NAPLES, Fla., July 31, 2008 (GLOBE NEWSWIRE) -- Beasley Broadcast Group, Inc. (Nasdaq:BBGI), a large- and mid-size market radio broadcaster, today announced operating results for the three- and six-month periods ended June 30, 2008 as summarized below:

          Summary of Second Quarter and Year-to-date Results
 ----------------------------------------------------------------------
                          Three Months            Six Months
 In millions, except          Ended                 Ended
   per share data            June 30,              June 30,
 ------------------------ ---------------------- ----------------------
                           2008   2007   Change   2008   2007   Change
 ------------------------ ------ ------ -------- ------ ------ --------
 Net revenue              $31.0  $34.8  (10.9)%  $60.4  $65.6   (7.9)%
 ------------------------ ------ ------ -------- ------ ------ --------
 Operating income           6.2    7.0  (11.8)%   11.0   12.2   (9.1)%
 ------------------------ ------ ------ -------- ------ ------ --------
 Station operating
  income (SOI -
  non-GAAP)                 9.3   10.4  (10.2)%   17.4   18.9   (8.1)%
 ------------------------ ------ ------ -------- ------ ------ --------
 Net income                 2.4    2.1   12.4 %    3.6    3.3   10.3%
 ------------------------ ------ ------ -------- ------ ------ --------
 Net income per
  diluted share           $0.10  $0.09   11.1 %  $0.15  $0.14    7.1%
 ------------------------ ------ ------ -------- ------ ------ --------

The $3.8 million decrease in net revenue during the quarter ended June 30, 2008 compared with the second quarter of 2007 reflects a $1.5 million net revenue decline at the Company's Miami-Ft. Lauderdale market cluster primarily attributable to the Company's election to not renew certain sports programming broadcast rights which contributed $1.0 million of net revenue during the 2007 second quarter. The year-over-year net revenue decline also reflects an additional $0.5 million net revenue decline from the Company's Miami-Ft. Lauderdale stations, as well as net revenue declines from the Company's Las Vegas, Ft. Myers-Naples and Greenville-New Bern market clusters. The net revenue declines in these four markets more than offset net revenue improvements generated at the Company's Philadelphia and Augusta market clusters and a year-over-year rise in revenue from the Company's interactive initiatives.

The $0.8 million decrease in operating income in the 2008 second quarter primarily reflects the lower revenue levels compared to the 2007 second quarter, which more than offset an 11% reduction in total costs and expenses including a 20% reduction in cost of services, a 2% reduction in selling, general and administrative (including stock-based compensation) expenses, a 5% reduction in corporate general and administrative (including stock-based compensation) expenses and a 13% reduction in depreciation and amortization costs. Overall, second quarter 2008 total costs and expenses as a percentage of net revenue remained consistent with levels in the second quarter of 2007.

Second quarter 2008 station operating income (SOI), a non-GAAP financial measure, fell $1.1 million from the 2007 second quarter as the lower revenue offset reductions in station operating expenses during the period. The $0.3 million increase in 2008 second quarter net income compared to the year ago period primarily reflects a $1.4 million reduction in interest expense due to a decrease in borrowing costs and voluntary repayments of borrowings under the Company's existing credit facility.

Please refer to the "Calculation of SOI," and "Reconciliation of SOI to Net Income," tables at the end of this announcement for a discussion regarding SOI calculations.

Commenting on the results, George G. Beasley, Chairman and Chief Executive Officer, said, "The second quarter was a challenging period for radio broadcasters and Beasley as local, regional and national economic factors weighed on advertiser activity. For example, our results in Miami, Las Vegas and Fort Myers-Naples were impacted by severe downturns in local real estate markets. In addition, our Miami results reflect comparisons with the year-ago period that included net revenue from broadcasting the Florida Marlins baseball games on our Sports Talk station. Quarterly bright spots include our market out performance and revenue gains at our Philadelphia and Augusta market clusters and the continued traction we are building with our interactive initiative which generated approximately $1.4 million of high-margin revenue, representing an approximate 33% increase over levels achieved in the same period last year.

"Notwithstanding the current environment, our station and corporate personnel did an excellent job during the quarter in terms of expense management and applying cash from operations to the reduction of debt. Reflecting this focus, net income for the quarter rose 12.4% over year-ago levels and total debt fell to approximately $181.6 million at June 30, 2008 from approximately $191.1 million at December 31, 2007.

"Looking forward, with personnel and programming changes in place in various clusters, we remain focused on our long-term goal of out-performing the markets in which we operate and we continue to manage the Company for revenue growth from our core operations as well as from interactive and HD Radio(TM) while also seeking margin growth through prudent expense management."

