Beasley Q1 Net Revenue Up 1.1% to $23.3 Million
Beasley Broadcast Group reported first quarter net revenue grew 1.1% to $23.3 million from $23.1 million in 2010. Operating income was up 6% to $5.2 million from $4.9 million. Station operating income (SOI) gained 2.3% to $7.8 million from $7.6 million. The broadcaster posted Q1 earnings of $2.4 million (11 cents per diluted share) as compared to $1.5 million (7 cents) in the year-ago period.
Chairman/CEO George G. Beasley said, "First quarter revenue growth reflects improved economic conditions in some of our markets, most notably Fayetteville where our market cluster revenue rose 8.3%. In markets measured by Miller Kaplan, Beasley Broadcast Group clusters generated a slight revenue gain while these markets recorded a slight decline in revenue."
He contineud, "Overall, we achieved revenue increases at six of our eleven market clusters as we saw improved local and digital advertising which offset the impact of a mid-single digit decline in national advertising. Reflecting the company's streamlined operating and cost structure, first quarter SOI margins remain healthy and rose slightly to 33.4% up from 33.1% in the first quarter last year." (04-27-12)
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