$BBGI
BEASLEY BROADCAST GROUP INC

2018 Form 10-K Financial Statement

#000119312519044206 Filed on February 19, 2019

View on sec.gov

Income Statement

Concept 2018 2017 Q4 2017
Revenue $257.5M $58.52M $232.2M
YoY Change 10.9% 8.98% 69.89%
Cost Of Revenue $195.8M $43.48M $174.8M
YoY Change 12.01% 16.04% 80.77%
Gross Profit $61.70M $15.05M $57.40M
YoY Change 7.49% -7.27% 43.5%
Gross Profit Margin 23.96% 25.72% 24.72%
Selling, General & Admin $16.30M $4.090M $15.80M
YoY Change 3.16% 38.18% 53.4%
% of Gross Profit 26.42% 27.18% 27.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.600M $1.550M $6.100M
YoY Change 8.2% -58.56% -1.61%
% of Gross Profit 10.7% 10.3% 10.63%
Operating Expenses $223.2M $3.350M $171.3M
YoY Change 30.25% -50.07% 131.31%
Operating Profit $34.32M $11.70M $60.84M
YoY Change -43.58% 22.9% -2.8%
Interest Expense $16.01M $7.670M $18.43M
YoY Change -13.15% -298.7% 179.34%
% of Operating Profit 46.63% 65.56% 30.29%
Other Income/Expense, Net $140.9K $10.00K $450.7K
YoY Change -68.74% -50.0% -20.12%
Pretax Income $18.18M $15.20M $38.90M
YoY Change -53.28% -66.43% -30.26%
Income Tax $11.70M $5.230M -$48.23M
% Of Pretax Income 64.34% 34.41% -123.97%
Net Earnings $6.481M $69.67M $87.13M
YoY Change -92.56% 67.88% 83.48%
Net Earnings / Revenue 2.52% 119.05% 37.53%
Basic Earnings Per Share $0.24 $3.15
Diluted Earnings Per Share $0.24 $2.513M $3.14
COMMON SHARES
Basic Shares Outstanding 27.44M 27.70M
Diluted Shares Outstanding 27.53M 27.79M

Balance Sheet

Concept 2018 2017 Q4 2017
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.40M $13.90M $13.90M
YoY Change -3.6% -31.53% -31.53%
Cash & Equivalents $13.40M $13.92M $13.90M
Short-Term Investments
Other Short-Term Assets $5.100M $4.136M $10.10M
YoY Change -49.5% 90.34% -62.59%
Inventory
Prepaid Expenses $6.002M
Receivables $52.40M $42.67M $42.70M
Other Receivables $0.00 $17.90M $17.90M
Total Short-Term Assets $70.90M $84.66M $84.70M
YoY Change -16.29% -18.14% -18.09%
LONG-TERM ASSETS
Property, Plant & Equipment $57.80M $59.32M $59.30M
YoY Change -2.53% -0.79% -1.5%
Goodwill $15.28M
YoY Change 350.17%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.400M $5.727M $5.700M
YoY Change 29.82% -8.57% -67.61%
Total Long-Term Assets $610.2M $570.1M $570.0M
YoY Change 7.05% 2.12% 2.1%
TOTAL ASSETS
Total Short-Term Assets $70.90M $84.66M $84.70M
Total Long-Term Assets $610.2M $570.1M $570.0M
Total Assets $681.1M $654.7M $654.7M
YoY Change 4.03% -1.05% -1.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.90M $7.848M $9.100M
YoY Change 19.78% 28.92% 26.39%
Accrued Expenses $14.70M $14.30M
YoY Change 2.8% -15.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $2.300M $2.300M
YoY Change -95.65% -65.67% -65.67%
Total Short-Term Liabilities $28.90M $28.96M $29.00M
YoY Change -0.34% -14.69% -14.45%
LONG-TERM LIABILITIES
Long-Term Debt $243.3M $212.5M $212.5M
YoY Change 14.49% -14.21% -14.21%
Other Long-Term Liabilities $11.00M $11.08M $11.80M
YoY Change -6.78% -31.35% -30.59%
Total Long-Term Liabilities $254.3M $11.08M $224.3M
YoY Change 13.37% -31.35% -15.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.90M $28.96M $29.00M
Total Long-Term Liabilities $254.3M $11.08M $224.3M
Total Liabilities $406.1M $368.6M $368.6M
YoY Change 10.17% -19.74% -19.73%
SHAREHOLDERS EQUITY
Retained Earnings $154.4M
YoY Change 113.24%
Common Stock $148.0M
YoY Change 1.13%
Preferred Stock
YoY Change
Treasury Stock (at cost) $16.67M
YoY Change 7.11%
Treasury Stock Shares $3.033M
Shareholders Equity $275.0M $286.2M $286.2M
YoY Change
Total Liabilities & Shareholders Equity $681.1M $654.7M $654.7M
YoY Change 4.03% -1.05% -1.06%