Guidance

The Company has elected to discontinue the practice of providing specific quarterly net revenue guidance. However, the Company intends to provide certain expense expectations during its quarterly conference call (see details below).

Conference Call Information

The Company will host a conference call and simultaneous webcast today, July 31, 2008, at 11:00 a.m. ET to discuss its financial results and operations. Both the call and webcast are open to the general public. The dial in number for the conference call is 973/582-2717; please call five minutes in advance to ensure that you are connected prior to the presentation.

Interested parties may also access the live call on the Internet at the Company's Web site at www.bbgi.com; allow 15 minutes to register and download and install any necessary software. Questions will be reserved for call-in analysts and institutional investors. Following its completion, a replay of the call can be accessed for 5 days on the Internet from the Company's Web site or for 24 hours via telephone at 800/642-1687 (reservation #56415463).

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.

Definitions

Station Operating Income (SOI) consists of net revenue less station operating expenses. We define station operating expenses as cost of services and selling, general and administrative expenses.

SOI is a financial measure of performance that is not calculated in accordance with U.S. generally accepted accounting principles, which we refer to as GAAP. We use this non-GAAP financial measure for internal budgeting purposes. We also use SOI to make decisions regarding the possible acquisition or disposition of radio stations. SOI excludes corporate-level costs and expenses and depreciation and amortization, which may be material to an assessment of the Company's overall operating performance. Management compensates for this limitation by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of the Company's operating performance. Moreover, the corresponding amounts of the non-cash and corporate-level costs and expenses excluded from the calculation are available to investors as they are presented on our statements of operations contained in our periodic reports filed with the Securities and Exchange Commission (SEC).

SOI is a measure widely used in the radio broadcast industry. While the Company recognizes that because SOI is not calculated in accordance with GAAP, it is not necessarily comparable to similarly titled measures employed by other companies. Management believes that SOI provides meaningful information to investors because it is an important measure of how effectively we operate our business (i.e., operate radio stations) and assists investors in comparing our operating performance with that of other radio companies.

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 July 31, 2008 and we undertake no obligation to update the information contained herein to actual results or changes to our expectations.

                     BEASLEY BROADCAST GROUP, INC.
           Consolidated Statements of Operations (Unaudited)

                       Three Months Ended         Six Months Ended
                             June 30,                  June 30,
                        2008         2007         2008         2007
                    -----------  -----------  -----------  -----------
 Net revenue        $31,039,094  $34,835,765  $60,406,475  $65,611,652
                    -----------  -----------  -----------  -----------
 Costs and expenses:
  Cost of services
   (including stock-
   based compensa-
   tion and ex-
   cluding deprecia-
   tion and amorti-
   zation) (1)(2)     9,890,270   12,430,305   19,228,344   22,926,674
  Selling, general
   and administrative
   (including stock-
   based compensa-
   tion) (1)(3)      11,839,447   12,043,998   23,803,950   23,771,985
  LMA fees (4)               --           --           --      159,084
  Corporate general
   and administrative
   (including stock-
   based compensa-
   tion) (5)          2,372,908    2,486,854    4,894,170    5,056,756
  Depreciation and
   amortization         721,918      829,618    1,437,866    1,543,890
                    -----------  -----------  -----------  -----------
    Total costs and
     expenses        24,824,543   27,790,775   49,364,330   53,458,389
      Operating
       income         6,214,551    7,044,990   11,042,145   12,153,263
 Interest expense    (2,119,795)  (3,527,305)  (4,794,400)  (6,904,483)
 Loss on extinguish-
  ment of long-term
  debt (6)                   --     (366,599)          --     (366,599)
 Other non-operating
  expenses               44,350       (8,648)    (177,650)     (22,036)
 Interest income         93,982      107,779      197,904      217,236
 Other non-operating
  income                 11,200      226,982       51,094      230,362
                    -----------  -----------  -----------  -----------
    Income before
     income taxes     4,244,288    3,477,199    6,319,093    5,307,743
 Income tax expense   1,835,512    1,334,877    2,723,529    2,048,789
                    -----------  -----------  -----------  -----------
    Net income        2,408,776    2,142,322    3,595,564    3,258,954
                    ===========  ===========  ===========  ===========
 Basic and diluted
  net income
  per share                0.10         0.09         0.15         0.14
                    ===========  ===========  ===========  ===========
 Dividends declared
  per common share         0.06         0.06         0.13         0.13
                    ===========  ===========  ===========  ===========
 Basic common shares
  outstanding        23,270,054   23,363,256   23,255,988   23,387,059
                    ===========  ===========  ===========  ===========
 Diluted common
  shares
  outstanding        23,300,854   23,441,227   23,287,745   23,465,628
                    ===========  ===========  ===========  ===========

