 2002, the Company adopted SFAS No. 142. The
effect of this accounting change, after giving effect to
discontinued operations, totaled $11.7 million, or $0.48 per
diluted share, on an after-tax basis in 2002.
Selected Balance Sheet Data - Unaudited
(in thousands)
September December
30, 31,
--------- --------
2003 2002
--------- --------
Cash and cash equivalents $7,701 $5,448
Working capital 18,830 19,066
Total assets 280,122 282,091
Long term debt, less current installments 169,000 189,040
Total stockholders' equity 65,752 54,180
Selected Statement of Cash Flows Data - Unaudited
(in thousands)
Nine Months Ended
September 30,
-------------------
2003 2002
-------- --------
Net cash provided by operating activities $13,721 $8,952
Net cash provided by investing activities 8,674 17,773
Net cash used in financing activities (20,141) (29,088)
Net increase (decrease) in cash & cash equivalents 2,254 (2,363)
Operating Income From Continuing Operations and Margin Calculation
(Unaudited):
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------------- --------------------------
2003 2002 2003 2002
-------------------------- --------------------------
Net revenue $29,356,876 $28,793,802 $82,349,580 $81,993,914
Station
operating
expenses (19,860,712) (19,310,941) (56,529,040) (55,749,694)
Corporate
general and
administrative (1,286,201) (1,295,654) (4,102,794) (3,848,227)
Depreciation and
amortization (904,336) (967,922) (2,699,556) (2,919,929)
-------------------------- --------------------------
Operating
income from
continuing
operations $ 7,305,627 $ 7,219,285 $19,018,190 $19,476,064
========================== ==========================
Operating
income from
continuing
operations
margin(1) 24.9% 25.1% 23.1% 23.8%
========================== ==========================
(1) Operating income margin is calculated by dividing operating income
from continuing operations by net revenue.
SOI and Margin Calculation (Unaudited):
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------- -------------------------
2003 2002 2003 2002
------------ ------------ ------------ ------------
Net revenue $29,356,876 $28,793,802 $82,349,580 $81,993,914
Station operating
expenses (19,860,712) (19,310,941) (56,529,040) (55,749,694)
------------ ------------ ------------ ------------
SOI $9,496,164 $9,482,861 $25,820,540 $26,244,220
============ ============ ============ ============
SOI margin (1) 32.3% 32.9% 31.4% 32.0%
============ ============ ============ ============
(1) SOI margin is calculated by dividing SOI net revenue.
Reconciliation of SOI to Operating Income from Continuing Operations
(Unaudited):
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- -------------------------
2003 2002 2003 2002
----------- ----------- ------------ ------------
SOI $9,496,164 $9,482,861 $25,820,540 $26,244,220
Corporate general and
administrative (1,286,201) (1,295,654) (4,102,794) (3,848,227)
Depreciation and
amortization (904,336) (967,922) (2,699,556) (2,919,929)
----------- ----------- ------------ ------------
Operating income from
continuing
operations $7,305,627 $7,219,285 $19,018,190 $19,476,064
=========== =========== ============ ============
Same-Station Results Reconciliation (Unaudited):
Three Months Ended
September 30,
---------------------------------
2003 2002 (DELTA)%
------------ --------------------
Net revenue (as reported) $29,356,876 $28,793,802 2.0
-- --
------------ --------------------
Same-station net revenue $29,356,876 $28,793,802 2.0
============ ====================
2003 2002 (DELTA)%
------------ --------------------
Station operating expenses (as
reported) $19,860,712 $19,310,941 2.8
Sold stations (1) -- --
------------ --------------------
Same-station station operating
expenses $19,860,712 $19,310,941 2.8
============ ====================
2003 2002 (DELTA)%
------------ --------------------
Same-station net revenue $29,356,876 $28,793,802 2.0
Same-station station operating
expenses 19,860,712 19,310,941 2.8
------------ --------------------
Same-station SOI $9,496,164 $9,482,861 0.1
============ ====================
Nine Months Ended
September 30,
-----------------------------------
2003 2002 (DELTA)%
------------- ---------------------
Net revenue (as reported) $82,349,580 $81,993,914 0.4
Sold stations (1) -- (135,043)
------------- ---------------------
Same-station net revenue $82,349,580 $81,858,871 0.6
============= =====================
2003 2002 (DELTA)%
Station operating expenses (as ------------- ---------------------
reported) $56,529,040 $55,749,694 1.4
Sold Stations (1) -- $(10,839)
------------- ---------------------
Same-station station operating
expenses $56,529,040 $55,738,855 1.4
============= =====================
2003 2002 (DELTA)%
------------- ---------------------
Same-station net revenue $82,349,580 $81,858,871 0.6
Same-station station operating
expenses $56,529,040 55,738,855 1.4
------------- ---------------------
Same-station SOI $25,820,540 $26,120,016 (1.1)
============= =====================
(1) Includes WRNO-FM and KMEZ-FM, divested March 20, 2002, but does
not include WBYU-AM, which was divested February 5, 2003, and
which is included in discontinued operations.
Reconciliation of Same-Station SOI to Operating Income from Continuing
Operations (Unaudited):
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------------------------------------
2003 2002 2003 2002
------------------------------------------------------
Same-station SOI $9,496,164 $9,482,861 $25,820,540 26,120,016
Sold station net
revenue -- -- -- 135,043
Sold station
operating
expenses -- -- -- (10,839)
Corporate
general and
administrative
expenses (1,286,201) (1,295,654) (4,102,794) (3,848,227)
Depreciation and
amortization (904,336) (967,922) (2,699,556) (2,919,929)
------------- ------------ ------------- -------------
Operating
income
from
continuing
operations $ 7,305,627 $ 7,219,285 $ 19,018,190 $ 19,476,064
============= ============ ============= =============
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