Beasley Broadcast Group, Inc. (Nasdaq: BBGI), a large- and mid-size
market radio broadcaster, today announced operating results for the
for the three- and nine-month periods ended September 30, 2006 as
summarized below: Summary of Third Quarter and Year-to-date Results
� In millions, except per share data � Three Months EndedSeptember
30, � � � Nine Months EndedSeptember 30, � � � � 2006� � 2005� �
Change � 2006� � 2005� � Change Net revenue � $31.1� � $32.1� �
(3.1)% � $90.3� � $93.7� � (3.6)% Station operating income (SOI -
non-GAAP) � 9.4� � 11.2� � (15.5)% � 26.7� � 28.6� � (6.7)%
Operating income � 6.4� � 7.9� � (18.5)% � 18.0� � 20.2� � (11.0)%
Net income � 2.4� � 3.8� � (37.1)% � 7.2� � 9.2� � (21.9)% Net
income per diluted share � $0.10� � $0.15� � (33.3)% � $0.30� �
$0.38� � (21.1)% Diluted shares outstanding � 23.9� � 24.3� � � �
24.2� � 24.4� � � The $1.0 million decline in revenue during the
third quarter ended September 30, 2006 compared with the third
quarter of 2005 primarily reflects lower revenue from the Company�s
Philadelphia and Miami clusters and lower national ad sales
partially offset by revenue improvements at the Company�s Las Vegas
and Augusta clusters. The $1.5 million decline in third quarter
2006 operating income primarily reflects the revenue decline as
well as higher cost of services that more than offset declines in
selling, general and administrative expenses and corporate general
and administrative expenses. Quarterly Station Operating Income
(SOI), a non-GAAP financial measure, fell $1.7 million from the
2005 third quarter and reflect costs related to the re-programming
of KDWN-AM in Las Vegas, which was acquired in August. On a
same-station basis (comparing stations operated by the Company
during the quarter ended September 30, 2006 to those same stations
operated by the Company during the quarter ended September 30,
2005, and excluding the contributions from KDWN-AM in Las Vegas
which was acquired in August 2006), 2006 third quarter consolidated
net revenue was $30.9 million, compared to $32.1 million in the
third quarter of 2005, while SOI was $9.7 million, compared to
$11.2 million in the same period of 2005. Please refer to the
�Calculation of SOI,� �Reconciliation of SOI to Net Income,�
�Calculation of Same Station SOI,� and �Reconciliation of Same
Station SOI to Net Income� tables at the end of this announcement
for a discussion regarding SOI and related same-station
calculations. Commenting on the results, George G. Beasley,
Chairman and Chief Executive Officer, said, �Double digit revenue
gains in Las Vegas driven by our country station, which was
re-programmed just a year ago, and in Augusta, where we�re also
benefiting from a re-format, only partially offset continued
weakness from our Miami cluster and lower national revenue. With
programming and on-air changes in place in Philadelphia, our goal
is to out-perform the market in both local and national revenue
growth. In Miami, third quarter results reflect the expense of our
sports station�s baseball broadcast rights and lower revenue at our
rhythmic CHR station in the market, which we are seeking to address
through operational and personnel changes. In this regard, we began
to realize sales and operating improvements at our Miami sports
station resulting from changes implemented earlier this year.
�Beyond the internal growth we are pursuing based on operational,
personnel and programming changes, we continue to selectively
expand our portfolio through acquisitions, and were active with
this initiative during the third quarter. We maintain a very
positive long-term view of the industry based on its attractive
cash flows, distinct value to listeners and advertisers, and the
prospective value to be derived from our investments in HD Radio�
and online and new media initiatives. To this end, in August, we
finalized our acquisition of KDWN-AM in Las Vegas and have already
re-programmed the station with a new News/Talk format that we
believe will take advantage of a void in the market as well as the
station�s exceptional reach. In addition, earlier this quarter we
agreed to acquire WJBR-FM in Wilmington, Delaware. We expect that
the acquisition of WJBR-FM, which is popular in the four
northeastern states that it reaches, will prove to be an attractive
strategic and financial transaction and a good complement to our
existing Philadelphia station cluster. �Reflecting our long-term
view of the industry and knowledge of values, we continued to
repurchase our common stock, buying approximately 317,000 shares in
the third quarter. Since the launch of our repurchase program two
years ago, we have repurchased 684,000 shares for a total of $6.7
million which is a direct reflection of our confidence in the
industry and Beasley Broadcast Group.� Fourth Quarter 2006 Guidance
For the three-month period ending December 31, 2006, the Company
anticipates reporting a net revenue increase of 5% compared to the
same period last year. On a same-station basis (excluding revenue
derived from KDWN-AM in Las Vegas, Nevada, and the local marketing
agreement WJBR-FM in Wilmington, Delaware) the Company anticipates
reporting a net revenue decrease of 2% for the three-month period
ending December 31, 2006 compared to the same period last year.
