$BBGI
BEASLEY BROADCAST GROUP INC

2016 Q3 Form 10-Q Financial Statement

#000119312516763905 Filed on November 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3 2014 Q4
Revenue $27.73M $26.26M $18.56M
YoY Change 5.58% 101.3% 23.49%
Cost Of Revenue $19.52M $19.65M $12.26M
YoY Change -0.66% 108.6% 28.65%
Gross Profit $8.210M $6.610M $6.300M
YoY Change 24.21% 82.09% 14.55%
Gross Profit Margin 29.61% 25.17% 33.94%
Selling, General & Admin $2.390M $2.310M $2.110M
YoY Change 3.46% 5.48% -5.8%
% of Gross Profit 29.11% 34.95% 33.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $820.0K $860.0K $670.0K
YoY Change -4.65% 34.37% 15.52%
% of Gross Profit 9.99% 13.01% 10.63%
Operating Expenses $23.93M $26.34M $2.830M
YoY Change -9.16% 117.57% 5.6%
Operating Profit $3.798M -$79.68K $3.470M
YoY Change -4865.92% -108.49% 23.05%
Interest Expense $855.4K $1.064M -$970.0K
YoY Change -19.61% -1.55% -29.2%
% of Operating Profit 22.52% -27.95%
Other Income/Expense, Net $316.1K $1.880K $20.00K
YoY Change 16715.21% -99.28% -200.0%
Pretax Income $3.258M -$1.142M $810.0K
YoY Change -385.35% -1118.16% -43.36%
Income Tax $1.564M -$403.9K -$320.0K
% Of Pretax Income 48.0% -39.51%
Net Earnings $1.694M -$737.9K $33.84M
YoY Change -329.61% -130.01% 845.25%
Net Earnings / Revenue 6.11% -2.81% 182.33%
Basic Earnings Per Share
Diluted Earnings Per Share $72.91K -$32.29K $1.449M
COMMON SHARES
Basic Shares Outstanding 23.03M shares 22.92M shares
Diluted Shares Outstanding 23.18M shares 23.00M shares

Balance Sheet

Concept 2016 Q3 2015 Q3 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.70M $11.10M $14.30M
YoY Change 50.45% -15.91% 0.0%
Cash & Equivalents $16.65M $11.10M $14.26M
Short-Term Investments
Other Short-Term Assets $1.087M $1.562M $2.784M
YoY Change -30.44% -33.22% 10.36%
Inventory
Prepaid Expenses $2.005M $2.802M $636.6K
Receivables $19.18M $18.54M $17.64M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $38.92M $34.08M $35.32M
YoY Change 14.19% -2.0% -1.49%
LONG-TERM ASSETS
Property, Plant & Equipment $25.56M $27.99M $28.25M
YoY Change -8.66% 56.39% 68.11%
Goodwill $5.337M $5.337M $8.858M
YoY Change 0.0% -24.44% 25.42%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.372M $5.861M $4.327M
YoY Change 8.72% -93.7% -29.19%
Total Long-Term Assets $274.0M $276.1M $278.9M
YoY Change -0.73% 20.58% 22.12%
TOTAL ASSETS
Total Short-Term Assets $38.92M $34.08M $35.32M
Total Long-Term Assets $274.0M $276.1M $278.9M
Total Assets $313.0M $310.1M $314.2M
YoY Change 0.91% 17.6% 18.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.380M $2.403M $1.120M
YoY Change -0.96% 114.91% -33.11%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.000M $85.94K $3.113M
YoY Change 5718.15% -97.24% -26.76%
Total Short-Term Liabilities $17.19M $10.82M $14.10M
YoY Change 58.78% -14.67% -1.53%
LONG-TERM LIABILITIES
Long-Term Debt $77.10M $90.11M $94.58M
YoY Change -14.44% -6.0% -7.84%
Other Long-Term Liabilities $1.685M $1.055M $749.4K
YoY Change 59.67% 35.34% -13.89%
Total Long-Term Liabilities $1.685M $91.16M $95.33M
YoY Change -98.15% -5.67% -7.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.19M $10.82M $14.10M
Total Long-Term Liabilities $1.685M $91.16M $95.33M
Total Liabilities $176.1M $179.0M $183.6M
YoY Change -1.62% 7.74% 7.66%
SHAREHOLDERS EQUITY
Retained Earnings $32.18M $27.06M $27.07M
YoY Change 18.89% -571.32% -406.71%
Common Stock $120.1M $119.3M $118.5M
YoY Change 0.7% 1.2%
Preferred Stock
YoY Change
Treasury Stock (at cost) $15.52M $15.36M $15.11M
YoY Change 1.06% 1.68% 2.56%
Treasury Stock Shares 2.932M shares 2.882M shares 2.831M shares
Shareholders Equity $136.8M $131.1M $130.5M
YoY Change
Total Liabilities & Shareholders Equity $313.0M $310.1M $314.2M
YoY Change 0.91% 17.6% 18.92%

