$BBGI
BEASLEY BROADCAST GROUP INC

2013 Q4 Form 10-K Financial Statement

#000119312515097149 Filed on March 18, 2015

View on sec.gov

Income Statement

Concept 2013 Q4 2013 2012 Q4
Revenue $15.03M $56.10M $27.44M
YoY Change -45.23% -44.04% 9.06%
Cost Of Revenue $9.530M $37.30M $16.65M
YoY Change -42.76% -40.32% 5.92%
Gross Profit $5.500M $18.80M $10.79M
YoY Change -49.03% -50.13% 14.3%
Gross Profit Margin 36.59% 33.51% 39.32%
Selling, General & Admin $2.240M $8.600M $2.180M
YoY Change 2.75% 6.17% 12.37%
% of Gross Profit 40.73% 45.74% 20.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $580.0K $2.221M $540.0K
YoY Change 7.41% 5.89% -6.9%
% of Gross Profit 10.55% 11.81% 5.0%
Operating Expenses $2.680M $47.72M $2.710M
YoY Change -1.11% -34.39% 7.54%
Operating Profit $2.820M $8.378M $8.080M
YoY Change -65.1% -69.54% 16.76%
Interest Expense -$1.370M $7.082M -$2.080M
YoY Change -34.13% 9.14% 49.64%
% of Operating Profit -48.58% 84.52% -25.74%
Other Income/Expense, Net -$20.00K $80.44K $10.00K
YoY Change -300.0% -145.01% -87.5%
Pretax Income $1.430M $116.2K $6.040M
YoY Change -76.32% -99.36% 7.86%
Income Tax $600.0K -$129.4K $2.440M
% Of Pretax Income 41.96% -111.37% 40.4%
Net Earnings $3.580M $11.55M $3.610M
YoY Change -0.83% 4.67% 6.49%
Net Earnings / Revenue 23.82% 20.58% 13.16%
Basic Earnings Per Share $0.51
Diluted Earnings Per Share $154.6K $0.51 $157.9K
COMMON SHARES
Basic Shares Outstanding 22.74M shares
Diluted Shares Outstanding 22.84M shares

Balance Sheet

Concept 2013 Q4 2013 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.30M $14.30M $11.70M
YoY Change 22.22% 22.22% -13.97%
Cash & Equivalents $14.30M $14.30M $11.66M
Short-Term Investments
Other Short-Term Assets $2.523M $4.400M $2.172M
YoY Change 16.14% 22.22% -37.94%
Inventory
Prepaid Expenses $1.460M $963.7K
Receivables $17.20M $17.20M $18.18M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $35.85M $35.90M $33.39M
YoY Change 7.37% 7.49% -4.05%
LONG-TERM ASSETS
Property, Plant & Equipment $16.81M $16.80M $19.07M
YoY Change -11.85% -12.04% -3.7%
Goodwill $7.062M $13.63M
YoY Change -48.18%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.111M $93.20M $7.400M
YoY Change -17.42% 1159.46% 51.02%
Total Long-Term Assets $228.4M $228.3M $226.0M
YoY Change 1.05% 1.02% 2.63%
TOTAL ASSETS
Total Short-Term Assets $35.85M $35.90M $33.39M
Total Long-Term Assets $228.4M $228.3M $226.0M
Total Assets $264.2M $264.2M $259.4M
YoY Change 1.86% 1.85% 1.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.675M $1.700M $1.156M
YoY Change 44.86% -22.73% 28.49%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.250M $4.300M $3.500M
YoY Change 21.43% 22.86% -48.53%
Total Short-Term Liabilities $14.32M $14.30M $12.64M
YoY Change 13.29% 13.49% -15.76%
LONG-TERM LIABILITIES
Long-Term Debt $102.6M $102.6M $113.3M
YoY Change -9.38% -9.44% -5.55%
Other Long-Term Liabilities $870.2K $900.0K $987.5K
YoY Change -11.88% -10.0% -10.23%
Total Long-Term Liabilities $103.5M $103.5M $114.2M
YoY Change -9.4% -9.45% -5.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.32M $14.30M $12.64M
Total Long-Term Liabilities $103.5M $103.5M $114.2M
Total Liabilities $170.6M $170.6M $176.3M
YoY Change -3.26% -3.23% -2.74%
SHAREHOLDERS EQUITY
Retained Earnings -$8.825M -$19.35M
YoY Change -54.39%
Common Stock $117.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $14.73M $14.54M
YoY Change 1.31%
Treasury Stock Shares 2.789M shares 2.752M shares
Shareholders Equity $93.63M $93.60M $83.05M
YoY Change
Total Liabilities & Shareholders Equity $264.2M $264.2M $259.4M
YoY Change 1.86% 1.85% 1.71%

Cashflow Statement

Concept 2013 Q4 2013 2012 Q4
OPERATING ACTIVITIES
Net Income $3.580M $11.55M $3.610M
YoY Change -0.83% 4.67% 6.49%
Depreciation, Depletion And Amortization $580.0K $2.221M $540.0K
YoY Change 7.41% 5.89% -6.9%
Cash From Operating Activities $5.860M $19.91M $4.800M
YoY Change 22.08% -2.41% -4.57%
INVESTING ACTIVITIES
Capital Expenditures -$790.0K $2.785M -$600.0K
YoY Change 31.67% 62.96% 46.34%
Acquisitions
YoY Change
Other Investing Activities $100.0K $250.0K $80.00K
YoY Change 25.0% 108.33% -134.78%
Cash From Investing Activities -$690.0K -$6.655M -$540.0K
YoY Change 27.78% 75.72% -16.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $190.5K
YoY Change 70.27%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.370M -10.62M -3.960M
YoY Change -14.9% -42.8% -32.42%
NET CHANGE
Cash From Operating Activities 5.860M 19.91M 4.800M
Cash From Investing Activities -690.0K -6.655M -540.0K
Cash From Financing Activities -3.370M -10.62M -3.960M
Net Change In Cash 1.800M 2.638M 300.0K
YoY Change 500.0% -235.34% -120.27%
FREE CASH FLOW
Cash From Operating Activities $5.860M $19.91M $4.800M
Capital Expenditures -$790.0K $2.785M -$600.0K
Free Cash Flow $6.650M $17.13M $5.400M
YoY Change 23.15% -8.38% -0.74%

