Beasley Broadcast Group 1Q Net Revenue Rises 6.5%

Beasley Broadcast Group, Inc. today announced operating results for the three-month period ended March 31, 2013 as summarized below.

The $1.5 million, or 6.5%, rise in net revenue during the three months ended March 31, 2013, compared with the same period in 2012 reflects strength in the Company's Philadelphia, Las Vegas and Fort Myers market clusters including the acquisition of KOAS-FM in Las Vegas in the 2012 third quarter.

The $0.2 million, or 4.0%, year-over-year improvement in 2013 first quarter operating income reflects the quarterly revenue increase which more than offset a 7.2%, or $1.3 million, rise in total operating expenses, which included costs related to operating KOAS-FM in Las Vegas, and higher sales expenses.

First quarter 2013 station operating income (SOI), a non-GAAP financial measure, rose $0.3 million, or 4.1%, to $8.1 million compared with the 2012 first quarter, as the higher quarterly net revenue more than offset a $1.2 million, or 7.7%, increase in station operating expenses.

George Beasley

Commenting on the results, George G. Beasley, Chairman and Chief Executive Officer, said, "The solid first quarter revenue growth led to another period of SOI growth, as consolidated SOI (station operating income) increased 4.1% year-over-year. First quarter SOI margins also remain healthy at 32.7% but declined slightly from last year as station operating expenses rose due to our investments in our local sales teams.

"Beyond our company-wide focus on programming and ratings which serve as the foundation for the success of our on-air and digital advertising platforms, we continue to strengthen our balance sheet. During the first quarter, we made repayments totaling $1.0 million against the credit facility, reducing total bank debt to $115.7 million at March 31, 2013, from $123.4 million at the end of last year's first quarter."