Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | ||
Jun. 30, 2014 | Jul. 25, 2014 | Jul. 25, 2014 | |
Class A Common Stock [Member] | Class B Common Stock [Member] | ||
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
Entity Registrant Name | 'BEASLEY BROADCAST GROUP INC | ' | ' |
Entity Central Index Key | '0001099160 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 6,451,092 | 16,662,743 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $12,091,451 | $14,299,013 |
Accounts receivable, less allowance for doubtful accounts of $499,865 in 2013 and $454,057 in 2014 | 16,570,897 | 17,195,453 |
Prepaid expenses | 3,238,245 | 1,459,757 |
Deferred tax assets | 128,937 | 374,660 |
Other current assets | 2,974,920 | 2,522,797 |
Total current assets | 35,004,450 | 35,851,680 |
Notes receivable from related parties | 1,931,447 | 2,305,502 |
Property and equipment, net | 20,923,758 | 20,136,777 |
FCC broadcasting licenses | 186,329,864 | 186,174,864 |
Goodwill | 13,629,364 | 13,629,364 |
Other assets | 6,131,967 | 6,110,702 |
Total assets | 263,950,850 | 264,208,889 |
Current liabilities: | ' | ' |
Current portion of long-term debt | 5,112,500 | 4,250,000 |
Accounts payable | 1,238,140 | 1,675,130 |
Other current liabilities | 7,997,569 | 8,391,168 |
Total current liabilities | 14,348,209 | 14,316,298 |
Long-term debt, net of current portion | 97,137,500 | 102,625,000 |
Deferred tax liabilities | 55,912,979 | 52,771,252 |
Other long-term liabilities | 811,369 | 870,245 |
Total liabilities | 168,210,057 | 170,582,795 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued | ' | 0 |
Additional paid-in capital | 117,977,444 | 117,130,362 |
Treasury stock, Class A common stock; 2,788,608 in 2013; 2,829,029 shares in 2014 | -15,096,008 | -14,729,984 |
Accumulated deficit | -7,173,981 | -8,824,642 |
Accumulated other comprehensive income | 7,396 | 24,622 |
Stockholders' equity | 95,740,793 | 93,626,094 |
Total liabilities and stockholders' equity | 263,950,850 | 264,208,889 |
Class A Common Stock [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 9,280 | 9,074 |
Class B Common Stock [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | $16,662 | $16,662 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Accounts receivable, less allowance for doubtful accounts | $454,057 | $499,865 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Treasury stock, Class A common stock shares | 2,829,029 | 2,788,608 |
Class A Common Stock [Member] | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 9,280,121 | 9,073,940 |
Common stock, shares outstanding | 6,451,092 | 6,285,332 |
Class B Common Stock [Member] | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 16,662,743 | 16,662,743 |
Common stock, shares outstanding | 16,662,743 | 16,662,743 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' |
Net revenue | $25,875,785 | $26,855,633 | $50,095,054 | $51,668,102 |
Operating expenses: | ' | ' | ' | ' |
Station operating expenses (including stock-based compensation of $11,553 in 2013 and $54,066 in 2014 and excluding depreciation and amortization shown separately below) | 16,390,400 | 16,773,324 | 33,492,540 | 33,476,328 |
Corporate general and administrative expenses (including stock-based compensation of $171,747 in 2013 and $316,615 in 2014) | 2,342,619 | 2,129,569 | 4,617,623 | 4,223,578 |
Depreciation and amortization | 616,750 | 527,529 | 1,223,312 | 1,092,224 |
Total operating expenses | 19,349,769 | 19,430,422 | 39,333,475 | 38,792,130 |
Operating income | 6,526,016 | 7,425,211 | 10,761,579 | 12,875,972 |
Non-operating income (expense): | ' | ' | ' | ' |
Interest expense | -1,100,089 | -2,326,250 | -2,323,804 | -4,374,124 |
Loss on extinguishment of long-term debt | -23,599 | -1,260,784 | -23,599 | -1,260,784 |
Other income (expense), net | -313,655 | 36,563 | -289,393 | 82,592 |
Income before income taxes | 5,088,673 | 3,874,740 | 8,124,783 | 7,323,656 |
Income tax expense | 2,067,384 | 1,516,771 | 4,420,622 | 2,545,200 |
Net income | 3,021,289 | 2,357,969 | 3,704,161 | 4,778,456 |
Other comprehensive income: | ' | ' | ' | ' |
Unrealized gain (loss) on securities (net of income tax expense (benefit) of $3,558 and $5,189 in three and six months ended June 30 2013, and $2,814 and $10,560 in three and six months ended June 30, 2014) | 4,372 | 5,718 | -17,226 | -8,184 |
Comprehensive income | $3,025,661 | $2,363,687 | $3,686,935 | $4,770,272 |
Net income per share: | ' | ' | ' | ' |
Basic and diluted | $0.13 | $0.10 | $0.16 | $0.21 |
Dividends declared per common share | $0.05 | ' | $0.09 | ' |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic | 22,818,398 | 22,742,198 | 22,800,628 | 22,726,954 |
Diluted | 22,879,408 | 22,798,418 | 22,877,921 | 22,774,001 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stock-based compensation | ' | ' | $727,183 | $320,513 |
Unrealized gain (loss) on securities, income tax expense | 2,814 | 3,558 | 10,560 | 5,189 |
Station Operating Expenses [Member] | ' | ' | ' | ' |
Stock-based compensation | 54,066 | 11,553 | 133,664 | 18,791 |
Corporate General and Administrative Expenses [Member] | ' | ' | ' | ' |
