Beasley Broadcast Group Increases Quarterly Cash Dividend by 11.1 Percent
March 02 2018 - 4:30PM
Beasley Broadcast Group, Inc. (Nasdaq:BBGI) (“the Company”), a
large- and mid-size market radio broadcaster, announced today that
its Board of Directors approved an 11.1 percent increase in the
quarterly cash dividend to $0.05 per share of its Class A and Class
B common stock beginning with the dividend declared for the first
quarter of 2018. The dividend is payable on Friday, April 6,
2018, to shareholders of record on Friday, March 30, 2018.
Caroline Beasley, Chief Executive Officer,
commented, “The increase in Beasley’s cash dividend reflects the
Board’s commitment to creating value for shareholders and our
success over the past year integrating the Greater Media properties
into our platform. Our expanded operating scale and ongoing
leverage reduction combined with the recurring benefit from the
enactment of the Tax Cuts and Jobs Act is resulting in higher free
cash flow, enabling us to increase our return of capital to
shareholders and continue with our leverage reduction initiatives,
while leaving us with the financial flexibility to pursue
additional platform building initiatives including select accretive
transactions.”
While the Company intends to pay regular
quarterly cash dividends for the foreseeable future, all subsequent
dividends will be reviewed quarterly and declared by the Board of
Directors at its discretion.
About Beasley Broadcast
GroupCelebrating its 57th 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 63 stations (45 FM and 18
AM) in 15 large- and mid-size markets in the United States.
Beasley radio stations reach approximately 19.0 million unique
consumers 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. For more information, please
visit www.bbgi.com.
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
“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 our
reports filed with the SEC including in our Annual Report on Form
10-K for the year ended December 31, 2017. 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: external economic forces that could have a
material adverse impact on our advertising revenues and results of
operations; our radio stations may not be able to compete
effectively in their respective markets for advertising revenues;
we may not remain competitive if we do not respond to changes in
technology, standards and services that affect our industry;
audience acceptance of our content, particularly our radio
programs; our substantial debt levels; and, the loss of key
personnel. Our actual performance and results could differ
materially because of these factors and other factors discussed in
the “Management’s Discussion and Analysis of Results of Operations
and Financial Condition” in our SEC filings, including but not
limited to 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 March 2, 2018, and we undertake no obligation to update the
information contained herein to actual results or changes to our
expectations.
CONTACT: |
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B. Caroline
BeasleyChief Executive OfficerBeasley Broadcast Group,
Inc.239/263-5000 or email@bbgi.com |
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Joseph
Jaffoni, Jennifer NeumanJCIR212/835-8500 or bbgi@jcir.com |
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