Beasley Reports Increase In Q2 Revenue

Beasley Broadcast Group today reported Q2 net revenue rose from $25.9 million to $27 million on a comparable (combined continuing and discontinued operations) basis, with net income falling from $3 million to $2.5 million.  Pro forma revenue fell 6%.

The company's numbers reflect the swap of five stations in Philadlephi and Miami to CBS Radio for 14-stations in Tampa, charlotte and Philadelphia.

Chairman/CEO George G. Beasley said, “Our reported second quarter results reflect a continuation of recent overall industry and market trends. On a pro forma basis, second quarter net revenue decreased 6.0% while SOI declined 8.4%.  The decline in pro forma revenue is primarily attributable to overall weakness in Charlotte, Las Vegas and Wilmmington which resulted in reduced operating leverage and ultimately impacted SOI. However we were able to partially offset the revenue decline through cost reductions that resulted in a 4.9% or $1.0 million reduction in station operating expenses.

George Beasley

“The station exchange completed in late 2014 substantially broadened and diversified our local radio and marketing solutions platform.  Since closing, we have been initiating strategies to extract operating and financial synergies from this exchange. We are actively implementing integration, cost efficiency and operating plans while remaining true to our value proposition by focusing on targeted localism and delivering quality programming, effective online marketing solutions and dedicated service to listeners and advertisers in these markets.

“Looking forward, we remain focused on operating our station clusters to match or exceed their market’s revenue performance while further strengthening our balance sheet."