Beasley Broadcast(US:BBGI)2019-05-07 20:10Financial Performance - Net revenue for the three months ended March 31, 2019, was $57.7 million, an increase of $2.5 million or 4.6% compared to $55.2 million for the same period in 2018[60]. - Net income for the three months ended March 31, 2019, was $1.4 million, an increase of $4.5 million compared to a net loss of $3.2 million for the same period in 2018[67]. - Net cash provided by operating activities increased by $2.6 million to $7.4 million for the three months ended March 31, 2019 compared to the same period in 2018[81]. Expenses - Station operating expenses increased by $1.9 million or 4.3% to $47.5 million for the three months ended March 31, 2019, compared to $45.5 million in the same period of 2018[61]. - Corporate general and administrative expenses rose by $1.7 million or 51.2% to $5.0 million for the three months ended March 31, 2019, compared to $3.3 million in the same period of 2018[62]. - Interest expense increased by $1.0 million or 26.6% to $4.6 million for the three months ended March 31, 2019, compared to $3.6 million in the same period of 2018[65]. Cash Flow - Cash receipts from revenue increased by $10.9 million, while cash paid for station operating expenses rose by $4.6 million during the same period[81]. - Net cash used in investing activities was $541,132 for the three months ended March 31, 2019, which included $2.5 million for investments and $1.8 million for capital expenditures[82]. - Net cash used in financing activities decreased to $3.9 million for the three months ended March 31, 2019, down from $4.3 million in the same period in 2018[83]. Debt and Liquidity - As of March 31, 2019, the carrying amount of the Company's long-term debt was $249.5 million, which approximated fair value based on current market interest rates[44]. - The revolving credit facility had $20.0 million in available commitments as of March 31, 2019, with interest based on LIBOR at 6.5%[70]. - The company expects to meet liquidity needs through internally generated cash flow, revolving credit facility, and potential equity offerings[78]. Tax and Compliance - The effective tax rate for the three months ended March 31, 2019, was 31.9%, compared to (13.7)% for the same period in 2018[66]. - The company was in compliance with all applicable financial covenants under the credit agreement as of March 31, 2019[75]. Acquisitions and Investments - The Company completed the acquisition of WXTU-FM on September 27, 2018, contributing $2.2 million in additional revenue in the Philadelphia market cluster[60]. - The credit agreement allows for additional dividends of up to $10 million annually if the Total Leverage Ratio is less than or equal to 3.5x[77]. - The scheduled principal repayments for the credit facility total $249.5 million, with $247.2 million due in 2023[76].