This guidance assumes no material changes in economic conditions or
extraordinary events. The Company can give no assurance as to
whether these conditions will continue, or if they change, how such
changes may affect the Company�s current expectations. While the
Company may, from time to time, issue updated guidance, it assumes
no obligation to do so. Conference Call Information The Company
will host a conference call and simultaneous webcast today, October
30, 2006, at 11:00 a.m. EST to discuss its financial results and
operations. Both the call and webcast are open to the general
public. The dial in number for the conference call is 973/582-2770;
please call five minutes in advance to ensure that you are
connected prior to the presentation. Interested parties may also
access the live call on the Internet at the Company�s Web site at
www.bbgi.com; allow 15 minutes to register and download and install
any necessary software. Questions and answers will be reserved for
call-in analysts and institutional investors. Following its
completion, a replay of the call can be accessed for 14 days on the
Internet from the Company�s Web site or for 24 hours via telephone
at 973/341-3080 (reservation #7952657). Founded in 1961, Beasley
Broadcast Group, Inc. is a radio broadcasting company that owns or
operates 43 stations (27 FM and 16 AM) located in ten large- and
mid-size markets in the United States. Definitions Station
Operating Income (SOI) consists of net revenue less station
operating expenses. We define station operating expenses as cost of
services and selling, general and administrative expenses. SOI and
same-station SOI are financial measures of performance that are not
calculated in accordance with U.S. generally accepted accounting
principles, which we refer to as GAAP. We use these non-GAAP
financial measures for internal budgeting purposes. We also use SOI
to make decisions as to the acquisition and disposition of radio
stations. SOI excludes corporate-level costs and expenses and
depreciation and amortization, which may be material to an
assessment of the Company�s overall operating performance.
Management compensates for this limitation by separately
considering the impact of these excluded items to the extent they
are material to operating decisions or assessments of the Company�s
operating performance. Moreover, the corresponding amounts of the
non-cash and corporate-level costs and expenses excluded from the
calculation are available to investors as they are presented on our
statements of operations contained in our periodic reports filed
with the Securities and Exchange Commission (SEC). While the
Company recognizes that because SOI is not calculated in accordance
with GAAP, it is not necessarily comparable to similarly titled
measures employed by other companies, SOI is a measure widely used
in the radio broadcast industry. Management believes that SOI
provides meaningful information to investors because it is an
important measure of how effectively we operate our business (i.e.,
operate radio stations) and assists investors in comparing our
operating performance with that of other radio companies. We also
believe that providing SOI on a same-station basis is a useful
measure of our performance because it presents SOI before the
impact of any acquisitions or dispositions completed during the
relevant periods. This allows investors to measure the performance
of radio stations we owned and operated during the entirety of two
operating periods being compared. 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, 2005. 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: economic and regulatory changes, the effect of
radio station acquisitions or dispositions that we may make, the
loss of key personnel, a downturn in the performance of our radio
stations, our substantial debt levels and changes in the radio
broadcast industry generally. 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� of 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 October 30, 2006, and we
undertake no obligation to update the information contained herein
to actual results or changes to our expectations. BEASLEY BROADCAST
GROUP, INC. Consolidated Statements of Operations (Unaudited) �
Three Months Ended September 30, Nine Months Ended September 30,
2006� 2005� 2006� 2005� Net revenue $ 31,056,757� $ 32,051,349� $
90,341,576� $ 93,699,011� Costs and expenses: Cost of services
(including stock-based compensation and excluding depreciation and
amortization) (1) (2) 10,824,115� 9,995,258� 31,494,046�
30,729,669� Selling, general and administrative (including
stock-based compensation) (1) (3) 10,804,085� 10,900,312�
32,154,350� 34,369,913� Corporate general and administrative
(including stock-based compensation) (4) 2,297,060� 2,570,497�
6,604,417� 6,037,530� Depreciation and amortization 708,863�
705,351� 2,071,815� 2,171,465� Asset purchase agreement termination
costs � -� � -� � -� � 141,449� Total costs and expenses
24,634,123� 24,171,418� 72,324,628� 73,450,026� Operating income
6,422,634� 7,879,931� 18,016,948� 20,248,985� Interest expense
(2,576,050) (1,779,972) (6,344,977) (5,564,008) Other non-operating
expenses (33,236) (413) (58,704) (85,370) Interest income 142,132�
122,217� 376,911� 376,657� Other non-operating income � -� � -� �
32,699� � 211,267� Income before income taxes 3,955,480� 6,221,763�
12,022,877� 15,187,531� Income tax expense � 1,590,171� �
2,463,818� � 4,857,242� � 6,014,262� Net income $ 2,365,309� $
3,757,945� $ 7,165,635� $ 9,173,269� � Basic net income per share:
$ 0.10� $ 0.16� $ 0.30� $ 0.38� Diluted net income per share: �
0.10� � 0.15� � 0.30� � 0.38� � Basic common shares outstanding �
23,843,630� � 24,199,515� � 24,000,995� � 24,223,549� Diluted
common shares outstanding � 23,907,978� � 24,291,056� � 24,180,408�
� 24,356,335� (1) We refer to "Cost of services," and "Selling,
general and administrative" together as "station operating
expenses" for the "Calculation of SOI" and "Reconciliation of SOI
to Net Income" below. (2) Includes stock-based compensation of
$3,309 and $7,150 for the three and nine months ended September 30,
2006, respectively. (3) Includes stock-based compensation of
$73,194 and $46,735 for the three months ended September 30, 2006
and 2005, respectively and $166,120 and $46,735 for the nine months
ended September 30, 2006 and 2005, respectively. (4) Includes
stock-based compensation of $555,086 and $760,402 for the three
months ended September 30, 2006 and 2005, respectively and
$1,381,889 and $760,402 for the nine months ended September 30,
2006 and 2005, respectively. Selected Balance Sheet Data -
Unaudited (in thousands) � September 30, December 31, 2006� 2005�
Cash and cash equivalents $ 12,632� $ 16,279� Working capital
23,996� 32,402� Total assets 298,874� 280,817� Long term debt, less
current installments 153,875� 144,375� Total stockholders� equity
87,317� 87,998� Selected Statement of Cash Flows Data - Unaudited
(in thousands) � Nine Months Ended September 30, 2006� 2005� Net
cash provided by operating activities $ 16,472� $ 14,049� Net cash
used in investing activities (23,190) (1,199) Net cash provided by
(used in) financing activities 3,071� (11,948) Net increase
(decrease) in cash and cash equivalents (3,647) 902� Calculation of
SOI - Unaudited � Three Months Ended September 30, Nine Months
Ended September 30, 2006� 2005� 2006� 2005� Net revenue $
31,056,757� $ 32,051,349� $ 90,341,576� $ 93,699,011� Station
operating expenses (21,628,200) (20,895,570) (63,648,396)
(65,099,582) SOI $ 9,428,557� $ 11,155,779� $ 26,693,180� $
28,599,429� Reconciliation of SOI to Net Income - Unaudited � Three
Months EndedSeptember 30, Nine Months EndedSeptember 30, 2006�
2005� 2006� 2005� SOI $ 9,428,557� $ 11,155,779� $ 26,693,180� $
28,599,429� Corporate general and administrative (2,297,060)
(2,570,497) (6,604,417) (6,037,530) Depreciation and amortization
(708,863) (705,351) (2,071,815) (2,171,465) Asset purchase
agreement termination costs -� -� -� (141,449) Interest expense
(2,576,050) (1,779,972) (6,344,977) (5,564,008) Other non-operating
expenses (33,236) (413) (58,704) (85,370) Interest income 142,132�
122,217� 376,911� 376,657� Other non-operating income -� -� 32,699�
211,267� Income tax expense � (1,590,171) � (2,463,818) �
(4,857,242) � (6,014,262) Net income $ 2,365,309� $ 3,757,945� $
7,165,635� $ 9,173,269� Calculation of Same-Station SOI � Three
Months EndedSeptember 30, Nine Months EndedSeptember 30, 2006�
2005� 2006� 2005� Reported net revenue $ 31,056,757� $ 32,051,349�
$ 90,341,576� $ 93,699,011� KDWN � (135,272) � � -� � � (135,272) �
� -� Same-station net revenue $ 30,921,485� $ 32,051,349� $
90,206,304� $ 93,699,011� � Reported station operating expenses $
21,628,200� $ 20,895,570� $ 63,648,396� $ 65,099,582� KDWN �
(438,632) � -� � (438,632) � � -� Same-station station operating
expenses $ 21,189,568� $ 20,895,570� $ 63,209,764� $ 65,099,582� �
Same-station net revenue $ 30,921,485� $ 32,051,349� $ 90,206,304�
$ 93,699,011� Same-station station operating expenses � 21,189,568�
� 20,895,570� � 63,209,764� � 65,099,582� Same-station SOI $
9,731,917� $ 11,155,779� $ 26,996,540� $ 28,599,429� Reconciliation
of Same-Station SOI to Net Income - Unaudited � Three Months
EndedSeptember 30, Nine Months EndedSeptember 30, 2006� 2005� 2006�
2005� Same Station SOI $ 9,731,917� $ 11,155,779� $ 26,996,540� $
28,599,429� KDWN net revenue 135,272� -� 135,272� -� KDWN station
operating expenses (438,632) -� (438,632) -� Corporate general and
administrative (2,297,060) (2,570,497) (6,604,417) (6,037,530)
