Earnings Labs

Beasley Broadcast Group, Inc. (BBGI)

Q2 2014 Earnings Call· Fri, Jul 25, 2014

$22.31

-0.04%

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Transcript

Operator

Operator

Good day, everyone, and welcome to the Beasley Broadcast Group 2014 Second Quarter Results Conference. Today's call is being recorded. At this time, I'd like to turn the call over to Caroline Beasley, Executive Vice President and Chief Financial Officer. Please go ahead.

Caroline Beasley

Management

Thank you, Kim, and good morning. Before beginning, I'd like to emphasize that this webcast will contain forward-looking statements about our future performance and results of operations that involve risks and uncertainties described in the Risk Factors section of our most recent Form 10-K. Today's webcast will also contain a discussion of certain non-GAAP financial measures within the meaning of Item 10 of Reg S-K. A reconciliation of these non-GAAP measures with their most directly comparable financial measures, calculated and presented in accordance with GAAP, can be found in this morning's news announcement and on our new and improved website. I'd also remind listeners that following its completion, a replay of today's webcast can be accessed for 5 days on our website, and you can also find a copy of today's press release on the Press section of the site. My remarks this morning will primarily focus on the second quarter, our balance sheet and our markets. So for the second quarter, actual net revenue decreased 3.6%. This is largely as a result of weaker overall ad spending as reflected by declines in 7 of our 11 markets, including Philly, Miami, Wilmington and Coastal Carolina. Now excluding the revenue from KVGS, which we acquired in the third quarter of 2013, our same-station revenue declined 5.6%. Company-wide, on a same-station basis, local revenue decreased 10% and national revenue decreased approximately 13%. On a positive note, both our Augusta and Fort Myers clusters generated revenue increases for the quarter. And in addition, our initiative to expand our digital offerings resulted in an approximate 24% increase in digital revenue during the quarter. Now we have 5 markets that report to Miller Kaplan, and these markets account for about 78% of our total revenue. And despite the overall decline in ad spending, we outperformed…

Operator

Operator

And that does conclude our conference today. Thank you, all, for your participation.