NAPLES, Fla., Sept. 10, 2008 (GLOBE NEWSWIRE) -- Beasley Broadcast Group, Inc. (Nasdaq:BBGI), a large- and mid-size market radio broadcaster, today announced that its Board of Directors declared a quarterly cash dividend of $0.05 for each share of its Class A and Class B common stock. The dividend is payable on October 16, 2008, to shareholders of record on September 30, 2008.
Beasley Broadcast Group reduced its quarterly dividend from $0.0625 per share of its Class A and Class B common stock as it intends to allocate additional cash flow from operations to additional voluntary repayments of its credit facility. As previously reported, the Company made voluntary repayments of $9.5 million under its credit facility in the six month period ended June 30, 2008 and total debt was reduced to approximately $181.6 million at June 30, 2008 from approximately $191.1 million at December 31, 2007.
Founded in 1961, Beasley Broadcast Group, Inc. is a radio broadcasting company that owns or operates 44 stations (27 FM and 17 AM) located in eleven large- and mid-size markets in the United States.
The Beasley Broadcast Group, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4259
Note Regarding Forward-Looking Statements:
Statements in this release that are "forward-looking statements" are based upon current expectations and assumptions, and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words or expressions such as "intends," "expects," "expected," "anticipates" or variations of such words and similar expressions are intended to identify such forward-looking statements. Key risks are described in our reports filed with the SEC including in our Annual Report on Form 10-K for the year ended December 31, 2007. Readers should note that forward-looking statements are subject to change and to inherent risks and uncertainties and may be impacted by several factors, including: economic and regulatory changes, the effect of radio station acquisitions or dispositions that we may make, the loss of key personnel, a downturn in the performance of our radio stations, our substantial debt levels and changes in the radio broadcast industry generally. Our actual performance and results could differ materially because of these factors and other factors discussed in the "Management's Discussion and Analysis of Results of Operations and Financial Condition" of our SEC filings, including but not limited to annual reports on Form 10-K or quarterly reports on Form 10-Q, copies of which can be obtained from the SEC, www.sec.gov, or our website, www.bbgi.com. All information in this release is as of September 10, 2008, and we undertake no obligation to update the information contained herein to actual results or changes to our expectations.