Good morning and welcome to the Beasley Broadcast Group Fourth Quarter 2016 Conference Call. Before proceeding, I would like to emphasize that today's conference call and webcast will contain forward-looking statements about our future performance and results of operations that involve risks and uncertainties described in the Risk Factors sections of our most recent annual report on Form 10-K and supplemented by our quarterly report on Form 10-Q. Today's webcast will also contain a discussion of certain non-GAAP financial measures within the meaning of Item 10 of Regulation 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 the company's Web site. I’d also like to remind listeners that following its completion, a replay of today's call can be accessed for five days on the Web site www.bbgi.com. You can also find a copy of today's press release on the Investors or Press Room sections of the site. At this time, I'd like to turn the conference over to your host Beasley Broadcast Group CEO and Chief Financial Officer, Caroline Beasley. Please go ahead.

Thank you, Kerry. So, good morning and thank you for joining for joining us to review our 2016 fourth quarter and full year operating results. Actually, Marie Tedesco, our CFO is on the call with me today and she will provide more detail on the fourth quarter. We are like in responding or reporting to the fourth quarter -- in regards to the fourth quarter and full year and that's due to the added requirements from the Greater Media transactions. Our goal is to be back on track with the first quarter reporting. As a reminder on November 1, we did complete the accretive acquisition of Greater Media adding 17 stations net of divestitures and 4 attractive new markets to our operating footprint. We're making continued progress with the integration of the new stations and similar to the CBS Swap transaction that we did in late 2014, we expect to complete the integration within 12 to 18 months, and I'm pleased to report that we're generally on track with our integration plans, execution and synergy realizations. Today we'll review the fourth quarter results and our outlook as well as the expected benefits from the Greater Media transactions and other ongoing initiatives to drive free cash flow growth and shareholder returns. The results reported today reflect the company's ownership and operation of 52 radio stations through October 31, and then the addition of 17 Greater Media stations effective November 1. And as a result, the Charlotte Greater Media stations and WFNGAM [ph] were divested in January 5, 2017 and as a result are reported as discontinued operations. However, our sale of the 6 Greenville New Bern Jacksonville, North Carolina stations that were announced in early February are reported in continuing operations for the fourth quarter. The 89.1% rise in fourth quarter…

Thanks, Caroline. It’s a pleasure to be joining you today. So, now let's start with the review of the fourth quarter results. Net revenue increased 25.3 million or 89.1% to 53.7 million and station operating expenses for the quarter increased 93.1% or 18.1 million resulting in an 80.3 increase in station operating income to 16.2 million. The revenue increase has left strong result at the legacy station where the revenue was up 7.6% from Q4, 2015 as well as including two months of operations of the Greater Media station. The increase in SOI reflects the rise in revenue partially offset by higher station sales costs and the operations of the recently acquired station. These legacy clusters in Tampa-St. Petersburg, Charlotte and Las Vegas clusters generated double-digit revenue growth quarter-by-quarter, primarily due to the political. On the consolidated basis, fourth quarter 2016 SOI margins were 30.2% compared to 31.7% in the year ago period reflecting growth in the margin in the Beasley legacy station that was partially offset by the two months or operations of the Greater Media properties which as Caroline indicated did not performed up to their potential in the quarter as a result of a change in ownership and transition. To this point, on a standalone basis, the Greater Media station's revenue decreased 6.1% or approximately 2.3 million with 1.4 million of the decline coming from Philadelphia. On a consolidated basis, actual fourth quarter political revenue was strong with approximately 3.5 million growth, of which approximately 3 million came from the Beasley legacy station. Our Las Vegas, Tampa-St. Petersburg and Charlotte cluster accounted for approximately 77% of it. On the pro forma basis for the quarter, as we own the Greater Media stations from October 1, 2016, net revenue rose 0.5% to 65.8 million while SOI decreased 10.6%…

Thank you, Marie. So to conclude with our long-term strategic focus on local and expanding our scale and free cash flow, we are confident the addition of Greater Media represents transformational growth opportunity for our company. The transaction has increased our portfolio by about 40% and more than doubled our audience reach giving us market leading stations with great, great brands that are complementary to our existing properties. Financially, the acquisition more than doubled both our revenue and cash flow and we're intend on bringing the cash flow growth to the free cash flow line. Needless to say, it's been a very, very busy few months, we're in the midst of the integration and focused on completing the synergy. On January 5, as mentioned before, we closed on the previously announced divestiture of four stations in Charlotte for $24 million and given the tax basis of the stations sold, we do not expect to incur any significant tax and tax on this sale, so we apply the entire 24 million to dent reduction. In February, we entered into an agreement to develop our Greenville-New Bern clusters for 11 million and again we intend to apply the majority of the net pricing to further reduce debt and leverage. And we expect this transaction to close sometime in the second quarter of this year. Throughout 2017, our strategic priorities will be realizing the synergy target and integration goals for the newly acquired stations, reducing debt and leverage, returning capital to shareholders through our quarterly cash dividend program and further diversifying our revenue stream. In closing, we remain confident that our initiatives to drive sales, productivity and efficiency combined with prudent management of our capital structure is a proven formula for sustaining long-term financial growth and the appreciation of shareholder value. And finally, I just like to say few words about the industry. We continue to be very bullish on radio as we are the number one reach meeting medium with 93% of the U.S. population tuning in weekly and TSL is approximately two hours a day. And in spite of the increased audio competition the number of radio listeners increased year-over-year by 3.1 million and TSL increased by 13 minutes per week. So with that we did open it up for questions or ask your questions and we did receive a few. So, I'm going to hand it over to Marie to walk through a few of their questions

Thanks, Caroline. The first question we got was to ask if we could please give them and update on the first quarter pacing?

Okay. So, Marie mentioned this in her comment we are looking at actual revenue to increase about 90%. However, if you take a look at this on pro forma basis, we are looking at pro forma revenue to be down mid to high single-digit. And this is due to the following. National is pacing down double-digits and that is impart due to political. We had about 1 million net in political in the first quarter of last year. And then in addition, as she mentioned before, we changed format up in Tampa at WPDB which use to be WBR and back in December. And so we are looking at tough comps with that format change as well. So, that was it.

Great. Thank you. Another question we got was to put a little color on what revenue categories drove the revenue increased in fourth quarter outside of political. And looking at that, outside political we did see increases in both retail, auto and also in fast food. Another question that was asked was what percent of our revenue comes from national. And so with Beasley national is about 17% of our total revenue, these are for full year of 2016. Greater Media is a bit higher at 26%, on the combine basis for 2016 national was around 21% of total revenue. We also received a few other questions that we feel have been addressed in this call.

Okay. Thanks, Marie. Thank you to everyone who attended the call today. And should you have any questions please free to call either Marie or myself. Thank you.

This concludes today's call. Thank you for your participation. You may now disconnect.