Depreciation and amortization (708,863) (705,351) (2,071,815)
(2,171,465) Asset purchase agreement termination costs -� -� -�
(141,449) Interest expense (2,576,050) (1,779,972) (6,344,977)
(5,564,008) Other non-operating expenses (33,236) (413) (58,704)
(85,370) Interest income 142,132� 122,217� 376,911� 376,657� Other
non-operating income -� -� 32,699� 211,267� Income tax expense �
(1,590,171) � (2,463,818) � (4,857,242) � (6,014,262) Net income $
2,365,309� $ 3,757,945� $ 7,165,635� $ 9,173,269� Beasley Broadcast
Group, Inc. (Nasdaq: BBGI), a large- and mid-size market radio
broadcaster, today announced operating results for the for the
three- and nine-month periods ended September 30, 2006 as
summarized below: -0- *T Summary of Third Quarter and Year-to-date
Results In millions, except per share Three Months Ended Nine
Months Ended data September 30, September 30,
----------------------------------------------------------------------
2006 2005 Change 2006 2005 Change
----------------------------------------------------------------------
Net revenue $31.1 $32.1 (3.1)% $90.3 $93.7 (3.6)%
----------------------------------------------------------------------
Station operating income (SOI - non-GAAP) 9.4 11.2 (15.5)% 26.7
28.6 (6.7)%
----------------------------------------------------------------------
Operating income 6.4 7.9 (18.5)% 18.0 20.2 (11.0)%
----------------------------------------------------------------------
Net income 2.4 3.8 (37.1)% 7.2 9.2 (21.9)%
----------------------------------------------------------------------
Net income per diluted share $0.10 $0.15 (33.3)% $0.30 $0.38
(21.1)%
----------------------------------------------------------------------
Diluted shares outstanding 23.9 24.3 24.2 24.4
----------------------------------------------------------------------
*T The $1.0 million decline in revenue during the third quarter
ended September 30, 2006 compared with the third quarter of 2005
primarily reflects lower revenue from the Company's Philadelphia
and Miami clusters and lower national ad sales partially offset by
revenue improvements at the Company's Las Vegas and Augusta
clusters. The $1.5 million decline in third quarter 2006 operating
income primarily reflects the revenue decline as well as higher
cost of services that more than offset declines in selling, general
and administrative expenses and corporate general and
administrative expenses. Quarterly Station Operating Income (SOI),
a non-GAAP financial measure, fell $1.7 million from the 2005 third
quarter and reflect costs related to the re-programming of KDWN-AM
in Las Vegas, which was acquired in August. On a same-station basis
(comparing stations operated by the Company during the quarter
ended September 30, 2006 to those same stations operated by the
Company during the quarter ended September 30, 2005, and excluding
the contributions from KDWN-AM in Las Vegas which was acquired in
August 2006), 2006 third quarter consolidated net revenue was $30.9
million, compared to $32.1 million in the third quarter of 2005,
while SOI was $9.7 million, compared to $11.2 million in the same
period of 2005. Please refer to the "Calculation of SOI,"
"Reconciliation of SOI to Net Income," "Calculation of Same Station
SOI," and "Reconciliation of Same Station SOI to Net Income" tables
at the end of this announcement for a discussion regarding SOI and
related same-station calculations. Commenting on the results,
George G. Beasley, Chairman and Chief Executive Officer, said,
"Double digit revenue gains in Las Vegas driven by our country
station, which was re-programmed just a year ago, and in Augusta,
where we're also benefiting from a re-format, only partially offset
continued weakness from our Miami cluster and lower national
revenue. With programming and on-air changes in place in
Philadelphia, our goal is to out-perform the market in both local
and national revenue growth. In Miami, third quarter results
reflect the expense of our sports station's baseball broadcast
rights and lower revenue at our rhythmic CHR station in the market,
which we are seeking to address through operational and personnel
changes. In this regard, we began to realize sales and operating
improvements at our Miami sports station resulting from changes
implemented earlier this year. "Beyond the internal growth we are
pursuing based on operational, personnel and programming changes,
we continue to selectively expand our portfolio through
acquisitions, and were active with this initiative during the third
quarter. We maintain a very positive long-term view of the industry
based on its attractive cash flows, distinct value to listeners and
advertisers, and the prospective value to be derived from our
investments in HD Radio(TM) and online and new media initiatives.