Cashflow Statement

Concept 2018 2017 Q4 2017
OPERATING ACTIVITIES
Net Income $6.481M $69.67M $87.13M
YoY Change -92.56% 67.88% 83.48%
Depreciation, Depletion And Amortization $6.600M $1.550M $6.100M
YoY Change 8.2% -58.56% -1.61%
Cash From Operating Activities $24.39M $10.27M $28.02M
YoY Change -12.94% 156.11% 63.38%
INVESTING ACTIVITIES
Capital Expenditures $4.210M -$1.260M $4.193M
YoY Change 0.41% -8.03% 42.57%
Acquisitions $39.52M
YoY Change
Other Investing Activities -$41.20M -$12.00M $22.85M
YoY Change -280.31% -86.17% -126.51%
Cash From Investing Activities -$45.61M -$13.26M $17.52M
YoY Change -360.3% -84.95% -119.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $265.1K $1.107M
YoY Change -76.05% 458.69%
Debt Paid & Issued, Net $8.064M $52.06M
YoY Change -84.51%
Cash From Financing Activities 20.73M 1.450M -51.95M
YoY Change -139.9% -98.35% -166.2%
NET CHANGE
Cash From Operating Activities 24.39M 10.27M 28.02M
Cash From Investing Activities -45.61M -13.26M 17.52M
Cash From Financing Activities 20.73M 1.450M -51.95M
Net Change In Cash -488.6K -1.540M -6.403M
YoY Change -92.37% -141.85% -206.59%
FREE CASH FLOW
Cash From Operating Activities $24.39M $10.27M $28.02M
Capital Expenditures $4.210M -$1.260M $4.193M
Free Cash Flow $20.18M $11.53M $23.83M
YoY Change -15.29% 114.31% 67.68%

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<div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-left: 0.34in;margin-top: 18pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Use of Estimates </div></div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 6pt;text-indent: 0.34in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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)&#160;the amount of allowance for doubtful accounts; (ii)&#160;estimates used to determine the merger consideration receivable; (iii)&#160;future cash flows used for testing recoverability of property and equipment; (iv)&#160;fair values used for testing FCC broadcasting licenses and goodwill for impairment; (v)&#160;fair value of assets acquired in Philadelphia, PA; (vi)&#160;the realization of deferred tax assets, and (vii)&#160;actuarial assumptions related to the pension plan, SERP and other postretirement benefits. Actual results and outcomes may differ from management&#8217;s estimates and assumptions. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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<div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-left: 0.34in;margin-top: 18pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Concentrations of Risk </div></div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 6pt;text-indent: 0.34in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Certain cash deposits with financial institutions may at times exceed FDIC insurance limits. </div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 12pt;text-indent: 0.34in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The radio stations located in Boston, MA,&#160;Philadelphia, PA&#160;</div>and Tampa-Saint Petersburg, FL<div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">contributed</div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> 52.5% and 58.8% of the Company&#8217;s net revenue in 2017 and 2018, respectively. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2018 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 12pt;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(1)&#160;&#160;&#160;&#160;Nature of Business </div></div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-indent: 0.34in;">&#160;</div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-indent: 0.34in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Beasley Broadcast Group, Inc. (the &#8220;Company&#8221;) 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 64 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. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2018Q4 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal After Year Five
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalAfterYearFive
350424
CY2018 dei Document Type
DocumentType
10-K
CY2018 dei Amendment Flag
AmendmentFlag
false
CY2018 dei Document Period End Date
DocumentPeriodEndDate
2018-12-31
CY2018 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
CY2018 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2018 dei Entity Registrant Name
EntityRegistrantName
BEASLEY BROADCAST GROUP INC
CY2018 dei Entity Central Index Key
EntityCentralIndexKey
0001099160
CY2018 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2018 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2018 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2018 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2018 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2018Q2 dei Entity Public Float
EntityPublicFloat
52792021
CY2018 dei Trading Symbol
TradingSymbol
BBGI
CY2018 dei Entity Shell Company
EntityShellCompany
false
CY2018 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2018Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
3103530

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