Beasley Broadcast Group Q2 Revenue Rises 5.6%

RADIO ONLINE | Friday, July 30, 2010 | 3:54pm CT

Beasley Broadcast Group posted a 5.6% gain in net revenue to $24.9 million from $23.6 million in 2009. Station operating income (SOI) grew 26.5% to $8.5 million from $6.7 million, while operating income increased 46.4% to $5.8 million from $4 million. The company reported net earnings of $2 million (9 cents per share) rising 188% from $700,000 (3 cents) in the year-ago period.

Chairman/CEO George G. Beasley commented, "The radio industry and Beasley Broadcast Group are continuing to see a rebound in advertising spending and the 6.6% rise in second quarter same-station net revenue was the company's best comparison since late 2007."

"We intend to remain vigilant with our expense management programs and to further reduce borrowings under our credit facility as well as our leverage ratio," he added. "In this regard, we ended the 2010 second quarter with approximately $147.8 million of borrowings under our credit facility, down from $151.8 million at the end of 2009 and a marked reduction from $174.5 million at December 31."