To this end, in August, we finalized our acquisition of KDWN-AM in
Las Vegas and have already re-programmed the station with a new
News/Talk format that we believe will take advantage of a void in
the market as well as the station's exceptional reach. In addition,
earlier this quarter we agreed to acquire WJBR-FM in Wilmington,
Delaware. We expect that the acquisition of WJBR-FM, which is
popular in the four northeastern states that it reaches, will prove
to be an attractive strategic and financial transaction and a good
complement to our existing Philadelphia station cluster.
"Reflecting our long-term view of the industry and knowledge of
values, we continued to repurchase our common stock, buying
approximately 317,000 shares in the third quarter. Since the launch
of our repurchase program two years ago, we have repurchased
684,000 shares for a total of $6.7 million which is a direct
reflection of our confidence in the industry and Beasley Broadcast
Group." Fourth Quarter 2006 Guidance For the three-month period
ending December 31, 2006, the Company anticipates reporting a net
revenue increase of 5% compared to the same period last year. On a
same-station basis (excluding revenue derived from KDWN-AM in Las
Vegas, Nevada, and the local marketing agreement WJBR-FM in
Wilmington, Delaware) the Company anticipates reporting a net
revenue decrease of 2% for the three-month period ending December
31, 2006 compared to the same period last year. This guidance
assumes no material changes in economic conditions or extraordinary
events. The Company can give no assurance as to whether these
conditions will continue, or if they change, how such changes may
affect the Company's current expectations. While the Company may,
from time to time, issue updated guidance, it assumes no obligation
to do so. Conference Call Information The Company will host a
conference call and simultaneous webcast today, October 30, 2006,
at 11:00 a.m. EST to discuss its financial results and operations.
Both the call and webcast are open to the general public. The dial
in number for the conference call is 973/582-2770; please call five
minutes in advance to ensure that you are connected prior to the
presentation. Interested parties may also access the live call on
the Internet at the Company's Web site at www.bbgi.com; allow 15
minutes to register and download and install any necessary
software. Questions and answers will be reserved for call-in
analysts and institutional investors. Following its completion, a
replay of the call can be accessed for 14 days on the Internet from
the Company's Web site or for 24 hours via telephone at
973/341-3080 (reservation #7952657). Founded in 1961, Beasley
Broadcast Group, Inc. is a radio broadcasting company that owns or
operates 43 stations (27 FM and 16 AM) located in ten large- and
mid-size markets in the United States. Definitions Station
Operating Income (SOI) consists of net revenue less station
operating expenses. We define station operating expenses as cost of
services and selling, general and administrative expenses. SOI and
same-station SOI are financial measures of performance that are not
calculated in accordance with U.S. generally accepted accounting
principles, which we refer to as GAAP. We use these non-GAAP
financial measures for internal budgeting purposes. We also use SOI
to make decisions as to the acquisition and disposition of radio
stations. SOI excludes corporate-level costs and expenses and
depreciation and amortization, which may be material to an
assessment of the Company's overall operating performance.
