Caroline Beasley - EVP and CFO

Good day ladies and gentlemen and welcome to today's Beasley Broadcast Group Third Quarter 2015 Results Call. At this time I would like to turn the call over to Caroline Beasley. Please go ahead.

Thank you, Greg and good morning. Welcome to the Beasley Broadcast Group's third quarter 2015 webcast. Before beginning, I would like to emphasize that that webcast will contain forward-looking statements about our future performance and results of operations that involve risk 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 FK. 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 Web site. I’d also remind listeners that following its completion, a replay of today's webcast can be accessed for five days on our website. As on our past three webcasts, I'll remind everyone that on December 1, 2014, we swapped five stations, including two in Philly and three in Miami, for a total of 14 CBS stations, including 7 in Charlotte, six in Tampa and one in Philly. 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 despite having operated them for the full quarter of '14 and as such we again provide supplementary disclosures in today's release. So for the third quarter on a continuing operations basis, revenue increased 101.3% and SOI increased 82.4% and this reflects revenues from Tampa and Charlotte clusters for the third quarter, which were not included in the third quarter of 2014 results. Now on a combined continuing and discontinued ops basis for the quarter, revenue increased 7%, station operating expenses increased 17.2%, resulting in a SOI decline of 15%. The revenue increase reflects improvements in Fort Myers and Tampa, while…

Ladies and gentlemen, that does conclude today's conference. Thanks for your participation.