BEASLEY BROADCAST GROUP 2020 THIRD QUARTER NET REVENUE RISES 63.4% FROM SECOND QUARTER LEVELS TO $49.6 MILLION WITH STATION OPERATING INCOME OF $8.1 MILLION

BEASLEY BROADCAST GROUP 2020 THIRD QUARTER NET REVENUE RISES 63.4% FROM SECOND QUARTER LEVELS TO $49.6 MILLION WITH STATION OPERATING INCOME OF $8.1 MILLION

NAPLES, Florida, November 3, 2020 – Beasley Broadcast Group, Inc. (Nasdaq: BBGI) (“Beasley” or the “Company”), a multi-platform media company, today announced operating results for the three- and nine‑month periods ended September 30, 2020.

The results presented herein reflect actual results including the operations of WDMK-FM in Detroit since its acquisition in August 2019.


Operating income (loss), net income (loss) and net income (loss) per diluted share reflect a $6.8 million non-cash impairment charge and a $2.8 million loss on the modification of long-term debt in the nine months ended September 30, 2020 and a $3.5 million gain on dispositions in the nine months ended September 30, 2019.

Net revenue during the three months ended September 30, 2020 primarily reflects a year-over-year decrease in commercial advertising revenue due to the impact of the COVID-19 pandemic, partially offset by growth in digital, esports and political revenue and contributions from the August 2019 acquisition of WDMK-FM.

Beasley reported operating income of $0.8 million in the third quarter of 2020 compared to operating income of $9.4 million in the third quarter of 2019, largely reflecting the year-over-year decrease in Station Operating Income (SOI, a non-GAAP financial measure) and higher depreciation and amortization, partially offset by lower corporate expenses.

Beasley reported a net loss of $2.7 million, or $0.08 per diluted share, in the three months ended September 30, 2020, compared to net income of $3.0 million, or $0.11 per diluted share, in the three months ended September 30, 2019. The year-over-year decrease was primarily due to the aforementioned decline in net revenue related to the COVID-19 pandemic.

SOI decreased to $8.1 million in the third quarter of 2020 compared to $16.7 million in the third quarter of 2019. The year-over-year decrease is primarily attributable to the adverse impact of the COVID-19 pandemic on commercial advertising revenues.

Please refer to the “Calculation of SOI” and “Reconciliation of Net Income (Loss) to SOI” tables at the end of this announcement for a discussion regarding SOI calculations.

Commenting on the financial results, Caroline Beasley, Chief Executive Officer, said, “The strong recovery of our business continued in the third quarter of 2020.  It is clear that the immediate actions we took to address the pandemic, including reducing station operating expenses, headcount reductions, furloughs, and negotiated discounts with landlords, service providers and partners have contributed to Beasley’s ability to rebound quickly. This focus, combined with the resumption of advertising in key categories, the experience of our teams who have managed through previous economic challenges, the quality of our content, and the role we play in the communities we serve, have all contributed to our ability to turn the corner as evidenced by the positive SOI recorded in the 2020 third quarter.

“Throughout the third quarter our sales teams drove monthly sequential revenue improvements with July up 8% over June, August up 24% over July and September rising 22% over August. Total net revenue for October increased in the low- to mid-single digits, and November revenue is currently  pacing down in the low teens.

“In addition to the resumption of advertising in key categories and the benefit of the political cycle, Beasley generated continued positive results from its digital and esports investments, which have been less impacted by the pandemic.  Third quarter digital revenue rose 1.8% year-over-year to $5.0 million and our new esports operations generated approximately $500,000 of revenue during the period. Digital revenue accounted for approximately 10.1% of total third quarter revenue, compared to 7.4% of total revenue in the prior year period.

“Reflecting our initiatives to address the pandemic, including reducing operating expenses and corporate overhead and realigning our company-wide cost structure, Beasley’s third quarter total operating expenses declined by 15.9% and the company expects to reduce its operating expenses through year-end by more than $32 million compared to our 2020 operating budget. We anticipate that a meaningful portion of the operating expense reductions realized since the onset of the pandemic will be recurring, as we continue to make fundamental changes to improve processes and efficiencies across the organization.