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BBGI
CY2014 us-gaap Common Stock Voting Rights
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In the election of directors, the holders of Class A common stock are entitled by class vote, exclusive of other stockholders, to elect two of the Company's directors, with each Class A share being entitled to one vote. In the election of the other six directors and all other matters submitted to the stockholders for a vote, the holders of Class A shares and Class B shares shall vote as a single class, with each Class A share being entitled to one vote and each Class B share entitled to ten votes.
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1.74
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10-K
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BEASLEY BROADCAST GROUP INC
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CY2014 dei Entity Filer Category
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Smaller Reporting Company
CY2014 dei Entity Voluntary Filers
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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left"><b>(1)</b></td> <td valign="top" align="left"><b>Nature of Business</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Beasley Broadcast Group, Inc. (the &#x201C;Company&#x201D;) is a radio broadcasting company operating one reportable business segment whose primary business is operating radio stations throughout the United States. The Company owns and operates 53 radio stations in the following radio markets: Atlanta, GA, Augusta, GA, Boston, MA, Charlotte, NC, Fayetteville, NC, Fort Myers-Naples, FL, Greenville-New Bern-Jacksonville, NC, Las Vegas, NV, Philadelphia, PA, Tampa-Saint Petersburg, FL, West Palm Beach-Boca Raton, FL, and Wilmington, DE.</p> </div>
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%; MARGIN-TOP: 18px"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Use of Estimates</i></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Such estimates include (i)&#xA0;fair values used for testing FCC broadcasting licenses and goodwill for impairment; (ii)&#xA0;future cash flows used for testing recoverability of property and equipment; (iii)&#xA0;the amount of allowance for doubtful accounts; (iv)&#xA0;the realization of deferred tax assets, and (v)&#xA0;the fair value of assets exchanged with CBS Radio. Actual results and outcomes may differ from management&#x2019;s estimates and assumptions.</font></p> </div>
CY2014 dei Document Period End Date
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2014-12-31
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CY2014 dei Document Fiscal Year Focus
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2014
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22944815 shares
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1.75
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0001099160
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CY2014 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%; MARGIN-TOP: 18px"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Concentrations of Risk</i></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">Certain cash deposits with financial institutions may at times exceed FDIC insurance limits.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">The radio stations located in Miami-Ft. Lauderdale, FL and Philadelphia, PA contributed 47.9% and 43.5% of the Company&#x2019;s net revenue in 2013 and 2014, respectively. After completion of the asset exchange with CBS Radio, the Company has significantly decreased operations in the Philadelphia, PA radio market and no longer has any operations in the Miami-Fort Lauderdale, FL radio market.</font></p> </div>
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CY2014 dei Entity Current Reporting Status
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23000
CY2014 bbgi Radio Stations Owned And Operated By Entity
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ShareBasedCompensation
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DeferredFederalIncomeTaxExpenseBenefit
23421301
CY2014 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
CY2014 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
29395750
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CY2014 bbgi Mandatory Prepayments Of Consolidated Excess Cash Flow Due Period
MandatoryPrepaymentsOfConsolidatedExcessCashFlowDuePeriod
P120D
CY2014 bbgi Credit Agreement Mandatory Prepayments
CreditAgreementMandatoryPrepayments
The credit agreement requires mandatory prepayments equal to 50% of consolidated excess cash flow, as defined in the credit agreement, when the Company's consolidated total debt is equal to or greater than three times its consolidated operating cash flow, as defined in the credit agreement. Prepayments of excess cash flow are not required when the Company's consolidated total debt is less than three times its consolidated operating cash flow. Mandatory prepayments of consolidated excess cash flow are due 120 days after year end. The credit agreement also requires mandatory prepayments for defined amounts from net proceeds of asset sales, net insurance proceeds, and net proceeds of debt issuances.
CY2014Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
31000
CY2014 bbgi Defined Contribution Plan Minimum Annual Contribution Per Employee Percent
DefinedContributionPlanMinimumAnnualContributionPerEmployeePercent
0.01 pure
CY2014 bbgi Broadcasting Licenses Renewable Terms
BroadcastingLicensesRenewableTerms
P8Y
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CY2014 bbgi Aggregate Permitted Share Repurchases
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2000000
CY2014 bbgi Weighted Average Period Before Next Renewal Of Companys Broadcasting Licenses
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CY2014 bbgi Operating Loss Carryforwards Expiration Year
OperatingLossCarryforwardsExpirationYear
2030
CY2014 bbgi Aggregate Permitted Cash Dividends And Share Repurchases Thereafter
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6000000
CY2014 bbgi Advertising Agency Commission
AdvertisingAgencyCommission
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CY2014 bbgi Property And Equipment Acquired Through Logo Agreement
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179980
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54306974
CY2014 bbgi Aggregate Permitted Cash Dividends And Share Repurchases Current Year And Year Two
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5000000

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