Stock-based compensation | $316,615 | $171,747 | $593,519 | $301,722 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Cash flows from operating activities: | ' | ' |
Net income | $3,704,161 | $4,778,456 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Stock-based compensation | 727,183 | 320,513 |
Provision for bad debts | 232,763 | 408,421 |
Depreciation and amortization | 1,223,312 | 1,092,224 |
Amortization of loan fees | 205,254 | 254,659 |
Loss on notes receivable from related party | 332,034 | ' |
Loss on extinguishment of long-term debt | 23,599 | 1,260,784 |
Deferred income taxes | 3,376,251 | 1,860,094 |
Change in operating assets and liabilities: | ' | ' |
Accounts receivable | 391,793 | 35,082 |
Prepaid expenses | -1,778,488 | -2,330,930 |
Other assets | -454,283 | 181,107 |
Accounts payable | -436,990 | -238,270 |
Other liabilities | -502,130 | -219,618 |
Other operating activities | -76,601 | 10,455 |
Net cash provided by operating activities | 6,967,858 | 7,412,977 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -1,789,927 | -852,349 |
Payments for translator licenses | -155,000 | -30,000 |
Payments for investments | -104,167 | -104,167 |
Repayment of notes receivable from related parties | 192,021 | 155,529 |
Net cash used in investing activities | -1,857,073 | -830,987 |
Cash flows from financing activities: | ' | ' |
Principal payments on indebtedness | -4,625,000 | -4,500,000 |
Payments of loan fees | -391,225 | -617,051 |
Tax benefit from vesting of restricted stock | 114,078 | 50,633 |
Dividends paid | -2,050,176 | ' |
Payments for treasury stock | -366,024 | -183,845 |
Net cash used in financing activities | -7,318,347 | -5,250,263 |
Net increase (decrease) in cash and cash equivalents | -2,207,562 | 1,331,727 |
Cash and cash equivalents at beginning of period | 14,299,013 | 11,660,648 |
Cash and cash equivalents at end of period | 12,091,451 | 12,992,375 |
Cash paid for interest | 2,118,550 | 4,080,557 |
Cash paid for income taxes | 2,003,445 | 2,274,395 |
Supplement disclosure of non-cash investing and financing activities: | ' | ' |
Property and equipment acquired through placement of advertising airtime | 60,412 | 29,080 |
Property and equipment acquired through a logo agreement | 160,000 | 0 |
Dividends declared but unpaid | $1,026,863 | $0 |
Interim_Financial_Statements
Interim Financial Statements | 6 Months Ended | |
Jun. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Interim Financial Statements | ' | |
-1 | Interim Financial Statements | |
The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of Beasley Broadcast Group, Inc. and its subsidiaries (the “Company”) included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. These financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the financial statements reflect all adjustments necessary for a fair statement of the financial position and results of operations for the interim periods presented and all such adjustments are of a normal and recurring nature. The Company’s results are subject to seasonal fluctuations therefore the results shown on an interim basis are not necessarily indicative of results for the full year. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 6 Months Ended | |
Jun. 30, 2014 | ||
Accounting Changes And Error Corrections [Abstract] | ' | |
Recent Accounting Pronouncements | ' | |
-2 | Recent Accounting Pronouncements | |
In May 2014, the FASB issued guidance to clarify the principles for recognizing revenue. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a comprehensive framework for revenue recognition that supersedes current general revenue guidance and most industry-specific guidance. In addition, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. The new guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. An entity should apply the guidance either retrospectively to each prior reporting period presented or retrospectively with the cumulative adjustment at the date of the initial application. The Company has not determined the impact of adoption on its financial statements. |
FCC_Broadcasting_Licenses
FCC Broadcasting Licenses | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Text Block [Abstract] | ' | ||||
FCC Broadcasting Licenses | ' | ||||
-3 | FCC Broadcasting Licenses | ||||
The change in the carrying amount of FCC broadcasting licenses for the six months ended June 30, 2014 is as follows: | |||||
Balance as of December 31, 2013 | $ | 186,174,864 | |||
Translator licenses | 155,000 | ||||
Balance as of June 30, 2014 | $ | 186,329,864 | |||
On May 1, 2014, the Company completed the acquisition of one FM translator license from Eastern Airwaves, LLC for $75,000. This translator license allows the Company to rebroadcast the programming of one of its radio stations in Fayetteville, NC on the FM band over an expanded area of coverage. | |||||
