Beasley Q3 Revenue Down 20.1%, Earnings Decline

RADIO ONLINE | , , | :am CT

Beasley Broadcast Group posted a 20.1% decline in third quarter revenues to $24.4 million from $30.6 million in 2008. Operating income (OI) decreased 3.4%, to $5.8 million from $6.2 million, while station operating income (SOI) fell 24.1% to $6.9 million from $9 million. Beasley reported net earnings of $1.4 (6 cents per share) as compared with 2.3 million (10 cents) in the year-ago period.

On a same-station basis (comparing stations operated by the company during the quarter to those same stations operated during the same quarter in 2008), consolidated net revenue was $24.3 million, down from $30.0 million, while SOI was $7.1 million when compared to $9.1 million of 2008.

"As anticipated, the radio industry continued to be challenged during the third quarter of 2009 as a result of the economic recession and its ongoing impact on advertising spending," said Chairman/CEO George Beasley. "Beasley's revenue comparisons improved in the third quarter relative to the 2009 first and second quarters, partially reflecting progress in key Beasley markets such as Philadelphia and Fort Myers."

He continued, "While it is difficult to gauge the pace of an economic recovery, we were pleased to see initial improvements in advertiser activity in the third quarter and are confident that Beasley is well positioned to benefit from healthier levels of overall advertiser spending as it occurs as well as political revenue in 2010."