“While the last several months have presented unprecedented challenges for ad-reliant businesses, I am extremely proud of the way our corporate and station level leaders and valued team members rose to the occasion and worked tirelessly to enable Beasley to return to positive cash flow in the third quarter. Looking ahead to the fourth quarter and 2021, we intend to continue our focus on growing our cash flow and maintaining a strong balance sheet with liquidity at current or higher levels. Growing ratings, diversifying revenue and delivering exceptional content and services to our listeners, advertisers, online users and esports fans will remain our focus. And we believe the tremendous resilience of our team and steps we’ve taken to strengthen our financial position and achieve ongoing operational efficiencies have helped ensure that Beasley Broadcast Group remains well-positioned for near- and long-term success.”

 Conference Call and Webcast Information

The Company will host a conference call and webcast today, November 3, 2020, at 11:00 a.m. ET to discuss its financial results and operations.  To access the conference call, interested parties may dial 334-323-0501, conference ID 2300784 (domestic and international callers). Participants can also listen to a live webcast of the call at the Company’s website at www.bbgi.com. Please allow 15 minutes to register and download and install any necessary software. Following its completion, a replay of the webcast can be accessed for five days on the Company’s website, www.bbgi.com.

Questions from analysts, institutional investors and debt holders may be e-mailed to [email protected] at any time up until 10:00 a.m. ET on November 3, 2020. Management will answer as many questions as possible during the conference call and webcast (provided the questions are not addressed in their prepared remarks).

About Beasley Broadcast Group

Celebrating its 59th anniversary this year, Beasley Broadcast Group, Inc., (www.bbgi.com) was founded in 1961 by George G. Beasley who remains the Company’s Chairman of the Board.  Beasley Broadcast Group owns and operates 64 stations (47 FM and 17 AM) in 15 large- and mid-size markets in the United States.  Approximately 19 million consumers listen to Beasley radio stations weekly over-the-air, online and on smartphones and tablets, and millions regularly engage with the Company’s brands and personalities through digital platforms such as Facebook, Twitter, text, apps and email.  Beasley recently acquired a majority interest in the Overwatch League’s Houston Outlaws esports team and owns BeasleyXP, a national esports content hub. For more information, please visit www.bbgi.com.

Definitions

Station Operating Income (Loss) (SOI) consists of net revenue less station operating expenses.  We define station operating expenses as cost of services and selling, general and administrative expenses.

Free Cash Flow (FCF) consists of SOI less corporate expenses, interest expense, current income tax expense and capital expenditures plus stock-based compensation expense, net proceeds from dispositions, amortization of debt issuance costs and interest income.

SOI and FCF are measures widely used in the radio broadcast industry.  The Company recognizes that because SOI and FCF are not calculated in accordance with GAAP, they are not necessarily comparable to similarly titled measures employed by other companies.  However, management believes that SOI and FCF provide meaningful information to investors because they are important measures of how effectively we operate our business (i.e., operate radio stations) and assist investors in comparing our operating performance with that of other radio companies.

Note Regarding Forward-Looking Statements

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 of 1995.  Words or expressions such as “looking ahead,” “look forward,” “intends,” “believe,” “hope,” “plan,” “expects,” “expected,” “anticipates” or variations of such words and similar expressions are intended to identify such forward-looking statements.  Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about expected income; shareholder value; revenues; and growth.  Key risks are described in our reports filed with the SEC including in our annual report on Form 10-K and quarterly reports on Form 10-Q.  Readers should note that forward-looking statements are subject to change and to inherent risks and uncertainties and may be impacted by several factors, including:

  • the effects of the COVID-19 pandemic, including its potential effects on the economic environment and our results of operations, liquidity and financial condition, and the increased risk of impairments of our FCC licenses and/or goodwill, as well as any changes to federal, state or local government laws, regulations or orders in connection with the pandemic;
  • external economic forces that could have a material adverse impact on our advertising revenues and results of operations;
  • the ability of our radio stations to compete effectively in their respective markets for advertising revenues;
  • our ability to develop compelling and differentiated digital content, products and services;
  • audience acceptance of our content, particularly our radio programs;
  • our ability to respond to changes in technology, standards and services that affect the radio industry;
  • our dependence on federally issued licenses subject to extensive federal regulation;
  • actions by the FCC or new legislation affecting the radio industry;
  • our dependence on selected market clusters of radio stations for a material portion of our net revenue;
  • credit risk on our accounts receivable;    
  • the risk that our FCC licenses and/or goodwill could become impaired;
  • our substantial debt levels and the potential effect of restrictive debt covenants on our operational flexibility and ability to pay dividends, including restrictions on the ability to pay dividends in the near term as a result of the amendment to our credit agreement;
  • the potential effects of hurricanes on our corporate offices and radio stations;
  • the failure or destruction of the internet, satellite systems and transmitter facilities that we depend upon to distribute our programming;
  • disruptions or security breaches of our information technology infrastructure;
  • the loss of key personnel;
  • our ability to integrate acquired businesses and achieve fully the strategic and financial objectives related thereto and their impact on our financial condition and results of operations;
  • the fact that we are controlled by the Beasley family, which creates difficulties for any attempt to gain control of the Company; and
  • other economic, business, competitive, and regulatory factors affecting our business, including those set forth in our filings with the SEC.

Our actual performance and results could differ materially because of these factors and other factors discussed in our SEC filings, including but not limited to our annual reports on Form 10-K or quarterly reports on Form 10-Q, copies of which can be obtained from the SEC, www.sec.gov, or our website, www.bbgi.com.  All information in this release is as of November 3, 2020, and we undertake no obligation to update the information contained herein to actual results or changes to our expectations.


Lamar Smith Named Vice President of Engineering at Beasley Media Group

Lamar Smith Named Vice President of Engineering at Beasley Media Group

Naples, Florida (8/2/18): Beasley Media Group LLC., a subsidiary of Beasley Broadcast Group, Inc. (NASDAQ: BBGI) announces Lamar Smith has been promoted to the position of Vice President of Engineering at Beasley Media Group. He will begin his new position immediately.

Smith, who has been with the company for the past seven years, most recently served as Regional Engineering Director & Corporate Project Manager. In his new position, the radio engineering veteran will continue to be based in Charlotte and will manage large corporate projects throughout the country as well as assist in overseeing the company’s engineering staff.

“Lamar has earned this promotion with his exceptional engineering and project management skills on multiple large corporate projects,” said Beasley Media Group Chief Technology Officer Mike Cooney. “I could not run this department without him and look forward to Lamar playing a bigger management role in the engineering division as the company continues to grow.”

Smith currently serves as Vice President of the Emergency Broadcast Association.

 

 

 

The Broadcasters Foundation Of America

The Broadcasters Foundation Of America

BFOA 2010 LOGO.jpgDo you know a broadcaster in need, due to severe hardship due to failing health, accident, or other misfortune?

The Broadcasters Foundation of America has disbursed millions of dollars in aid to those who have worked as producers, on-air talent, engineers, sales executives, managers, and more.

No broadcaster who qualified for aid has ever been turned away.

Let’s get the word out about the Broadcasters Foundation of America, and let’s ensure that no broadcaster’s cry for help goes unanswered.

For more information, contact:
Jim Thompson, President of the Broadcasters Foundation of America
[email protected]

www.broadcastersfoundation.org

JOB POSTING // TRAFFIC REPORTER

bbgi-logo-small

DATE: March 18, 2016

TITLE: Traffic Reporter

Description:

Beasley Media Group of Augusta has an immediate opening Traffic Reporter for our seven station radio group in Augusta, Georgia. The ideal candidate should have prior traffic or news reporting experience, and understand the systems of calling local law enforcement agencies of the Augusta market to seek information for daily reports. This position requires a two part, split-shift work day Monday-Friday, consisting of 5:30am till 9:00am and 2:30pm till 6:30pm. Experience in social media is a plus for finding traffic information and sharing traffic information on stations’ social media.

Last Date for Consideration: Open until the position is filled.

No phone calls please.

Please forward your resume to Chris O’Kelley at [email protected] 

Beasley Media Group, Inc. is an Equal Employment Opportunity Employer.

 

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