On February 14, 2014, the Company completed the acquisition of one FM translator license from Starboard Media Foundation, Inc. for $15,000 and on March 1, 2014, the Company placed in service one FM translator license acquired from CTC Media Group for $65,000. These translator licenses allow the Company to rebroadcast the programming of two of its radio stations in Greenville-New Bern-Jacksonville, NC on the FM band over an expanded area of coverage. | |||||
Translator licenses are generally granted for renewable terms of eight years and are tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that they might be impaired. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 6 Months Ended | |
Jun. 30, 2014 | ||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | |
Derivative Financial Instruments | ' | |
-4 | Derivative Financial Instruments | |
The Company is a party to two interest rate cap agreements which limit its cost of variable rate debt on a portion of its term loans. The interest rate cap agreements have an aggregate notional amount of $57.5 million and cap LIBOR at 1% on an equivalent amount of the Company’s term loans. The interest rate cap agreements expire in the third quarter of 2014. The interest rate caps were not designated as hedging instruments. The fair value of the interest rate caps, reported in other assets, was approximately zero as of June 30, 2014. The fair values of the interest rate caps were determined using observable inputs (Level 2). The inputs were quotes from the counterparties to the interest rate cap agreements. The change in fair value, reported in interest expense, was approximately zero and $1,000 for the three and six months ended June 30, 2014, respectively. |
LongTerm_Debt
Long-Term Debt | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
-5 | Long-Term Debt | ||||||||
Long-term debt is comprised of the following: | |||||||||
December 31, | June 30, | ||||||||
2013 | 2014 | ||||||||
Term loan | $ | 99,875,000 | $ | 102,250,000 | |||||
Revolving credit facility | 7,000,000 | — | |||||||
106,875,000 | 102,250,000 | ||||||||
Less current installments | (4,250,000 | ) | (5,112,500 | ) | |||||
$ | 102,625,000 | $ | 97,137,500 | ||||||
As of December 31, 2013, the credit facility consisted of a term loan with a remaining balance of $99.9 million and a revolving credit facility with a maximum commitment of $20.0 million. The credit facility carried interest, based on adjusted LIBOR, at 4.17% as of December 31, 2013. | |||||||||
On June 17, 2014, the Company amended its credit agreement to revise certain terms, including financial covenants and interest rate margins and to extend the maturity date of the credit facility. The amendment also increased the amount of cash dividends the Company may pay per year and eliminated mandatory prepayments of excess cash flow when the Company’s consolidated total debt is less than three times its consolidated operating cash flow. In addition, the Company repaid the revolving credit facility with $5.75 million of additional term loan borrowings and $1.25 million of cash of hand. In connection with the amended credit agreement, the Company recorded a loss on extinguishment of long-term debt of approximately $24,000 during the second quarter of 2014. | |||||||||
As of June 30, 2014, the credit facility consisted of a term loan with a remaining balance of $102.2 million and a revolving credit facility with a maximum commitment of $20.0 million. As of June 30, 2014, the Company had $20.0 million in remaining commitments available under its revolving credit facility. At the Company’s election, the credit facility may bear interest at either (i) adjusted LIBOR, as defined in the credit agreement, plus a margin ranging from 2.75% to 4.75% that is determined by the Company’s consolidated total debt ratio, as defined in the credit agreement or (ii) the base rate, as defined in the credit agreement, plus a margin ranging from 1.75% to 3.75% that is determined by the Company’s consolidated total debt ratio. Interest on adjusted LIBOR loans is payable at the end of each applicable interest period and, for those interest periods with a duration in excess of three months, the three month anniversary of the beginning of such interest period. Interest on base rate loans is payable quarterly in arrears. The credit facility carried interest, based on adjusted LIBOR, at 3.4% as of June 30, 2014 and matures on August 9, 2019. | |||||||||
The credit agreement requires mandatory prepayments equal to 50% of consolidated excess cash flow, as defined in the credit agreement, when the Company’s consolidated total debt is equal to or greater than three times its consolidated operating cash flow, as defined in the credit agreement. Prepayments of excess cash flow are not required when the Company’s consolidated total debt is less than three times its consolidated operating cash flow. Mandatory prepayments of consolidated excess cash flow are due 120 days after year end. The credit agreement also requires mandatory prepayments for defined amounts from net proceeds of asset sales, net insurance proceeds, and net proceeds of debt issuances. | |||||||||
The credit agreement requires the Company to comply with certain financial covenants which are defined in the credit agreement. These financial covenants include: | |||||||||
