Earnings Labs

Beasley Broadcast Group, Inc. (BBGI)

Q3 2014 Earnings Call· Fri, Oct 24, 2014

$22.31

-0.04%

Key Takeaways · AI generated
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Same-Day

-3.88%

1 Week

-7.18%

1 Month

+8.54%

vs S&P

+3.11%

Transcript

Operator

Operator

Good day, and welcome to the Beasley Broadcast Group 2014 Third Quarter Results Webcast. Today's call is being recorded. At this time, I would like to turn the call over to Ms. Caroline Beasley. Please go ahead, ma'am.

Caroline Beasley

Management

Thank you, and good morning. Welcome to the Beasley Broadcast Group Third Quarter 2014 Webcast. 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 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 Investors or Press Room sections of the site. So to say that we've been busy this quarter is an understatement. Before getting into the details for the quarter, I'd like to remind everyone that, on October 1, the company entered into an asset exchange agreement with CBS Radio, whereby we will swap 5 radio stations, our 2 FMs in Philly and our 2 FMs and 1 AM in Miami for a total of 14 CBS stations, including 7 in Charlotte, 6 in Tampa and 1 in Philadelphia. As a result of the proposed transaction, we are required to report the stations that CBS will assume ownership of under discontinued operations on the income statement and as assets held for sale on the balance sheet. So in other words, the results on the income statement, other than income from discontinued operations and that's net of taxes and basic and diluted net income per share from discontinued operations, represent the remaining…

Operator

Operator

This concludes today's conference. Thank you for your participation.