Management compensates for this limitation by separately
considering the impact of these excluded items to the extent they
are material to operating decisions or assessments of the Company's
operating performance. Moreover, the corresponding amounts of the
non-cash and corporate-level costs and expenses excluded from the
calculation are available to investors as they are presented on our
statements of operations contained in our periodic reports filed
with the Securities and Exchange Commission (SEC). While the
Company recognizes that because SOI is not calculated in accordance
with GAAP, it is not necessarily comparable to similarly titled
measures employed by other companies, SOI is a measure widely used
in the radio broadcast industry. Management believes that SOI
provides meaningful information to investors because it is an
important measure of how effectively we operate our business (i.e.,
operate radio stations) and assists investors in comparing our
operating performance with that of other radio companies. We also
believe that providing SOI on a same-station basis is a useful
measure of our performance because it presents SOI before the
impact of any acquisitions or dispositions completed during the
relevant periods. This allows investors to measure the performance
of radio stations we owned and operated during the entirety of two
operating periods being compared. 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, 2005. 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: economic and regulatory changes, the effect of
radio station acquisitions or dispositions that we may make, the
loss of key personnel, a downturn in the performance of our radio
stations, our substantial debt levels and changes in the radio
broadcast industry generally. 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" of 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 October 30, 2006, and we
undertake no obligation to update the information contained herein
to actual results or changes to our expectations. -0- *T BEASLEY
BROADCAST GROUP, INC. Consolidated Statements of Operations
(Unaudited) Three Months Ended Nine Months Ended September 30,
September 30, 2006 2005 2006 2005 ------------ ------------
------------ ------------ Net revenue $31,056,757 $32,051,349
$90,341,576 $93,699,011 ------------ ------------ ------------
------------ Costs and expenses: Cost of services (including
stock-based compensation and excluding depreciation and
amortization) (1) (2) 10,824,115 9,995,258 31,494,046 30,729,669
Selling, general and administrative (including stock-based
compensation) (1) (3) 10,804,085 10,900,312 32,154,350 34,369,913
Corporate general and administrative (including stock-based
compensation) (4) 2,297,060 2,570,497 6,604,417 6,037,530
Depreciation and amortization 708,863 705,351 2,071,815 2,171,465
Asset purchase agreement termination costs - - - 141,449
------------ ------------ ------------ ------------ Total costs and
expenses 24,634,123 24,171,418 72,324,628 73,450,026 Operating
income 6,422,634 7,879,931 18,016,948 20,248,985 Interest expense
(2,576,050) (1,779,972) (6,344,977) (5,564,008) Other non-
operating expenses (33,236) (413) (58,704) (85,370) Interest income
142,132 122,217 376,911 376,657 Other non- operating income - -
32,699 211,267 ------------ ------------ ------------ ------------
Income before income taxes 3,955,480 6,221,763 12,022,877
15,187,531 Income tax expense 1,590,171 2,463,818 4,857,242
6,014,262 ------------ ------------ ------------ ------------ Net
income $ 2,365,309 $ 3,757,945 $ 7,165,635 $ 9,173,269 ============
============ ============ ============ Basic net income per share:
$ 0.10 $ 0.16 $ 0.30 $ 0.38 ============ ============ ============
============ Diluted net income per share: 0.10 0.15 0.30 0.38
============ ============ ============ ============ Basic common
shares outstanding 23,843,630 24,199,515 24,000,995 24,223,549
============ ============ ============ ============ Diluted common
shares outstanding 23,907,978 24,291,056 24,180,408 24,356,335
============ ============ ============ ============ *T -0- *T (1)
We refer to "Cost of services," and "Selling, general and
administrative" together as "station operating expenses" for the
"Calculation of SOI" and "Reconciliation of SOI to Net Income"
below. (2) Includes stock-based compensation of $3,309 and $7,150
for the three and nine months ended September 30, 2006,
respectively. (3) Includes stock-based compensation of $73,194 and
$46,735 for the three months ended September 30, 2006 and 2005,
respectively and $166,120 and $46,735 for the nine months ended
September 30, 2006 and 2005, respectively. (4) Includes stock-based