• | Consolidated Total Debt Ratio. The Company’s consolidated total debt on the last day of each fiscal quarter through December 31, 2014 must not exceed 4.5 times its consolidated operating cash flow for the four quarters then ended. The maximum ratio is 4.25 times for the period from January 1, 2015 through June 30, 2015, 4.0 times for the period from July 1, 2015 through December 31, 2015, 3.75 times for 2016, 3.25 times for 2017, and 3.0 times thereafter. | ||||||||
• | Interest Coverage Ratio. The Company’s consolidated operating cash flow for the four quarters ending on the last day of each fiscal quarter through maturity must not be less than 2.0 times its consolidated cash interest expense for the four quarters then ended. | ||||||||
The credit facility is secured by a first-priority lien on substantially all of the Company’s assets and the assets of substantially all of its subsidiaries and is guaranteed jointly and severally by the Company and substantially all of its subsidiaries. The guarantees were issued to the Company’s lenders for repayment of the outstanding balance of the credit facility. If the Company defaults under the terms of the credit agreement, the Company and its applicable subsidiaries may be required to perform under their guarantees. As of June 30, 2014, the maximum amount of undiscounted payments the Company and its applicable subsidiaries would have had to make in the event of default was $102.2 million. The guarantees for the credit facility expire on August 9, 2019. | |||||||||
The aggregate scheduled principal repayments of the credit facility for the remainder of 2014, the next four years, and thereafter are as follows: | |||||||||
2014 | $ | 2,556,250 | |||||||
2015 | 5,112,500 | ||||||||
2016 | 6,390,626 | ||||||||
2017 | 7,668,752 | ||||||||
2018 | 8,946,876 | ||||||||
Thereafter | 71,574,996 | ||||||||
Total | $ | 102,250,000 | |||||||
Failure to comply with financial covenants, scheduled interest payments, scheduled principal repayments, or any other terms of its credit agreement could result in the acceleration of the maturity of its outstanding debt. The Company believes that it will have sufficient liquidity and capital resources to permit it to meet its financial obligations for at least the next twelve months. As of June 30, 2014, the Company was in compliance with all applicable financial covenants under its credit agreement. |
Other_Revenue
Other Revenue | 6 Months Ended | |
Jun. 30, 2014 | ||
Other Income And Expenses [Abstract] | ' | |
Other Revenue | ' | |
-6 | Other Revenue | |
On June 30, 2014, the Company entered into an agreement with an electronics company and its affiliate concerning the use of the Company’s and their respective logos in connection with the Company’s and their respective goods and services. As a result of this agreement, the Company recorded $0.7 million in other revenue during the three and six months ended June 30, 2014. |
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Stock-Based Compensation | ' | ||||||||
-7 | Stock-Based Compensation | ||||||||
The Beasley Broadcast Group, Inc. 2007 Equity Incentive Award Plan (the “2007 Plan”) permits the Company to issue up to 4.0 million shares of Class A common stock. The 2007 Plan allows for eligible employees, directors and certain consultants of the Company to receive shares of restricted stock, stock options or other stock-based awards. The restricted stock awards that have been granted under the 2007 Plan generally vest over one to five years of service. | |||||||||
A summary of restricted stock activity under the 2007 Plan is as follows: | |||||||||
Shares | Weighted- | ||||||||
Average | |||||||||
Grant-Date | |||||||||
Fair Value | |||||||||
Unvested as of April 1, 2014 | 288,947 | $ | 8.68 | ||||||
Granted | 21,500 | 7.01 | |||||||
Vested | (6,700 | ) | 7.27 | ||||||
Forfeited | (9,083 | ) | 8.71 | ||||||
Unvested as of June 30, 2014 | 294,664 | $ | 8.59 | ||||||
As of June 30, 2014, there was $1.9 million of total unrecognized compensation cost related to restricted stock granted under the 2007 Plan. That cost is expected to be recognized over a weighted-average period of 2.1 years. | |||||||||
The 2000 Equity Plan of Beasley Broadcast Group. Inc. (the “2000 Plan”) was terminated upon adoption of the 2007 Plan, except with respect to outstanding awards. The remaining stock options expire ten years from the date of grant. No new awards will be granted under the 2000 Plan. | |||||||||
A summary of stock option activity under the 2000 Plan is as follows: | |||||||||
Options | Weighted- | ||||||||
Average | |||||||||
Exercise | |||||||||
Price | |||||||||
Outstanding as of April 1, 2014 | 62,250 | $ | 15.82 | ||||||
Forfeited | (15,000 | ) | 14.79 | ||||||
Outstanding and exercisable as of June 30, 2014 | 47,250 | $ | 16.15 | ||||||
As of June 30, 2014, the weighted-average remaining contractual term was 0.3 years and the aggregate intrinsic value was zero for stock options granted under the 2000 Plan. |
Income_Taxes
Income Taxes | 6 Months Ended | |
Jun. 30, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
