$BBGI
BEASLEY BROADCAST GROUP INC

2017 Form 10-K Financial Statement

#000119312518050343 Filed on February 20, 2018

View on sec.gov

Income Statement

Concept 2017 2016 Q4 2016
Revenue $232.2M $53.70M $136.7M
YoY Change 69.89% 89.02% 28.99%
Cost Of Revenue $174.8M $37.47M $96.70M
YoY Change 80.77% 93.14% 27.91%
Gross Profit $57.40M $16.23M $40.00M
YoY Change 43.5% 80.13% 32.01%
Gross Profit Margin 24.72% 30.22% 29.27%
Selling, General & Admin $15.80M $2.960M $10.30M
YoY Change 53.4% 53.37% 14.44%
% of Gross Profit 27.53% 18.24% 25.75%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.100M $3.740M $6.200M
YoY Change -1.61% 270.3% 106.67%
% of Gross Profit 10.63% 23.04% 15.5%
Operating Expenses $171.3M $6.710M $74.08M
YoY Change 131.31% 127.46% -19.74%
Operating Profit $60.84M $9.520M $62.59M
YoY Change -2.8% 57.1% 358.6%
Interest Expense $18.43M -$3.860M $6.598M
YoY Change 179.34% 282.18% 66.28%
% of Operating Profit 30.29% -40.55% 10.54%
Other Income/Expense, Net $450.7K $20.00K $564.2K
YoY Change -20.12% -94.87% -36.02%
Pretax Income $38.90M $45.28M $55.79M
YoY Change -30.26% 829.77% 457.69%
Income Tax -$48.23M $3.780M $8.298M
% Of Pretax Income -123.97% 8.35% 14.87%
Net Earnings $87.13M $41.50M $47.49M
YoY Change 83.48% 1169.11% 646.4%
Net Earnings / Revenue 37.53% 77.28% 34.75%
Basic Earnings Per Share $3.15 $2.00
Diluted Earnings Per Share $3.14 $1.830M $1.98
COMMON SHARES
Basic Shares Outstanding 27.70M 23.79M shares
Diluted Shares Outstanding 27.79M 23.95M shares

Balance Sheet

Concept 2017 2016 Q4 2016
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.90M $20.30M $20.30M
YoY Change -31.53% 41.96% 41.96%
Cash & Equivalents $13.90M $20.33M $20.30M
Short-Term Investments
Other Short-Term Assets $10.10M $2.173M $27.00M
YoY Change -62.59% 113.64% 831.03%
Inventory
Prepaid Expenses $4.910M
Receivables $42.70M $48.19M $48.20M
Other Receivables $17.90M $7.900M $7.900M
Total Short-Term Assets $84.70M $103.4M $103.4M
YoY Change -18.09% 178.91% 178.71%
LONG-TERM ASSETS
Property, Plant & Equipment $59.30M $59.79M $60.20M
YoY Change -1.5% 144.31% 118.91%
Goodwill $3.393M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.700M $6.264M $17.60M
YoY Change -67.61% 14.81% 183.87%
Total Long-Term Assets $570.0M $558.3M $558.3M
YoY Change 2.1% 103.5% 103.54%
TOTAL ASSETS
Total Short-Term Assets $84.70M $103.4M $103.4M
Total Long-Term Assets $570.0M $558.3M $558.3M
Total Assets $654.7M $661.7M $661.7M
YoY Change -1.06% 112.48% 112.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.100M $6.087M $7.200M
YoY Change 26.39% 233.19% 176.92%
Accrued Expenses $14.30M $17.00M
YoY Change -15.88% 269.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.300M $6.700M $6.700M
YoY Change -65.67% 346.67% 346.67%
Total Short-Term Liabilities $29.00M $33.95M $33.90M
YoY Change -14.45% 211.46% 211.01%
LONG-TERM LIABILITIES
Long-Term Debt $212.5M $247.7M $247.7M
YoY Change -14.21% 186.36% 186.36%
Other Long-Term Liabilities $11.80M $16.14M $17.00M
YoY Change -30.59% 790.86% 507.14%
Total Long-Term Liabilities $224.3M $16.14M $264.7M
YoY Change -15.26% 790.86% 196.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.00M $33.95M $33.90M
Total Long-Term Liabilities $224.3M $16.14M $264.7M
Total Liabilities $368.6M $459.2M $459.2M
YoY Change -19.73% 158.16% 158.12%
SHAREHOLDERS EQUITY
Retained Earnings $72.40M
YoY Change 147.09%
Common Stock $146.3M
YoY Change 22.46%
Preferred Stock
YoY Change
Treasury Stock (at cost) $15.56M
YoY Change 1.29%
Treasury Stock Shares 2.938M shares
Shareholders Equity $286.2M $202.5M $202.5M
YoY Change
Total Liabilities & Shareholders Equity $654.7M $661.7M $661.7M
YoY Change -1.06% 112.48% 112.49%

Cashflow Statement

Concept 2017 2016 Q4 2016
OPERATING ACTIVITIES
Net Income $87.13M $41.50M $47.49M
YoY Change 83.48% 1169.11% 646.4%
Depreciation, Depletion And Amortization $6.100M $3.740M $6.200M
YoY Change -1.61% 270.3% 106.67%
Cash From Operating Activities $28.02M $4.010M $17.15M
YoY Change 63.38% -9.89% 19.34%
INVESTING ACTIVITIES
Capital Expenditures $4.193M -$1.370M $2.941M
YoY Change 42.57% 328.13% 38.12%
Acquisitions $86.76M
YoY Change
Other Investing Activities $22.85M -$86.76M -$86.18M
YoY Change -126.51% -3612.55% -3440.31%
Cash From Investing Activities $17.52M -$88.12M -$89.62M
YoY Change -119.55% -4198.6% -161661.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.107M $198.2K
YoY Change 458.69% -22.11%
Debt Paid & Issued, Net $52.06M
YoY Change
Cash From Financing Activities -51.95M 87.79M 78.48M
YoY Change -166.2% -2697.34% -646.17%
NET CHANGE
Cash From Operating Activities 28.02M 4.010M 17.15M
Cash From Investing Activities 17.52M -88.12M -89.62M
Cash From Financing Activities -51.95M 87.79M 78.48M
Net Change In Cash -6.403M 3.680M 6.007M
YoY Change -206.59% 14.29% 10072.08%
FREE CASH FLOW
Cash From Operating Activities $28.02M $4.010M $17.15M
Capital Expenditures $4.193M -$1.370M $2.941M
Free Cash Flow $23.83M $5.380M $14.21M
YoY Change 67.68% 12.79% 16.07%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"> <i>Concentrations of Risk</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Certain cash deposits with financial institutions may at times exceed FDIC insurance limits.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The radio stations located in Boston, MA and Philadelphia, PA contributed 41.1% of the Company&#x2019;s net revenue in 2017. The radio stations located in Charlotte, NC and Tampa-Saint Petersburg, FL, contributed 43.5% and 22.1% of the Company&#x2019;s net revenue in 2016 and 2017, respectively.</p> </div>
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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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<div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>(1) Nature of Business</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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 63 radio stations in the following radio markets: Atlanta, GA, Augusta, GA, Boston, MA, Charlotte, NC, Detroit, MI, Fayetteville, NC, Fort Myers-Naples, FL, Las Vegas, NV, Middlesex, NJ, Monmouth, NJ, Morristown, NJ, Philadelphia, PA, Tampa-Saint Petersburg, FL, West Palm Beach-Boca Raton, FL, and Wilmington, DE.</p> </div>
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