Beasley Broadcast Group Declares $0.045 Cash Dividend
December 06 2013 - 1:36PM
Beasley Broadcast Group, Inc. (Nasdaq:BBGI) ("the Company"), a
large- and mid-size market radio broadcaster, announced today that
its Board of Directors has declared a cash dividend of $0.045 per
share payable on January 10, 2014, to shareholders of record on
December 27, 2013.
While the Company intends to pay a regular quarterly cash
dividend, future payments, if any, will be at the discretion of the
Company's Board of Directors. Future quarterly dividend payments
can also be changed or discontinued at any time and will be subject
to limitations under the terms of any existing debt agreements
applicable to the Company. The payment and timing of any
future quarterly dividends will also depend upon, among other
things, the Company's future operations and earnings, capital
requirements and surplus, general financial condition, contractual
restrictions and other factors deemed relevant by the Board of
Directors.
George G. Beasley, Chairman and Chief Executive Officer of
Beasley, commented, "The re-initiation of a regular cash dividend
reflects the free cash flow generated by our operations as well as
our commitment to deliver value to our shareholders, and follows
the one-time special dividend of $0.085 paid to shareholders in
December 2012. Importantly, taking into consideration the
proposed annual capital allocated to dividend payments, based on
current conditions we believe Beasley Broadcast Group's total free
cash flow should provide us with the liquidity needed to further
reduce leverage, consider potential station acquisitions and to
enhance long-term shareholder value."
About Beasley Broadcast Group
Founded in 1961, Beasley Broadcast Group, Inc., www.bbgi.com, is
a radio broadcasting company that owns and operates 44 stations (28
FM and 16 AM) located in eleven large- and mid-size markets in the
United States. The Company also operates one station in the
expanded AM band in Augusta, GA.
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,
2012. 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; 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 December 6, 2013, and we undertake no obligation to update
the information contained herein to actual results or changes to
our expectations.
CONTACT: B. Caroline Beasley, Chief Financial Officer
Beasley Broadcast Group, Inc.
239/263-5000; email@bbgi.com
Joseph N. Jaffoni
JCIR
212/835-8500 or bbgi@jcir.com
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