-8 | Income Taxes | |
The Company’s effective tax rate was approximately 41% and 54% for the three and six months ended June 30, 2014, respectively. These rates differ from the federal statutory rate of 35% due to the effect of state income taxes and certain expenses that are not deductible for tax purposes. The effective tax rate for the six months ended June 30, 2014 also reflects a $1.4 million increase from a change to the Company’s federal tax rate based on a projected increase in taxable income for 2014 and a $0.3 million decrease from a change to the Company’s effective state tax rate. The Company evaluated its taxable income projections during the first quarter of 2014 and determined, based on certain changes in facts and circumstances related to the projections, that the federal tax rate should increase from 34% to 35%. The change in the federal tax rate has been accounted for as a change in accounting estimate during the six months ended June 30, 2014. | ||
The Company’s effective tax rate was approximately 39% and 35% for the three and six months ended June 30, 2013, respectively. These rates differ from the federal statutory rate of 34% due to the effect of state income taxes and certain expenses that are not deductible for tax purposes. The effective tax rate for the six months ended June 30, 2013 also reflects a $0.3 million decrease from a change to the Company’s effective state tax rate. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended | |
Jun. 30, 2014 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions | ' | |
-9 | Related Party Transactions | |
On April 7, 2014, Beasley Family Towers, LLC (“BFT”), which is owned by George G. Beasley, Bruce G. Beasley, Caroline Beasley, Brian E. Beasley and other family members of George G. Beasley, entered into an agreement to demolish a radio tower that was leased to the Company for a radio station in Miami, FL. As a result of the tower demolition, the agreement requiring the Company to make monthly lease payments of approximately $3,000 per month to BFT was canceled and the Company forgave indebtedness of $0.3 million associated with notes receivable from BFT. The related party debt forgiveness was approved by the Audit Committee. The $0.3 million loss on the notes receivable was reported in other income (expense), net during the three and six months ended June 30, 2014. | ||
On April 4, 2014, the Company contributed an additional $104,167 to Digital PowerRadio, LLC which maintained its ownership interest at approximately 20% of the outstanding units. Digital PowerRadio, LLC is managed by Fowler Radio Group, LLC which is partially-owned by Mark S. Fowler, an independent director of the Company. | ||
On September 1, 2013, the Company completed the acquisition of KVGS-FM in Las Vegas, NV from GGB Las Vegas, LLC, which is controlled by George G. Beasley, for $4.0 million in cash. The Company acquired KVGS-FM to complement its current market cluster in Las Vegas, NV. The acquisition was accounted for as a combination between businesses under common control therefore the Company recorded the assets acquired at their carrying amounts as of the date of acquisition. The difference between the purchase price and the carrying amounts of the assets acquired was recorded as an adjustment, net of taxes, to additional paid-in capital. The Company did not retrospectively adjust the statement of comprehensive income for the three and six months ended June 30, 2013 to furnish comparative information for the period under which the Company and GGB Las Vegas, LLC were under common control as the adjustments were considered immaterial to the period presented. The operations of KVGS-FM have been included in the Company’s results of operations from its acquisition date. |
Financial_Instruments
Financial Instruments | 6 Months Ended | |
Jun. 30, 2014 | ||
Investments All Other Investments [Abstract] | ' | |
Financial Instruments | ' | |
-10 | Financial Instruments | |
The carrying amount of notes receivable from related parties with a fixed rate of interest of 2.57% was $1.9 million as of June 30, 2014, compared with a fair value of $1.8 million based on current market interest rates. The carrying amount of notes receivable from related parties was $2.3 million as of December 31, 2013, compared with a fair value of $2.2 million based on market rates at that time. | ||
The carrying amount of long term debt, including the current installments, was $102.2 million as of June 30, 2014 and approximated fair value based on current market interest rates. The carrying amount of long-term debt was $106.9 million as of December 31, 2013 and approximated fair value based on market rates at that time. |
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Recent Accounting Pronouncements | ' |
