Beasley Q4 Revenue Drops, Net Earnings Up 1.7%

RADIO ONLINE | Friday, February 3, 2012 | 2:44pm CT

Beasley Broadcast Group posted a 6.8% drop in fourth quarter net revenue to $25.2 million from $27 million in 2010. Station operating income (SOI) was also down, dropping 9.5% to $9.4 million from $10.4 million. The company reported Q4 net income rose 1.7% to $3.4 million (15 cents per share) from $3.3 million (15 cents) in the year-ago period.

The $1.8 million, or 6.8% decline in net revenue during Q4 primarily reflects the impact of a reduction in national and political advertising compared with the same period in 2010.

Chairman/CEO George G. Beasley commented, "Radio advertising remained relatively stable despite widespread economic concerns and volatility in the capital markets throughout the year. Importantly, during the fourth quarter and throughout 2011, we continued to make progress across the organization in enhancing operating efficiencies and maintaining a disciplined approach to spending."

He continued, "Overall, the industry recorded seven consecutive quarters of growth through the third quarter of 2011 which underscores our belief that radio remains both resilient and highly relevant in a digital world. During the quarter, the company celebrated its 50th consecutive year in radio broadcasting and our success over this period has been defined by our ability to bring consumers and advertisers a platform that efficiently addresses their respective needs."