Beasley Broadcast Group Reports Revenue Drop

The Beasley Broadcast Group Inc. today reported net income of $700,000, or 3 cents per share, in the quarter ended March 31, down from net income of $2.4 million, or 11 cents a share, in the same quarter a year ago.

The company reported that its income tax expense increased by $1.3 million, or 128.8 percent, in the quarter compared to a year ago.

Net revenue was $2.4 million in the quarter, down from $2.8 million a year ago.

"The first quarter decline in net revenue reflects several factors that primarily impacted our three largest markets, including the severe winter weather which had a negative effect on our operations in the northeast," George G. Beasley, chairman and CEO, said in a release announcing the earnings.

Beasley operates 44 stations, 28 FM and 16 AM, located in eleven large- and mid-size markets in the United States.