In May 2014, the FASB issued guidance to clarify the principles for recognizing revenue. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a comprehensive framework for revenue recognition that supersedes current general revenue guidance and most industry-specific guidance. In addition, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. The new guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. An entity should apply the guidance either retrospectively to each prior reporting period presented or retrospectively with the cumulative adjustment at the date of the initial application. The Company has not determined the impact of adoption on its financial statements. |
FCC_Broadcasting_Licenses_Tabl
FCC Broadcasting Licenses (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Text Block [Abstract] | ' | ||||
Carrying Amount of Broadcasting Licenses | ' | ||||
The change in the carrying amount of FCC broadcasting licenses for the six months ended June 30, 2014 is as follows: | |||||
Balance as of December 31, 2013 | $ | 186,174,864 | |||
Translator licenses | 155,000 | ||||
Balance as of June 30, 2014 | $ | 186,329,864 | |||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of Long-Term Debt | ' | ||||||||
Long-term debt is comprised of the following: | |||||||||
December 31, | June 30, | ||||||||
2013 | 2014 | ||||||||
Term loan | $ | 99,875,000 | $ | 102,250,000 | |||||
Revolving credit facility | 7,000,000 | — | |||||||
106,875,000 | 102,250,000 | ||||||||
Less current installments | (4,250,000 | ) | (5,112,500 | ) | |||||
$ | 102,625,000 | $ | 97,137,500 | ||||||
Scheduled Repayments of Credit Facility | ' | ||||||||
The aggregate scheduled principal repayments of the credit facility for the remainder of 2014, the next four years, and thereafter are as follows: | |||||||||
2014 | $ | 2,556,250 | |||||||
2015 | 5,112,500 | ||||||||
2016 | 6,390,626 | ||||||||
2017 | 7,668,752 | ||||||||
2018 | 8,946,876 | ||||||||
Thereafter | 71,574,996 | ||||||||
Total | $ | 102,250,000 | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Restricted Stock Activity | ' | ||||||||
A summary of restricted stock activity under the 2007 Plan is as follows: | |||||||||
Shares | Weighted- | ||||||||
Average | |||||||||
Grant-Date | |||||||||
Fair Value | |||||||||
Unvested as of April 1, 2014 | 288,947 | $ | 8.68 | ||||||
Granted | 21,500 | 7.01 | |||||||
Vested | (6,700 | ) | 7.27 | ||||||
Forfeited | (9,083 | ) | 8.71 | ||||||
Unvested as of June 30, 2014 | 294,664 | $ | 8.59 | ||||||
Stock Option Activity | ' | ||||||||
A summary of stock option activity under the 2000 Plan is as follows: | |||||||||
Options | Weighted- | ||||||||
Average | |||||||||
Exercise | |||||||||
Price | |||||||||
Outstanding as of April 1, 2014 | 62,250 | $ | 15.82 | ||||||
Forfeited | (15,000 | ) | 14.79 | ||||||
Outstanding and exercisable as of June 30, 2014 | 47,250 | $ | 16.15 | ||||||
FCC_Broadcasting_Licenses_Carr
FCC Broadcasting Licenses - Carrying Amount of Broadcasting Licenses (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
FCC Broadcasting License [Member] | |||
FCC Broadcasting Licenses [Line Items] | ' | ' | ' |
Beginning Balance | $186,329,864 | $186,174,864 | $186,174,864 |
Translator licenses | ' | ' | 155,000 |
Ending Balance | $186,329,864 | $186,174,864 | $186,329,864 |
FCC_Broadcasting_Licenses_Addi
FCC Broadcasting Licenses - Additional Information (Detail) (USD $) | 6 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended |
Jun. 30, 2014 | Feb. 28, 2014 | Feb. 14, 2014 | Apr. 30, 2014 | |
CTC Media Group [Member] | Starboard Media Foundation, Inc. [Member] | Eastern Airwaves, LLC [Member] | ||
License | License | License | ||
FCC Broadcasting Licenses [Line Items] | ' | ' | ' | ' |
Acquisition of translator licenses | ' | $65,000 | $15,000 | $75,000 |
Number of translator licenses acquired | ' | 1 | 1 | 1 |
Translator licenses renewable term | '8 years | ' | ' | ' |
Derivative_Financial_Instrumen1
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2014 | Jun. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Number of interest rate cap agreements | 2 | 2 |
Interest Rate Cap [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Aggregate notional amount of interest rate cap agreements | $57,500,000 | $57,500,000 |
Derivative cap interest rate | 1.00% | 1.00% |
Expiration date of both interest rate cap agreements | ' | 30-Sep-14 |
Fair value of the interest rate caps reported in other assets | 0 | 0 |
Interest Rate Cap [Member] | Interest Expense [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Change in fair value, reported in interest expense | $0 | $1,000 |
LongTerm_Debt_Summary_of_LongT
Long-Term Debt - Summary of Long-Term Debt (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | ' | ' |
Long-term debt | $102,250,000 | $106,875,000 |
Less current installments | -5,112,500 | -4,250,000 |
Long-term debt non current portion | 97,137,500 | 102,625,000 |
Term Loan [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Long-term debt | 102,250,000 | 99,875,000 |
Revolving Credit Loan [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Revolving credit facility | ' | $7,000,000 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jun. 17, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | $102,250,000 | ' | $102,250,000 | ' | $106,875,000 |
Prepayment of first lien credit through cash on hand | 1,250,000 | ' | ' | ' | ' | ' |
