Beasley Q3 revenue up 8.2%

Beasley Broadcast Group reported an upbeat Q3 with net revenues up 8.2% to 31.8 million from 29.4 million in Q3 '03. The net revenue increase reflects gains at eight of the group's 10 market clusters, including Philadelphia, Las Vegas, Ft. Myers-Naples, and Miami-Ft. Lauderdale. Operating income from continuing operations for the period rose 14.7% to 8.4 million from 7.3 million in the third quarter of 2003, while Station Operating Income (SOI) grew 13.2% to 10.8 million, compared to 9.5 million in the year-ago period.

Net income rose 31.8% to 4.1 million, or 0.17 per diluted share, from net income of 3.1 million, or 0.13 per diluted share. Net income for Q3 last year included a 1.2 million gain, or 0.03 per diluted share on an after-tax basis, on the sale of investment securities. Per-share results for the third quarters of 2004 and 2003 are based on 24,363,737 and 24,345,543 shares of the company's common stock outstanding on a fully diluted basis, respectively.

For the nine months ended the quarter, consolidated net revenue increased 7.8% to 88.8 million from 82.3 million in the same period of 2003. Operating income from continuing operations rose 10.2% to 21.0 million, from 19.0 million in the year-ago period, while SOI grew 8.7% to 28.1 million from 25.8 million.

Beasley reported net income of 8.1 million, or 0.33 per diluted share, for the first nine months the year, compared to a net income of 9.5 million, or 0.39 per diluted share, in the comparable 2003 period. Net income for the 2004 period reflects a 2.4 million loss, or 0.06 per diluted share on an after-tax basis, on the early extinguishment of long-term debt. Net income for the 2003 period reflects a 4.5 million gain, or 0.11 per diluted share on an after-tax basis, on the sale of investment securities and a 1.4 million gain on the change in fair value of the Company's derivative financial instruments. Per-share results for the 2004 and 2003 nine-month periods are based on 24,496,979 and 24,305,583 shares of

Beasley's common stock outstanding on a fully diluted basis, respectively.

Said George Beasley, CEO, "Our third consecutive quarter of revenue growth reflects continuing sales improvements at many of our market clusters and pockets of demand for radio advertising in certain regions of the country where we operate. Despite these improvements, the fourth quarter will be challenging due to the expected absence of several streams of revenue at our Miami cluster totaling approximately 1.1 million, which existed during 2003 but will not occur in 2004, as well as the lingering effect of this year's hurricanes on demand for local advertising in Miami and Ft. Myers. Given these challenges, we plan to continue focusing on prudently managing costs and strengthening our balance sheet by using internally generated cash flow to reduce the outstanding balance under our credit facility."

Also in the quarter, and pursuant to Beasley 's previously announced share repurchase authorization, the company purchased 28,065 shares of its common stock. For Q4, Beasley anticipates reporting a net revenue decrease of approximately 2% compared to the same period in 2003.