Beasley Q2 Net Revenue Rise 8.8% to $64.8 Million

RADIO ONLINE | Monday, August 1, 2022 | 12:12pm CT

Beasley Broadcast Group

Beasley Broadcast Group reported second quarter net revenue grew 8.8% to $64.8 million from $49.6 million in 2021. Operating loss was $4.5 million down from an operating income of $5.8 million primarily reflecting an $8.6 million non-cash impairment loss. SOI increased by $0.1 million to $11.2 million from $11.1 million. The company posted a net loss of $14.5 million (-48 cents per diluted share) as compared to a net income of $0.2 million (1 cent) in the year ago period.

"Digital remains a central component of our revenue diversification strategy, and the momentum we are seeing in our digital business is further underpinned by our ability to grow digital revenue 37% on a quarterly sequential basis, while also improving our digital margin," said Beasley. "Our new business performance was robust this quarter, as we recorded $7.8 million in new business revenue, representing a 60% increase from the first quarter of 2022 and 16% growth over the comparable prior year period."

"Looking ahead, we will continue to focus on controlling what we can control, maximizing our growth opportunities, managing our expenses and capital structure, serving our audiences and advertisers and delivering results for our stockholders," the company added.