Financial Data and Key Metrics Changes - Total net revenue for Q3 2024 was $58.2 million, reflecting a decline of 3.2% compared to the previous year when adjusted for divestitures [9][17] - Same-station revenue increased by 0.5% for Q3, with a year-to-date decline of 1.6% [9][17] - Operating income for Q3 increased by 101.4% year-over-year, from a negative $85.5 million to a positive $1.2 million [20] - Interest expense decreased by $353,000 year-over-year to $6.1 million, reflecting benefits from debt reductions [21] Business Line Data and Key Metrics Changes - Digital segment revenue grew by 1.1% for the quarter, with same-station digital revenue increasing by 11.7% [12][24] - Same-station over-the-air local revenue decreased by 8.9%, driven by a 6.9% decline in local agency business [14] - Political revenue for the quarter was $2.7 million, bringing year-to-date political revenue to $3.7 million, up 23% from the same period in 2020 [11] Market Data and Key Metrics Changes - National advertising revenue was down 16% excluding political contributions, with same-station national revenue up 10.7% due to political spending [13] - The auto category saw an 11% year-over-year decline, representing 7.9% of total Q3 revenue [19] Company Strategy and Development Direction - The company is focused on improving its capital structure, having successfully completed a debt reduction of $47 million and extending maturities to August 2028 [7] - A reverse stock split was executed at a ratio of 1 for 20 to maintain NASDAQ listing and enhance share investability [8] - The company aims to grow digital revenue and has made strategic reductions in operating expenses projected to save over $5 million annually [27] Management's Comments on Operating Environment and Future Outlook - Management noted that advertisers are hesitant to book prior to election results, impacting national advertising [29] - The company expects revenue to be up in Q4, with pacing in the mid-single digits as of the call date [27][30] Other Important Information - The company experienced operational challenges due to Hurricane Halen, but successfully provided community support during the crisis [26] - The company ended Q3 with cash on hand of $27.8 million, down from $33.3 million at the end of Q2 2024 [22] Q&A Session Summary Question: Are you seeing any resumption in national advertising in Philadelphia and Boston? - Management indicated that there has not been a resumption yet, as advertisers are hesitant to book until after the election [29] Question: Post the exchange, how do you think about liquidity and the potential for more bond buybacks? - The company is focused on maintaining a minimum cash position but will seek opportunities for opportunistic bond buybacks [30] Question: When do you foresee year-over-year comps going positive again? - Management expects revenue to be up in Q4, with same-station revenue pacing up in the mid-single digits [30]

Core Viewpoint - Beasley Broadcast Group, Inc. will report its third quarter financial results for 2024 on November 5, 2024, and will host a conference call to discuss these results [1]. Company Overview - Beasley Broadcast Group is a multi-platform media company primarily operating radio stations across the United States, offering integrated marketing solutions to local and national advertisers [4]. - The company owns and operates 57 AM and FM stations in various large- and mid-size markets, including cities like Atlanta, Boston, and Philadelphia [4]. - Approximately 20 million consumers engage with the company's radio stations weekly through various platforms, including over-the-air, online, and mobile devices [4].

Core Viewpoint - Beasley Broadcast Group, Inc. has successfully completed an exchange offer for its existing senior secured notes, alongside a cash tender offer and a new notes issuance, aimed at restructuring its debt and improving financial flexibility [1][2]. Group 1: Exchange Offer Details - Approximately $194.7 million of existing notes were exchanged for new 9.200% senior secured notes due August 1, 2028, at an exchange ratio of 95.0% [2]. - Holders received a pro rata share of 179,384 shares of Class A Common Stock and a consent fee of $5.00 per $1,000 principal amount of existing notes tendered [2]. - The company exercised an option to increase the cash paid to exchanging holders by a pro rata portion of $700,000, from a total of $3.0 million available for this purpose [3]. Group 2: Tender Offer and New Notes - The company purchased $68.0 million of existing notes at a purchase price of 62.5% plus accrued and unpaid interest as part of the tender offer [2]. - A total of $30.9 million of new superpriority senior secured notes due 2028 were issued in the new notes offer [1][2]. Group 3: Support and Legal Counsel - A supporting holder, representing approximately 73% of existing notes, agreed to backstop the new notes offer and waived the minimum participation condition for the exchange offer [4]. - Latham & Watkins LLP served as legal counsel to the company, while Moelis & Company LLC acted as the exclusive financial advisor and dealer manager [4].