 (1) We refer to "Cost of services," and "Selling, general and
     administrative" together as "station operating expenses" for the
     "Calculation of SOI" and "Reconciliation of SOI to Net Income"
     below.
 (2) Includes stock-based compensation of $1,082 and $2,843 for the
     three months ended June 30, 2008 and 2007, respectively and
     $2,164 and $3,145 for the six months ended June 30, 2008 and
     2007, respectively.
 (3) Includes stock-based compensation of $35,937 and $59,700 for
     the three months ended June 30, 2008 and 2007, respectively and
     $98,522 and $156,547 for the six months ended June 30, 2008 and
     2007, respectively.
 (4) We operated WJBR-FM in Wilmington under a local marketing
     agreement which expired upon completion of the acquisition of
     WJBR-FM on February 1, 2007. We incurred the LMA fees under the
     local marketing agreement with WJBR-FM.
 (5) Includes stock-based compensation of $350,569 and $560,330 for
     the three months ended June 30, 2008 and 2007, respectively and
     $785,660 and $1,129,564 for the six months ended June 30, 2008
     and 2007, respectively.
 (6) We recorded a loss on extinguishment of long-term debt of $0.4
     million, or $0.01 per diluted share on an after tax basis,
     related to a credit agreement amendment during the second quarter
     of 2007.

                Selected Balance Sheet Data - Unaudited
                            (in thousands)
                                              June 30,   December 31,
                                                2008        2007
                                             ---------    ---------
 Cash and cash equivalents                   $   3,150    $   6,551
 Working capital                                16,183       21,954
 Total assets                                  332,155      337,152
 Long term debt, less current installments     179,980      191,056
 Total stockholders' equity                     86,750       85,186

           Selected Statement of Cash Flows Data - Unaudited
                            (in thousands)

                                            Six Months Ended June 30,
                                             ----------------------
                                                2008         2007
                                             ---------    ---------
 Net cash provided by operating activities   $  10,492    $   9,177
 Net cash used in investing activities            (735)     (46,086)
 Net cash provided by (used in)
  financing activities                         (13,157)      35,213
                                             ---------    ---------
 Net decrease in cash and cash equivalents      (3,400)      (1,696)


                    Calculation of SOI - Unaudited

                   Three Months Ended           Six Months Ended
                         June 30,                    June 30,
                --------------------------  --------------------------
                    2008          2007          2008          2007
                ------------  ------------  ------------  ------------
 Net revenue    $ 31,039,094  $ 34,835,765  $ 60,406,475  $ 65,611,652
 Station
  operating
  expenses       (21,729,717)  (24,474,303)  (43,032,294)  (46,698,659)
                ------------  ------------  ------------  ------------
   SOI          $  9,309,377  $ 10,361,462  $ 17,374,181  $ 18,912,993
                ============  ============  ============  ============


            Reconciliation of SOI to Net Income - Unaudited

                    Three Months Ended          Six Months Ended
                         June 30,                    June 30,
                --------------------------  --------------------------
                    2008          2007          2008          2007
                ------------  ------------  ------------  ------------
 SOI            $  9,309,377  $ 10,361,462  $ 17,374,181  $ 18,912,993

 LMA fees                 --            --            --      (159,084)
 Corporate
  general and
  administrative  (2,372,908)   (2,486,854)   (4,894,170)   (5,056,756)
 Depreciation
  and
  amortization      (721,918)     (829,618)   (1,437,866)   (1,543,890)
 Interest
  expense         (2,119,795)   (3,527,305)   (4,794,400)   (6,904,483)
 Loss on extin-
  guishment of
  long-term debt          --      (366,599)           --      (366,599)
 Other non-
  operating
  expenses            44,350        (8,648)     (177,650)      (22,036)
 Interest income      93,982       107,779       197,904       217,236
 Other non-
  operating
  expenses            11,200       226,982        51,094       230,362
 Income tax
  expense         (1,835,512)   (1,334,877)   (2,723,529)   (2,048,789)
                ------------  ------------  ------------  ------------
   Net income   $  2,408,776  $  2,142,322  $  3,595,564  $  3,258,954
                ============  ============  ============  ============

CONTACT: Beasley Broadcast Group, Inc.
         B. Caroline Beasley, Chief Financial Officer
         239/263-5000
         email@bbgi.com
         
         Jaffoni & Collins Incorporated
         Joseph N. Jaffoni, Ratula Roy
         212/835-8500
         bbgi@jcir.com