Beasley Q3 Revenues Flat, Earnings Up 12.6%

RADIO ONLINE | Friday, October 28, 2011 | 3:33pm CT

Beasley Broadcast Group posted a third quarter revenue decline to $24.2 million, essentially flat over 2010. BBG says the reduction was due to political advertising decline. Station operating income (SOI) decreased 2.3% to $8.2 million from $8.4 million. The broadcaster posted net earnings of $2.3 million (10 cents per diluted share) as compared with $2.1 million (9 cents) in the year-ago period.

Chairman/CEO George G. Beasley commented, "While concerns about the U.S. and global economies, as well as weakness in the capital markets, persisted throughout the quarter, Beasley Broadcast Group's 1% revenue decline during the period was primarily attributable to a reduction in political spending in a non-election year. Excluding the impact of political, revenue was flat for the quarter."

He continued, "While we continue to experience revenue volatility in our markets, our clusters saw monthly sequential revenue improvements throughout the quarter with September ending on a positive note despite year-ago comps, which included political spending."