Loss on extinguishment of long-term debt | ' | -23,599 | -1,260,784 | -23,599 | -1,260,784 | ' |
Mandatory prepayments of consolidated excess cash flow due period | ' | ' | ' | '120 days | ' | ' |
Mandatory prepayments of consolidated excess cash flow required by credit agreement | ' | ' | ' | 'The credit agreement requires mandatory prepayments equal to 50% of consolidated excess cash flow, as defined in the credit agreement, when the Company's consolidated total debt is equal to or greater than three times its consolidated operating cash flow, as defined in the credit agreement. Prepayments of excess cash flow are not required when the Company's consolidated total debt is less than three times its consolidated operating cash flow. Mandatory prepayments of consolidated excess cash flow are due 120 days after year end. The credit agreement also requires mandatory prepayments for defined amounts from net proceeds of asset sales, net insurance proceeds, and net proceeds of debt issuances. | ' | ' |
Term Loan [Member] | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | 102,250,000 | ' | 102,250,000 | ' | 99,875,000 |
Additional borrowings | 5,750,000 | ' | ' | ' | ' | ' |
First Mortgage [Member] | Must Not Be Less Than [Member] | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Interest Coverage Ratio | ' | ' | ' | 2 | ' | ' |
Credit Facility [Member] | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | 102,200,000 | ' | 102,200,000 | ' | ' |
Revolving credit loan and term loan carried interest | ' | 3.40% | ' | 3.40% | ' | 4.17% |
Revolving credit facility and term loan maturity date | ' | ' | ' | 9-Aug-19 | ' | ' |
Mandatory prepayments of excess cash flow | ' | 50.00% | ' | 50.00% | ' | ' |
Credit Facility [Member] | Term Loan [Member] | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | 102,200,000 | ' | 102,200,000 | ' | 99,900,000 |
Credit Facility [Member] | Revolving Credit Loan [Member] | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Revolving credit facility maximum commitment | ' | 20,000,000 | ' | 20,000,000 | ' | 20,000,000 |
Remaining commitments under the revolving credit loan facility | ' | $20,000,000 | ' | $20,000,000 | ' | ' |
Revolving credit facility, Interest Rate Description | ' | ' | ' | 'At the Companybs election, the credit facility may bear interest at either(i) adjusted LIBOR, as defined in the credit agreement, plus a margin ranging from 2.75% to 4.75% that is determined by the Company's consolidated total debt ratio, as defined in the credit agreement or (ii) the base rate, as defined in the credit agreement, plus a margin ranging from 1.75% to 3.75% that is determined by the Company's consolidated total debt ratio | ' | ' |
Credit Facility [Member] | Revolving Credit Loan and Term Loan [Member] | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Revolving credit facility and term loan maturity date | ' | ' | ' | 9-Aug-19 | ' | ' |
Credit Facility [Member] | Maximum [Member] | Revolving Credit Loan [Member] | LIBOR [Member] | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Credit facility interest rate margins | ' | ' | ' | 4.75% | ' | ' |
Credit Facility [Member] | Maximum [Member] | Revolving Credit Loan [Member] | Base rate [Member] | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Credit facility interest rate margins | ' | ' | ' | 3.75% | ' | ' |
Credit Facility [Member] | Minimum [Member] | Revolving Credit Loan [Member] | LIBOR [Member] | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Credit facility interest rate margins | ' | ' | ' | 2.75% | ' | ' |
Credit Facility [Member] | Minimum [Member] | Revolving Credit Loan [Member] | Base rate [Member] | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Credit facility interest rate margins | ' | ' | ' | 1.75% | ' | ' |
Credit Facility [Member] | First Mortgage [Member] | Maximum [Member] | January One Two Thousand Fifteen Through June Thirty Two Thousand Fifteen [Member] | Forecast [Member] | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Long-term Debt Covenants Aggregate Leverage Ratio | ' | ' | ' | 4.25 | ' | ' |
Credit Facility [Member] | First Mortgage [Member] | Maximum [Member] | July One Two Thousand Fifteen Through December Thirty First Two Thousand Fifteen [Member] | Forecast [Member] | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Long-term Debt Covenants Aggregate Leverage Ratio | ' | ' | ' | 4 | ' | ' |
Credit Facility [Member] | First Mortgage [Member] | Maximum [Member] | January 1, 2016 through December 31, 2016 [Member] | Forecast [Member] | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Long-term Debt Covenants Aggregate Leverage Ratio | ' | ' | ' | 3.75 | ' | ' |
Credit Facility [Member] | First Mortgage [Member] | Maximum [Member] | January One Two Thousand Seventeen Through December Thirty First Two Thousand Seventeen [Member] | Forecast [Member] | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Long-term Debt Covenants Aggregate Leverage Ratio | ' | ' | ' | 3.25 | ' | ' |
