Beasley Broadcast Group Q1 Revenues Down 3.2%

RADIO ONLINE | , , | :am CT

Beasley Broadcast Group posted a 3.2% decline in net revenues to $21.8 million from $22.6 million in 2009. The drop primarily reflects lower net revenue at the company's Miami and Fayetteville market clusters. Station operating income (SOI) grew 8.1% to $6.1 million from $5.4 million. The broadcaster reported net earnings of $5000 (2 cents per diluted share).

Chairman/CEO George G. Beasley said, "Increases in 2010 first quarter SOI, operating income and net income highlight the value of the company's streamlined cost structure. Overall, the radio industry and Beasley Broadcast Group have begun to see a rebound in advertising spending."

He continued, "In the 2010 first quarter we generated monthly sequential improvements in revenue, with March representing the first month in over two years that Beasley Broadcast Group recorded revenue growth. Reflecting our close watch on station and corporate expenses, the Company generated first quarter year-over-year SOI growth of 13% with margins increasing to 28% for the 2010 first quarter, up from 24% in the comparable period last year."