NAPLES, Fla., Sept. 06, 2024 (GLOBE NEWSWIRE) -- Beasley Broadcast Group, Inc. (Nasdaq: BBGI) (the “Company”), a multi-platform media company, today announced that its wholly owned subsidiary, Beasley Mezzanine Holdings, LLC (the “Issuer”), has commenced an exchange offer (the “Exchange Offer”) pursuant to which holders (the “Existing Noteholders”) may exchange their outstanding 8.625% Senior Secured Notes due 2026 (the “Existing Notes”) into: (i) newly issued 9.200% Senior Secured Notes due August 1, 2028 ...

Revenue Performance - Net revenue decreased by $3.0 million, or 4.8%, from $63.5 million in Q2 2023 to $60.4 million in Q2 2024[67] - Audio revenue decreased by $3.0 million, or 6.0%, primarily due to a decrease in local agency and direct revenue[67] - Digital revenue increased by $0.7 million, or 5.7%, driven by continued growth in the digital segment[67] - Net revenue decreased by $6.4 million (5.3%) to $114.8 million for the six months ended June 30, 2024, compared to the same period in 2023[72] - Audio revenue declined by $7.0 million (7.2%) primarily due to a decrease in local agency and direct revenue, while digital revenue increased by $1.7 million (7.5%) due to growth in the digital segment[73] Operating Expenses - Operating expenses decreased by $2.0 million, or 3.9%, from $51.3 million in Q2 2023 to $49.3 million in Q2 2024[68] - Operating expenses decreased by $3.4 million (3.3%) to $98.6 million for the six months ended June 30, 2024, with audio operating expenses down by $1.4 million (1.7%) and other operating expenses down by $2.0 million (100.0%) due to the termination of esports operations[74] - Corporate expenses decreased by $0.5 million, or 11.9%, primarily due to an increase in digital expenses allocated to operating expenses[69] - Digital operating expenses decreased by $0.9 million, or 8.4%, due to expense management in the digital segment[68] Financial Performance - Net loss for Q2 2024 was $0.3 million compared to a net loss of $10.4 million in Q2 2023, reflecting improved financial performance[70] - Net loss for the six months ended June 30, 2024, was $0.3 million, a significant improvement from a net loss of $14.0 million in the same period in 2023[77] Cash Flow and Investments - Net cash provided by operating activities increased to $2.6 million for the six months ended June 30, 2024, compared to approximately $24,000 in the same period in 2023[84] - Net cash provided by investing activities included proceeds of $6.0 million from the sale of an investment, offset by $2.0 million in capital expenditures[85] - The company recorded a gain of $6.0 million from the sale of an investment in Broadcast Music, Inc. on March 8, 2024[75] Debt and Interest - Interest expense decreased by $0.6 million, or 9.4%, due to repurchases of the Notes throughout 2023[69] - Interest expense decreased by $1.6 million (12.3%) to $11.7 million, attributed to repurchases of the Notes throughout 2023[75] Dividend and Liquidity - The company has suspended future quarterly dividend payments until it is determined that resumption is in the best interest of stockholders[79] - The company expects to meet future liquidity needs through internally generated cash flow, additional borrowings, or equity offerings[82] Taxation - Effective tax rate was approximately (7)% for Q2 2023 and (21)% for Q2 2024, differing from the federal statutory rate of 21%[69] Impairment - Impairment loss of $10.0 million was recorded in Q2 2023 related to the FCC license for WJBR-FM[69]

Exhibit 99.1 | --- | --- | |-------|-----------------------------------------| | | | | | Replay information provided below | CONTACT: B. Caroline Beasley Joseph Jaffoni, Jennifer Neuman Chief Executive Officer Beasley Broadcast Group, Inc. 239/263-5000 or ir@bbgi.com JCIR 212/835-8500orbbgi@jcir.com BEASLEY BROADCAST GROUP REPORTS SECOND QUARTER REVENUE OF $60.4 MILLION Second Quarter Digital Revenue Grew 5.7% Year-over-year, and 10.4% on a Same Station Basis Net Loss Decreased by $10.2 Million and Adjusted ...