NAPLES, Fla., Oct. 01, 2024 (GLOBE NEWSWIRE) -- Beasley Broadcast Group, Inc. (Nasdaq: BBGI) (the “Company”), a multi-platform media company, today announced that the Withdrawal Deadline, Expiration Date and Subscription Form Delivery Date in connection with the previously announced exchange offer (the “Exchange Offer”), tender offer (the “Tender Offer”), and offering of new notes (the “New Notes Offer” and together with the Exchange Offer and the Tender Offer, collectively, the “Offers”) by its wholly owne ...

NAPLES, Fla., Sept. 06, 2024 (GLOBE NEWSWIRE) -- Beasley Broadcast Group, Inc. (Nasdaq: BBGI) (the “Company”), a multi-platform media company, today announced that its wholly owned subsidiary, Beasley Mezzanine Holdings, LLC (the “Issuer”), has commenced an exchange offer (the “Exchange Offer”) pursuant to which holders (the “Existing Noteholders”) may exchange their outstanding 8.625% Senior Secured Notes due 2026 (the “Existing Notes”) into: (i) newly issued 9.200% Senior Secured Notes due August 1, 2028 ...

Revenue Performance - Net revenue decreased by $3.0 million, or 4.8%, from $63.5 million in Q2 2023 to $60.4 million in Q2 2024[67] - Audio revenue decreased by $3.0 million, or 6.0%, primarily due to a decrease in local agency and direct revenue[67] - Digital revenue increased by $0.7 million, or 5.7%, driven by continued growth in the digital segment[67] - Net revenue decreased by $6.4 million (5.3%) to $114.8 million for the six months ended June 30, 2024, compared to the same period in 2023[72] - Audio revenue declined by $7.0 million (7.2%) primarily due to a decrease in local agency and direct revenue, while digital revenue increased by $1.7 million (7.5%) due to growth in the digital segment[73] Operating Expenses - Operating expenses decreased by $2.0 million, or 3.9%, from $51.3 million in Q2 2023 to $49.3 million in Q2 2024[68] - Operating expenses decreased by $3.4 million (3.3%) to $98.6 million for the six months ended June 30, 2024, with audio operating expenses down by $1.4 million (1.7%) and other operating expenses down by $2.0 million (100.0%) due to the termination of esports operations[74] - Corporate expenses decreased by $0.5 million, or 11.9%, primarily due to an increase in digital expenses allocated to operating expenses[69] - Digital operating expenses decreased by $0.9 million, or 8.4%, due to expense management in the digital segment[68] Financial Performance - Net loss for Q2 2024 was $0.3 million compared to a net loss of $10.4 million in Q2 2023, reflecting improved financial performance[70] - Net loss for the six months ended June 30, 2024, was $0.3 million, a significant improvement from a net loss of $14.0 million in the same period in 2023[77] Cash Flow and Investments - Net cash provided by operating activities increased to $2.6 million for the six months ended June 30, 2024, compared to approximately $24,000 in the same period in 2023[84] - Net cash provided by investing activities included proceeds of $6.0 million from the sale of an investment, offset by $2.0 million in capital expenditures[85] - The company recorded a gain of $6.0 million from the sale of an investment in Broadcast Music, Inc. on March 8, 2024[75] Debt and Interest - Interest expense decreased by $0.6 million, or 9.4%, due to repurchases of the Notes throughout 2023[69] - Interest expense decreased by $1.6 million (12.3%) to $11.7 million, attributed to repurchases of the Notes throughout 2023[75] Dividend and Liquidity - The company has suspended future quarterly dividend payments until it is determined that resumption is in the best interest of stockholders[79] - The company expects to meet future liquidity needs through internally generated cash flow, additional borrowings, or equity offerings[82] Taxation - Effective tax rate was approximately (7)% for Q2 2023 and (21)% for Q2 2024, differing from the federal statutory rate of 21%[69] Impairment - Impairment loss of $10.0 million was recorded in Q2 2023 related to the FCC license for WJBR-FM[69]

Exhibit 99.1 | --- | --- | |-------|-----------------------------------------| | | | | | Replay information provided below | CONTACT: B. Caroline Beasley Joseph Jaffoni, Jennifer Neuman Chief Executive Officer Beasley Broadcast Group, Inc. 239/263-5000 or ir@bbgi.com JCIR 212/835-8500orbbgi@jcir.com BEASLEY BROADCAST GROUP REPORTS SECOND QUARTER REVENUE OF $60.4 MILLION Second Quarter Digital Revenue Grew 5.7% Year-over-year, and 10.4% on a Same Station Basis Net Loss Decreased by $10.2 Million and Adjusted ...

