Good day, and welcome to the Fourth Quarter and Full Year 2011 Webcast. I would now like to turn the call over to your host, Caroline Beasley. Please go ahead, ma'am.

Thank you, and good morning, and welcome to the Beasley Broadcast Group Fourth Quarter 2011 Webcast. Before beginning, I'd like to emphasize that this webcast will contain forward-looking statements about our future performance and results of operations that involve risks and uncertainties described in the Risk Factors section of our most recent form 10-K. Today's webcast will also contain a discussion of certain non-GAAP financial measures within the meaning of Item 10 of Reg S-K. A reconciliation of these non-GAAP measures with their most directly comparable financial measures calculated and presented in accordance with GAAP can be found in this morning's news announcement and on our website. I'd also remind listeners that following its completion, a replay of today's webcast can be accessed for 5 days on our website, bbgi.com. Investors can also find a copy of today's press release on the Investors or Press Room sections of the site. My remarks this morning will primarily focus on the fourth quarter results and our markets. Afterwards, Bruce Beasley, our President and COO, and I will address any questions that were emailed. The fourth quarter actual net revenue decreased 6.8%. About 1/3 of the $1.8 million revenue decline was attributable to political, while half of the decline reflects the combination of weaker national advertising in our markets in general, and some national advertising issues that were unique to BBGI. As discussed on our third quarter conference call in late October, we knew fourth quarter was going to be challenging on the top line, given continued economic volatility, the top political comps, and some of the issues we were facing regarding national. Given these factors, we took decisive actions on station operating expenses, lowering them by $800,000, or 5% in fourth quarter and in turn offsetting some of the negative operating leverage…

And with that, I'm going to turn it over to Bruce and ask one question of him that we received earlier today. And that regards political spending so far in our markets for our first quarter. Now, Bruce, can we talk a little bit about the kind of political dollars that we're seeing today?

Yes, sure Caroline. In looking at Q1 2012, it seems to be comparable to the local spending in 2010, and that's about $100,000 for the quarter. Even compared further, in Q1 '08, we had about $150,000.

Great. With that, we thank you for your time today and should you have any questions, please feel free to give Bruce or myself a call. Thank you.

Ladies and gentlemen, that does conclude today's webcast. We thank you for your participation.