compensation of $555,086 and $760,402 for the three months ended
September 30, 2006 and 2005, respectively and $1,381,889 and
$760,402 for the nine months ended September 30, 2006 and 2005,
respectively. *T -0- *T Selected Balance Sheet Data - Unaudited (in
thousands) September 30, December 31, 2006 2005 -------------
------------ Cash and cash equivalents $12,632 $16,279 Working
capital 23,996 32,402 Total assets 298,874 280,817 Long term debt,
less current installments 153,875 144,375 Total stockholders'
equity 87,317 87,998 *T -0- *T Selected Statement of Cash Flows
Data - Unaudited (in thousands) Nine Months Ended September 30,
----------------- 2006 2005 -------- -------- Net cash provided by
operating activities $16,472 $14,049 Net cash used in investing
activities (23,190) (1,199) Net cash provided by (used in)
financing activities 3,071 (11,948) Net increase (decrease) in cash
and cash equivalents (3,647) 902 *T -0- *T Calculation of SOI -
Unaudited Three Months Ended Nine Months Ended September 30,
September 30, ------------------------- -------------------------
2006 2005 2006 2005 ------------ ------------ ------------
------------ Net revenue $31,056,757 $32,051,349 $90,341,576
$93,699,011 Station operating expenses (21,628,200) (20,895,570)
(63,648,396) (65,099,582) ------------ ------------ ------------
------------ SOI $9,428,557 $11,155,779 $26,693,180 $28,599,429
============ ============ ============ ============ *T -0- *T
Reconciliation of SOI to Net Income - Unaudited Three Months Ended
Nine Months Ended September 30, September 30,
------------------------- ------------------------- 2006 2005 2006
2005 ------------ ------------ ------------ ------------ SOI $
9,428,557 $11,155,779 $26,693,180 $28,599,429 Corporate general and
administrative (2,297,060) (2,570,497) (6,604,417) (6,037,530)
Depreciation and amortization (708,863) (705,351) (2,071,815)
(2,171,465) Asset purchase agreement termination costs - - -
(141,449) Interest expense (2,576,050) (1,779,972) (6,344,977)
(5,564,008) Other non- operating expenses (33,236) (413) (58,704)
(85,370) Interest income 142,132 122,217 376,911 376,657 Other non-
operating income - - 32,699 211,267 Income tax expense (1,590,171)
(2,463,818) (4,857,242) (6,014,262) ------------ ------------
------------ ------------ Net income $ 2,365,309 $ 3,757,945 $
7,165,635 $ 9,173,269 ============ ============ ============
============ *T -0- *T Calculation of Same-Station SOI Three Months
Ended Nine Months Ended September 30, September 30,
------------------------- ------------------------- 2006 2005 2006
2005 ------------ ------------ ------------ ------------ Reported
net revenue $31,056,757 $32,051,349 $90,341,576 $93,699,011 KDWN
(135,272) - (135,272) -
--------------------------------------------------- Same-station
net revenue $30,921,485 $32,051,349 $90,206,304 $93,699,011
============ ============ ============ ============ Reported
station operating expenses $21,628,200 $20,895,570 $63,648,396
$65,099,582 KDWN (438,632) - (438,632) - ------------ ------------
------------------------- Same-station station operating expenses
$21,189,568 $20,895,570 $63,209,764 $65,099,582 ============
============ ============ ============ Same-station net revenue
$30,921,485 $32,051,349 $90,206,304 $93,699,011 Same-station
station operating expenses 21,189,568 20,895,570 63,209,764
65,099,582 ------------ ------------ ------------ ------------
Same-station SOI $ 9,731,917 $11,155,779 $26,996,540 $28,599,429
============ ============ ============ ============ *T -0- *T
Reconciliation of Same-Station SOI to Net Income - Unaudited Three
Months Ended Nine Months Ended September 30, September 30,
------------------------- ------------------------- 2006 2005 2006
2005 ------------ ------------ ------------ ------------ Same
Station SOI $ 9,731,917 $11,155,779 $26,996,540 $28,599,429 KDWN
net revenue 135,272 - 135,272 - KDWN station operating expenses
(438,632) - (438,632) - Corporate general and administrative
(2,297,060) (2,570,497) (6,604,417) (6,037,530) Depreciation and
amortization (708,863) (705,351) (2,071,815) (2,171,465) Asset
purchase agreement termination costs - - - (141,449) Interest
expense (2,576,050) (1,779,972) (6,344,977) (5,564,008) Other non-
operating expenses (33,236) (413) (58,704) (85,370) Interest income
142,132 122,217 376,911 376,657 Other non- operating income - -
32,699 211,267 Income tax expense (1,590,171) (2,463,818)
(4,857,242) (6,014,262) ------------ ------------ ------------
------------ Net income $ 2,365,309 $ 3,757,945 $ 7,165,635 $
9,173,269 ============ ============ ============ ============ *T
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