Beasley Broadcast Group Q2 Revenue Down 24%

RADIO ONLINE | , , | :am CT

Beasley Broadcast Group posted a 24% decline in second quarter revenue to $23.6 million from $31 million. The drop reflects lower net revenue at ten of the company's eleven clusters. 62% of the Q2 decline was related to the company's Miami, Philadelphia and Las Vegas groups.

Station operating income (SOI) fell 28% to $6.7 million from $9.3 million. The company reported net earnings of $700,000 (3 cents per diluted share) as compared with earnings of $2.4 million (10 cents) in the year-ago period.

Chairman/CEO George G. Beasley commented, "The deep recession has caused consumers and businesses to significantly reduce discretionary spending, and as a result, ad budgets are believed to have reached the lowest levels in decades."

He continued, "The economies in key Beasley markets including Miami, Las Vegas and Fort Myers-Naples remain unsettled due to severe real estate downturns, while our stations in all markets faced ongoing declines in important advertising segments such as auto and retail. Notwithstanding the weak operating environment, the company's interactive and 'off-air' quarterly revenues continued to grow with revenue from these sources rising 4.9% over the year-ago period to approximately $1.5 million."