Beasley Media Reports Y2Y 1Q Revenue Drop

Beasley Broadcast Group today announced operating results for the three-month period ended March 31, 2021.

Operating loss, net loss attributable to BBGI stockholders and net loss per diluted share reflect $1.1 million in other operating expenses in the three months ended March 31, 2021. Net loss attributable to BBGI stockholders and net loss per diluted share reflect a $5.0 million loss on extinguishment of long-term debt in the three months ended March 31, 2021. Operating loss, net loss attributable to BBGI stockholders and net loss per diluted share reflect $6.8 million of non-cash impairment losses in the three months ended March 31, 2020.

Net revenue during the three months ended March 31, 2021 reflects a year-over-year decrease in commercial advertising revenue and a lack of non-traditional revenue (“NTR”) and event revenue primarily related to the impact of the COVID-19 pandemic, in addition to lower cyclical political advertising revenue, partially offset by a year-over-year increase in digital revenue.

Beasley reported an operating loss of $2.5 million in the first quarter of 2021 compared to an operating loss of $7.1 million in the first quarter of 2020, which included a $6.8 million non-cash impairment charge in the first quarter of 2020 resulting from the impact of the COVID-19 pandemic. In addition, the first quarter of 2021 had lower corporate and operating expenses, partially offset by higher depreciation and amortization expense, and $1.1 million in other operating expenses.

Caroline Beasley

Beasley reported a net loss attributable to BBGI stockholders of $10.6 million, or $0.36 per diluted share, in the three months ended March 31, 2021, compared to a net loss attributable to BBGI stockholders of $8.8 million, or $0.32 per diluted share, in the three months ended March 31, 2020. The year-over-year increase is primarily due to lower revenue, higher interest expense and the loss on extinguishment of long-term debt resulting from the issuance of secured notes on February 2, 2021 and the use of proceeds to repay existing debt.

SOI decreased $1.5 million in the first quarter of 2021 compared to the first quarter of 2020. The year-over-year decrease is primarily attributable to lower commercial advertising revenue and the lack of NTR and event revenue in the first quarter of 2021 related to the impact of the COVID-19 pandemic, as well as the year-over-year decline in political revenue.

Commenting on the financial results, Caroline Beasley, Chief Executive Officer, said, “Beasley reported 2021 first quarter financial results consistent with the expectations we outlined when we reported the 2020 fourth quarter, as our strong revenue growth in the first two months of the comparable 2020 period, prior to the onset of the pandemic, created a difficult year-over-year comparison. Though we continued to experience challenges related to the COVID-19 pandemic during the first quarter, I am pleased to report that we began to see a strong recovery. As a result, we expect Beasley to return to top-line revenue growth beginning in the second quarter of 2021.