Beasley Broadcast Group (BBGI) beats consensus by $0.03 on strong results in key markets

| About: Beasley Broadcast (BBGI)

Beasley Broadcast Group (NASDAQ:BBGI) reported results  on February 9, 2005 for
the fourth quarter and year end 2004.  Below are some highlights.

Results 4Q04 vs. 4Q03:

  • EPS: $0.16 vs. $0.14 (+14%); consensus was $0.13
  • Revenues: $33.4M vs. $32.1M (+4%)
  • Operating income: $8.5M vs. $7.4M (+15%)
  • Operating margin: 25.3% vs. 22.9% (+240 bps)
  • Station operating income: $11.0M vs. $9.6M (+14%)
  • Income from continuing operations: $6.7M vs. $5.5M (+22%)
  • Net Income: $3.9M vs. $3.3M (+18%)
  • Net Margin: 11.7% vs. 10.3% (+140 bps)
  • Effective tax rate: 41%
  • Taxes: $1.4M
  • Cash: $14.9M vs. $7.7M (+92%)
  • Debt: $153M vs. $170M (-10%)
  • Leverage: 4.77x
  • Cash flow from operations: $24.7M vs. $20.3M (+22%)
  • Capex: $678k (all maintenance capex)

1Q05 Guidance:

  • Net revenue growth of 3% in 1Q
  • Operating expense: to increase by 4%-5% in 1Q
  • G&A expense: $1.65M for Q1; $6.6M for 2005
  • D&A expense: $850k for Q1; $3.4M for 2005
  • Interest expense: $2M for Q1; $8M for 2005
  • Effective tax rate: 40%
  • Deferred tax expense: $1.3M for 1Q; $5.2M for 2005
  • Capex: $1.15M in 1Q; $4.2M in 2005

Quick comments:

  • Repurchased 15,000 shares in Q4; total repurchase for 2004 was 43,065
  • $24.4M remaining from repurchase authorization of $25M
  • $1.1M in political ads during Q4; compares with $600k during previous presidential campaign
  • Better than expected performance from: Miami (NYSE:FL), Ft. Myers (FL), Las Vegas (NV) and Augusta (NYSE:GA)
  • Double-digit revenue growth from: Philadelphia (PA), Fayetteville (NYSE:NC)

Bbgi

 

About this article:

Expand
Tagged: , Broadcasting - Radio
Want to share your opinion on this article? Add a comment.
Disagree with this article? .
To report a factual error in this article, click here