Cashflow Statement

Concept 2016 Q3 2015 Q3 2014 Q4
OPERATING ACTIVITIES
Net Income $1.694M -$737.9K $33.84M
YoY Change -329.61% -130.01% 845.25%
Depreciation, Depletion And Amortization $820.0K $860.0K $670.0K
YoY Change -4.65% 34.37% 15.52%
Cash From Operating Activities $4.290M $4.440M $3.750M
YoY Change -3.38% -28.27% -36.01%
INVESTING ACTIVITIES
Capital Expenditures -$700.0K -$960.0K -$430.0K
YoY Change -27.08% 15.66% -45.57%
Acquisitions
YoY Change
Other Investing Activities $0.00 $90.00K $90.00K
YoY Change -100.0% 0.0% -10.0%
Cash From Investing Activities -$710.0K -$870.0K -$340.0K
YoY Change -18.39% 19.18% -50.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.060M -4.030M -2.370M
YoY Change -73.7% -6.93% -29.67%
NET CHANGE
Cash From Operating Activities 4.290M 4.440M 3.750M
Cash From Investing Activities -710.0K -870.0K -340.0K
Cash From Financing Activities -1.060M -4.030M -2.370M
Net Change In Cash 2.520M -460.0K 1.040M
YoY Change -647.83% -140.71% -42.22%
FREE CASH FLOW
Cash From Operating Activities $4.290M $4.440M $3.750M
Capital Expenditures -$700.0K -$960.0K -$430.0K
Free Cash Flow $4.990M $5.400M $4.180M
YoY Change -7.59% -23.08% -37.14%

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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2555650
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4517712
us-gaap Payments To Acquire Available For Sale Securities Equity
PaymentsToAcquireAvailableForSaleSecuritiesEquity
166667
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2072389
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-743195
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23142178 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23010933 shares
dei Trading Symbol
TradingSymbol
BBGI
us-gaap Share Based Compensation
ShareBasedCompensation
641844
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
107575
us-gaap Interest Paid Net
InterestPaidNet
2485147
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
43262
bbgi Mandatory Prepayments Of Consolidated Excess Cash Flow Due Period
MandatoryPrepaymentsOfConsolidatedExcessCashFlowDuePeriod
P120D
bbgi Credit Agreement Mandatory Prepayments
CreditAgreementMandatoryPrepayments
The credit agreement governing the Existing Credit Facility (the “Existing Credit Agreement”) requires mandatory prepayments equal to 50% of consolidated excess cash flow, as defined in the Existing 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 Existing 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 Existing Credit Agreement also requires mandatory prepayments for defined amounts from net proceeds of asset sales, net insurance proceeds, and net proceeds of debt issuances.
bbgi Station Operating Expenses
StationOperatingExpenses
59235576
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.03
CY2015Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.045
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2307208
CY2015Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
863867
CY2015Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-744055
CY2015Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.35 pure
CY2015Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2015Q3 us-gaap Revenues
Revenues
26264321
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1880
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
26344004
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-737939
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1141872
CY2015Q3 us-gaap Interest Expense
InterestExpense
1064069
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-79683
CY2015Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-3779
CY2015Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-6116
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-403933
CY2015Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
3520933
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22999488 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22921200 shares
CY2015Q3 bbgi Station Operating Expenses
StationOperatingExpenses
19651996
CY2016Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.07
CY2016Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.045
CY2016Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2394970
CY2016Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1200573
CY2016Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
816394
CY2016Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
1689410
CY2016Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.48 pure
CY2016Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2016Q3 us-gaap Revenues
Revenues
27729026
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
316126
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
23931401
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
1694368
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
3258373
CY2016Q3 us-gaap Interest Expense
InterestExpense
855378
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
3797625
CY2016Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-3038
CY2016Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-4958
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1564005
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23176632 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23025764 shares
CY2016Q3 bbgi Station Operating Expenses
StationOperatingExpenses
19519464

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