Beasley Broadcast Group Declares $0.045 Cash Dividend
December 06, 2013 --
NAPLES, Fla., Dec. 6, 2013 (GLOBE NEWSWIRE) -- 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.
Joseph N. Jaffoni
212/835-8500 or email@example.com