Beasley Q2 Net Revenues Up 2.8%, Earnings Flat

RADIO ONLINE | Friday, July 29, 2016

Beasley Broadcast Group reported second quarter net revenue rose 2.8% to $27.8 million from $20 million in 2015, primarily reflecting higher totals at the company's clusters in Tampa and Charlotte. Station operating income (SOI) declined 2.8% to $8 million from $8.3 million, while operating income (OI) fell 6.3% to $4.8 million from $5.1 million. The company's net earnings were flat at $2.5 million (11 cents per diluted share).

Interim CEO and CFO Caroline Beasley said, "During the second quarter, Beasley's clusters again outperformed the markets that report to Miller Kaplan on a combined revenue basis and we expect this trend to continue in 2016. In particular, we saw very strong results at our Tampa-Saint Petersburg cluster though our Augusta, Charlotte, Fayetteville, Ft. Myers-Naples and Greenville-New Bern-Jacksonville clusters also outperformed their respective markets on a revenue basis."

She continued, "However, net income and diluted EPS were essentially flat year-over-year as station level promotion and other expenses, increased SG & A partially related to recently announced transaction activity, and investments to strengthen the Company's infrastructure for the anticipated expansion of our operating base outpaced the quarterly revenue growth."

Last week Beasley announced an agreement to acquire Greater Media Inc. in a cash and stock transaction. "Specifically, the transaction is expected to increase our broadcast portfolio by approximately 40% and more than double our revenue and audience reach, giving us market leading stations, great brands and an opportunity to engage with brand new markets," added Beasley.