Beasley Broadcast Group announced that its board of directors has voted to pay shareholders a quarterly cash dividend of five cents per share. That’s a reduction from the previous dividend of six and a quarter cents. The company said the dividend was reduced because it intends to allocate additional cash flow from operations to additional voluntary repayments of its credit facility. Beasley made voluntary repayments of $9.5 million under its credit facility in the first half of this year and total debt was reduced to approximately $181.6 million at June 30, 2008 from approximately $191.1 million at December 31, 2007.
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