Financial Data and Key Metrics - Q2 2024 total revenue was $60.4 million, down 4.8% year-over-year on an actual basis, but same-station revenue declined only 2% [4] - Digital revenue grew 10.2% year-over-year, now accounting for 21.5% of total revenue, up from 19.4% in Q2 2023 and 16.5% in Q2 2022 [4] - Adjusted EBITDA increased 11.4% to $8.8 million in Q2 2024 [8] - Operating expenses declined 3.9% or $2 million, including $1.3 million in severance costs [7][8] - Same-station SOI increased by $60,000 to $12.6 million, excluding severance costs [8] - Total debt at the end of Q2 was $267 million, down from $300 million at the beginning of 2021 [13] Business Line Performance - Digital revenue growth remains a priority, with digital SOI at $3.1 million and a margin of 24% for the quarter [16] - Political revenue for Q2 was $586,000, exceeding the budget by 72% and up significantly from $228,000 in Q2 2020 [5] - National revenue showed signs of stabilization, with same-station national revenue up 7.3% and actual national revenue up 6.4% year-over-year [6] - Local spot revenue declined 10.9% year-over-year, driven by a 3% decline in local agency business and a 4.9% decline in local direct [6] - Sports betting revenue was $3.1 million, accounting for 5.6% of total revenue, with growth in Boston and Charlotte offset by declines in Philadelphia [11] Market Performance - Six markets, including Augusta, Charlotte, Fayetteville, Fort Myers, New Jersey, and Tampa, exceeded prior year Q2 revenues [9] - The company holds the top-rated station in key markets such as Boston, Charlotte, Detroit, Las Vegas, and Philadelphia, with strong Nielsen Audio PPM ratings [18] Strategy and Industry Competition - The company is shifting its revenue mix toward digital, aiming for digital to account for 20%-25% of total revenue in 2024 [5] - A strategic plan focuses on revenue growth, leverage reduction, free cash flow, and addressing the capital structure ahead of the Q1 2026 debt maturity [19] - The company is streamlining traditional business operations, expanding digital revenue streams, and focusing on corporate expense management [19] - A $6.7 million expense reduction initiative in May 2024 is projected to save nearly $10 million annually, achieved through headcount reductions and operational consolidation [20] Management Commentary on Operating Environment and Outlook - Management noted continued softness in ad-reliant businesses, particularly in local markets, reflecting broader economic challenges [6] - The company expects a robust second half of 2024, driven by strong political spending and continued digital expansion [5][21] - Management remains optimistic about growth prospects, particularly in digital and political revenue streams [21] Other Important Information - The company closed its white-label agency, Guarantee Digital, transferring 75% of its revenue to the in-house agency Digital Direct, expected to increase the bottom line by $1 million [16] - The company exited its esports content initiative due to profitability concerns and a focus on reducing leverage [17] - A new head of digital content marketing was hired to support the growth of digital revenue streams [18] Q&A Session Question: Any discussions with creditors about the February 2026 bond maturity? - The company is laser-focused on addressing the Q1 2026 maturity and will provide more details in the near term [24] Question: Are there more assets that could be sold? - The company is open to selling assets at an attractive and deleveraging price [26] Question: Progress on the $10 million cost savings program? - The company realized $2 million in cost improvements in Q2, with the full benefit of the savings expected in future quarters [27]

Q 2 2 0 2 4 E A R N I N G S P R E S E N TAT I O N A U G U S T 2024 Forward-Looking Statements and Non- DisclaimerGAAP Financial Measures This presentation includes certain financial measures that have not been prepared in a manner that complies with generally accepted accounting principles in the United States ("GAAP"), including, without limitation, EBITDA, Station Operating Income ("SOI") (collectively, the "non-GAAP financial measures"). These non-GAAP financial measures are not measures of financial per ...

Beasley Broadcast Group (BBGI) came out with a quarterly loss of $0.01 per share versus the Zacks Consensus Estimate of a loss of $0.03. This compares to loss of $0.08 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 66.67%. A quarter ago, it was expected that this radio broadcaster would post a loss of $0.14 per share when it actually produced break-even earnings, delivering a surprise of 100%.Over the last four quarters, the ...