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Beasley Reports. George Says "Environment Improving"

February 8, 2011 - Commenting on the results, CEO George Beasley said, "Fourth quarter 2010 same-station net revenue rose 9.1%, marking the strongest quarterly same-station top line growth we have generated since early 2005. Our fourth quarter same-station revenue growth reflects the improving industry environment and was driven by increases at many of our market clusters including Philadelphia, Miami, Las Vegas, Wilmington, Augusta and Fayetteville. With the Company's streamlined operating and cost structure, we are generating significant flow through from revenue growth and reflecting that strong operating leverage, fourth quarter same-station SOI increased 24.5% to $10.4 million, the highest level of fourth quarter SOI that we've achieved since the fourth quarter of 2006, while SOI margins rose to 39%, up from 34% in the fourth quarter last year.

The $0.8 million, or 3.1% increase in net revenue during the three months ended December 31, 2010, compared with the same period in 2009 was primarily attributable to net revenue increases at the Company's Philadelphia, Wilmington, Las Vegas, Fayetteville and Augusta market clusters which more than offset a $1.1 million revenue decline at the Company's Miami-Fort Lauderdale market cluster related to the non-renewal of certain sports programming rights which generated revenue of approximately $1.4 million in the comparable year ago period. On a same-station basis (a non-GAAP financial measure as defined later in the release which excludes the aforementioned net revenue related to the Miami-Fort Lauderdale market cluster sports programming), consolidated net revenue rose 9.1% in the 2010 fourth quarter to $27.0 million from $24.7 million in the fourth quarter of 2009.

The $2.4 million, or 44.9% year-over-year improvement in 2010 fourth quarter operating income reflects the higher revenue as well as a 7.7% reduction in total operating expenses during the period. The 2010 fourth quarter operating expense reduction reflects a 10.0% decline in station operating expenses primarily due to an approximate $2.4 million reduction in costs at the Company's Miami-Fort Lauderdale market cluster largely related to the non-renewed sports programming rights. Corporate general and administrative expenses in the 2010 fourth quarter rose $0.4 million or 21.8% compared with 2009 fourth quarter levels.

Commenting on the results, George G. Beasley, Chairman and Chief Executive Officer, said, "Fourth quarter 2010 same-station net revenue rose 9.1%, marking the strongest quarterly same-station top line growth we have generated since early 2005. Our fourth quarter same-station revenue growth reflects the improving industry environment and was driven by increases at many of our market clusters including Philadelphia, Miami, Las Vegas, Wilmington, Augusta and Fayetteville. With the Company's streamlined operating and cost structure, we are generating significant flow through from revenue growth and reflecting that strong operating leverage, fourth quarter same-station SOI increased 24.5% to $10.4 million, the highest level of fourth quarter SOI that we've achieved since the fourth quarter of 2006, while SOI margins rose to 39%, up from 34% in the fourth quarter last year.






 
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