Financial Data and Key Metrics - Q2 2024 total revenue was $60.4 million, down 4.8% year-over-year on an actual basis, but same-station revenue declined only 2% [4] - Digital revenue grew 10.2% year-over-year, now accounting for 21.5% of total revenue, up from 19.4% in Q2 2023 and 16.5% in Q2 2022 [4] - Adjusted EBITDA increased 11.4% to $8.8 million in Q2 2024 [8] - Operating expenses declined 3.9% or $2 million, including $1.3 million in severance costs [7][8] - Same-station SOI increased by $60,000 to $12.6 million, excluding severance costs [8] - Total debt at the end of Q2 was $267 million, down from $300 million at the beginning of 2021 [13] Business Line Performance - Digital revenue growth remains a priority, with digital SOI at $3.1 million and a margin of 24% for the quarter [16] - Political revenue for Q2 was $586,000, exceeding the budget by 72% and up significantly from $228,000 in Q2 2020 [5] - National revenue showed signs of stabilization, with same-station national revenue up 7.3% and actual national revenue up 6.4% year-over-year [6] - Local spot revenue declined 10.9% year-over-year, driven by a 3% decline in local agency business and a 4.9% decline in local direct [6] - Sports betting revenue was $3.1 million, accounting for 5.6% of total revenue, with growth in Boston and Charlotte offset by declines in Philadelphia [11] Market Performance - Six markets, including Augusta, Charlotte, Fayetteville, Fort Myers, New Jersey, and Tampa, exceeded prior year Q2 revenues [9] - The company holds the top-rated station in key markets such as Boston, Charlotte, Detroit, Las Vegas, and Philadelphia, with strong Nielsen Audio PPM ratings [18] Strategy and Industry Competition - The company is shifting its revenue mix toward digital, aiming for digital to account for 20%-25% of total revenue in 2024 [5] - A strategic plan focuses on revenue growth, leverage reduction, free cash flow, and addressing the capital structure ahead of the Q1 2026 debt maturity [19] - The company is streamlining traditional business operations, expanding digital revenue streams, and focusing on corporate expense management [19] - A $6.7 million expense reduction initiative in May 2024 is projected to save nearly $10 million annually, achieved through headcount reductions and operational consolidation [20] Management Commentary on Operating Environment and Outlook - Management noted continued softness in ad-reliant businesses, particularly in local markets, reflecting broader economic challenges [6] - The company expects a robust second half of 2024, driven by strong political spending and continued digital expansion [5][21] - Management remains optimistic about growth prospects, particularly in digital and political revenue streams [21] Other Important Information - The company closed its white-label agency, Guarantee Digital, transferring 75% of its revenue to the in-house agency Digital Direct, expected to increase the bottom line by $1 million [16] - The company exited its esports content initiative due to profitability concerns and a focus on reducing leverage [17] - A new head of digital content marketing was hired to support the growth of digital revenue streams [18] Q&A Session Question: Any discussions with creditors about the February 2026 bond maturity? - The company is laser-focused on addressing the Q1 2026 maturity and will provide more details in the near term [24] Question: Are there more assets that could be sold? - The company is open to selling assets at an attractive and deleveraging price [26] Question: Progress on the $10 million cost savings program? - The company realized $2 million in cost improvements in Q2, with the full benefit of the savings expected in future quarters [27]

Q 2 2 0 2 4 E A R N I N G S P R E S E N TAT I O N A U G U S T 2024 Forward-Looking Statements and Non- DisclaimerGAAP Financial Measures This presentation includes certain financial measures that have not been prepared in a manner that complies with generally accepted accounting principles in the United States ("GAAP"), including, without limitation, EBITDA, Station Operating Income ("SOI") (collectively, the "non-GAAP financial measures"). These non-GAAP financial measures are not measures of financial per ...

Beasley Broadcast Group (BBGI) came out with a quarterly loss of $0.01 per share versus the Zacks Consensus Estimate of a loss of $0.03. This compares to loss of $0.08 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 66.67%. A quarter ago, it was expected that this radio broadcaster would post a loss of $0.14 per share when it actually produced break-even earnings, delivering a surprise of 100%.Over the last four quarters, the ...

Second Quarter Digital Revenue Grew 5.7% Year-over-year, and 10.4% on a Same Station Basis Net Loss Decreased by $10.2 Million and Adjusted EBITDA Grew 11.4% to $8.8 Million  Conference Call and WebcastToday, August 12, 2024 at 11:00 a.m. ET877-407-4018 or 201-689-8471, conference ID 13747961 or www.bbgi.com Replay information provided below   NAPLES, Fla., Aug. 12, 2024 (GLOBE NEWSWIRE) -- Beasley Broadcast Group, Inc. (Nasdaq: BBGI) (“Beasley” or the “Company”), a multi-platform media company, today annou ...

Beasley Broadcast Group (BBGI) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system. ...

Beasley Broadcast Group, Inc. (NASDAQ:BBGI) Q1 2024 Earnings Conference Call May 8, 2024 11:00 AM ET Company Participants Caroline Beasley - CEO Marie Tedesco - CFO Conference Call Participants Operator Good morning, and welcome to Beasley Broadcast Group First Quarter 2024 Earnings Call. Before proceeding, I would like to emphasize that today's conference call and webcast will contain forward-looking statements about our future performance and results of operations that involve risks and uncertainties desc ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _______________ FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2024 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 000-29253 BEASLEY BROADCAST GROUP, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 65-0960915 (State ...