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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Beasley Broadcast Group, Inc.    BBGI

BEASLEY BROADCAST GROUP, INC.

(BBGI)
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BEASLEY BROADCAST GROUP INC : Other Events (form 8-K)

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06/30/2020 | 05:28pm EDT

Item 8.01. Other Events

On June 30, 2020, Beasley Broadcast Group, Inc. (the "Company," "we" or "us") announced preliminary estimated financial results for the three and six months ended June 30, 2020, as follows:

Preliminary Estimated Financial Results for the Three and Six Months Ended June 30, 2020

Our financial results for the three and six months ended June 30, 2020 are not yet complete. Accordingly, our estimated results below are forward-looking statements based solely on information available to us as of the date of this Current Report on Form 8-K, and we undertake no obligation to update this information, except as may be required by law. Actual results remain subject to the completion of management's and our audit committee's reviews and our other financial closing procedures, as well as the completion of the preparation of our unaudited consolidated financial data for the three and six months ended June 30, 2020. During the course of that process, we may identify items that would require us to make adjustments, which may be material, to the information presented below. Accordingly, you should not place undue reliance on these preliminary estimated financial results.

The preliminary financial information included in this Current Report on Form 8-K has been prepared by and is the responsibility of our management. Our independent registered public accounting firm, Crowe LLP, has not audited, reviewed, compiled, or performed any procedures with respect to the preliminary financial results. Accordingly, Crowe LLP does not express an opinion or any other form of assurance with respect thereto. As a result, we have provided ranges, rather than specific amounts, for the estimated financial results below. Our actual results may vary materially from the estimated preliminary results included herein. See "Cautionary Note Regarding Forward-Looking Statements" below for more information.

These preliminary results should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and the related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019 and our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020. The information presented herein should not be considered a substitute for the financial information to be filed with the SEC in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 once it becomes available.



     •    We estimate that for the three months ended June 30, 2020, net revenue
          will be between $28.0 million and $30.5 million, representing a decrease
          of 54% to 57% compared to net revenue of $65.7 million for the three
          months ended June 30, 2019.




     •    We estimate that for the six months ended June 30, 2020, net revenue will
          be between $85.7 million and $88.2 million, representing a decrease of
          28% to 30% compared to net revenue of $123.3 million for the six months
          ended June 30, 2019.




     •    We estimate that for April and May 2020, operating expenses will be
          between $23.7 million and $25.0 million, representing a decrease of 21%
          to 25% compared to operating expenses of $31.7 million for April and May
          2019. The Company is not able to accurately estimate June expenses at
          this time.




     •    We expect that on June 30, 2020, we will have cash on hand of
          approximately $20.0 million and total debt of approximately $268.5
          million. The Company has no available commitments under its revolving
          credit facility.

--------------------------------------------------------------------------------

Cautionary Note Regarding Forward-Looking Statements

This report contains "forward-looking statements" about the Company within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future, not past, events. All statements other than statements of historical fact included in this document are forward-looking statements. These forward-looking statements are based on the current beliefs and expectations of the Company's management and are subject to known and unknown risks and uncertainties. Forward-looking statements, which address the Company's expected business and financial performance and financial condition, among other matters, contain words such as: "expects," "anticipates," "intends," "plans," "believes," "estimates," "may," "will," "plans," "projects," "could," "should," "would," "seek," "forecast," or other similar expressions.

Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements.


Forward-looking statements involve a number of risks and uncertainties, and
actual results or events may differ materially from those projected or implied
in those statements. Factors that could cause actual results or events to differ
materially from these forward-looking statements include, but are not limited
to:



     •    the effects of the COVID-19 pandemic, including its potential effects on
          the economic environment and the Company's results of operations,
          liquidity and financial condition, and the increased risk of impairments
          of the Company's FCC licenses and/or goodwill, as well as any changes to
          federal, state or local government laws, regulations or orders in
          connection with the pandemic;




     •    external economic forces that could have a material adverse impact on the
          Company's advertising revenues and results of operations;




     •    the ability of the Company's radio stations to compete effectively in
          their respective markets for advertising revenues;




     •    the ability of the Company to develop compelling and differentiated
          digital content, products and services;




     •    audience acceptance of the Company's content, particularly its radio
          programs;




     •    the ability of the Company to respond to changes in technology, standards
          and services that affect the radio industry;




     •    the Company's dependence on federally issued licenses subject to
          extensive federal regulation;




  •   actions by the FCC or new legislation affecting the radio industry;




     •    the Company's dependence on selected market clusters of radio stations
          for a material portion of its net revenue;




  •   credit risk on the Company's accounts receivable;




     •    the risk that the Company's FCC licenses and/or goodwill could become
          impaired;




     •    the Company's substantial debt levels and the potential effect of
          restrictive debt covenants on the Company's operational flexibility and
          ability to pay dividends, including restrictions on the ability to pay
          dividends in the near term as a result of the Amendment to the Company's
          credit agreement;




     •    the potential effects of hurricanes on the Company's corporate offices
          and radio stations;

--------------------------------------------------------------------------------

     •    the failure or destruction of the internet, satellite systems and
          transmitter facilities that the Company depends upon to distribute its
          programming;




     •    disruptions or security breaches of the Company's information technology
          infrastructure;




  •   the loss of key personnel;




     •    the Company's ability to integrate acquired businesses and achieve fully
          the strategic and financial objectives related thereto and their impact
          on the Company's financial condition and results of operations;




     •    the fact that the Company is controlled by the Beasley family, which
          creates difficulties for any attempt to gain control of the Company; and




     •    other economic, business, competitive, and regulatory factors affecting
          the businesses of the Company, including those set forth in the Company's
          filings with the SEC.

Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. We do not intend, and undertake no obligation, to update any forward- looking statement.

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

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