Caroline Beasley - EVP & CFO

Welcome to this Beasley Broadcast Group 2014 Fourth Quarter Results. 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.

Thank you and good morning. Welcome to the Beasley Broadcast Group fourth quarter 2014 webcast. Before beginning, I would like to emphasize that this broadcast will contain forward-looking statements about our future performance and results of operations that involve risks and uncertainties described in the risk factor 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 would also remind listeners that following its completion, a replay of today's webcast can be accessed for five days on our website. Before getting into the details for the quarter, I would like to remind everyone that on December 1st, the company closed on the asset exchange with CBS radio. Whereby, we swapped 5 radio stations, including 2 FM's in Philly and 2 FM's and 1 AM in Miami for a total of 14 former CBS stations, including 7 in Charlotte, 6 in Tampa and 1 in Philadelphia. This station exchange substantially broadened and diversified our local radio and marketing solutions platform and our revenue base. The stations that were added are geographically complimentary to our continuing operation. Since closing, we have been initiating strategies to extract financial and operating synergies. We expect the transaction to be accretive to our SOI in the first 18 months of ownership. As a result of the transaction on a GAAP basis, we're required to report the five stations that CBS assumed ownership of under discontinued operations on the income statement for both the fourth quarter and full-year, despite having operated them through November. In addition…

That does conclude today's conference. We thank you for your participation.