Credit Facility [Member] | First Mortgage [Member] | Maximum [Member] | January One Two Thousand Eighteen Through Thereafter [Member] | Forecast [Member] | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Long-term Debt Covenants Aggregate Leverage Ratio | ' | ' | ' | 3 | ' | ' |
Credit Facility [Member] | First Mortgage [Member] | Must Not Exceed [Member] | December 31,2014 [Member] | Forecast [Member] | ' | ' | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Long-term Debt Covenants Aggregate Leverage Ratio | ' | ' | ' | 4.5 | ' | ' |
LongTerm_Debt_Scheduled_Repaym
Long-Term Debt - Scheduled Repayments of Credit Facility (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Debt Disclosure [Abstract] | ' | ' |
2014 | $2,556,250 | ' |
2015 | 5,112,500 | ' |
2016 | 6,390,626 | ' |
2017 | 7,668,752 | ' |
2018 | 8,946,876 | ' |
Thereafter | 71,574,996 | ' |
Total | $102,250,000 | $106,875,000 |
Other_Revenue_Additional_Infor
Other Revenue - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Other Revenue [Abstract] | ' | ' |
Other revenue | $0.70 | $0.70 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 6 Months Ended |
Share data in Millions, unless otherwise specified | Jun. 30, 2014 |
2007 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Total unrecognized compensation cost related to restricted stock granted | $1,900,000 |
Cost is expected to be recognized over a weighted-average period | '2 years 1 month 6 days |
2007 Plan [Member] | Minimum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Restricted stock awards, vest, period | '1 year |
2007 Plan [Member] | Maximum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Restricted stock awards, vest, period | '5 years |
2000 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expiration date for stock options | '10 years |
Weighted-average remaining contractual term | '3 months 18 days |
Aggregate intrinsic value | $0 |
Class A Common Stock [Member] | 2007 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares authorized | 4 |
StockBased_Compensation_Restri
Stock-Based Compensation - Restricted Stock Activity (Detail) (2007 Plan [Member], USD $) | 3 Months Ended |
Jun. 30, 2014 | |
2007 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested Shares, Beginning Balance | 288,947 |
Granted, Shares | 21,500 |
Vested, Shares | -6,700 |
Forfeited, Shares | -9,083 |
Unvested Shares, Ending Balance | 294,664 |
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance | $8.68 |
Granted, Weighted-Average Grant-Date Fair Value | $7.01 |
Vested, Weighted-Average Grant-Date Fair Value | $7.27 |
Forfeited, Weighted-Average Grant-Date Fair Value | $8.71 |
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance | $8.59 |
StockBased_Compensation_Stock_
Stock-Based Compensation - Stock Option Activity (Detail) (2000 Plan [Member], USD $) | 3 Months Ended |
Jun. 30, 2014 | |
2000 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding Options, Beginning Balance | 62,250 |
Forfeited, Options | -15,000 |
Outstanding and exercisable Options, Ending Balance | 47,250 |
Outstanding, Weighted-Average Exercise Price, Beginning Balance | $15.82 |
Forfeited, Weighted-Average Exercise Price | $14.79 |
Outstanding and exercisable, Weighted-Average Exercise Price, Ending Balance | $16.15 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Schedule Of Income Tax [Line Items] | ' | ' | ' | ' |
Effective tax rate | 41.00% | 39.00% | 54.00% | 35.00% |
Federal statutory rate | ' | ' | 35.00% | 34.00% |
Increase (decrease) in income tax due to increase (decrease) in federal and state tax effective rate | ' | ' | ($0.30) | ($0.30) |
Minimum [Member] | ' | ' | ' | ' |
Schedule Of Income Tax [Line Items] | ' | ' | ' | ' |
Federal statutory rate | ' | ' | 34.00% | ' |
Maximum [Member] | ' | ' | ' | ' |
Schedule Of Income Tax [Line Items] | ' | ' | ' | ' |
Federal statutory rate | ' | ' | 35.00% | ' |
Federal Tax Rate [Member] | ' | ' | ' | ' |
Schedule Of Income Tax [Line Items] | ' | ' | ' | ' |
Increase (decrease) in income tax due to increase (decrease) in federal and state tax effective rate | ' | ' | $1.40 | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended |
Sep. 01, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Apr. 04, 2014 | |
KVGS-FM [Member] | Beasley Family Towers Inc [Member] | Beasley Family Towers Inc [Member] | Digital PowerRadio LLC [Member] | |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Monthly lease payment amount | ' | ' | $3,000 | ' |
Indebtedness amount | ' | 300,000 | 300,000 | ' |
Loss on notes receivable | ' | 300,000 | 300,000 | ' |
Additional contribution to related party | ' | ' | ' | 104,167 |
Percentage of outstanding units ownership interest to Digital PowerRadio | ' | ' | ' | 20.00% |
Cash paid for acquisition | $4,000,000 | ' | ' | ' |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Debt Instrument Fair Value Carrying Value [Abstract] | ' | ' |
Percentage of fixed rate of interest carrying amount of notes receivables | 2.57% | ' |
Carrying amount of notes receivable from related parties | $1,931,447 | $2,305,502 |
Fair value of notes receivable | 1,800,000 | 2,200,000 |
Long-term debt | $102,250,000 | $106,875,000 |