Beasley Broadcast Q2 Net Revs Up 96.1% to $59.6 Million
|RADIO ONLINE | Thursday, August 5, 2021|
Beasley Broadcast Group reported second quarter net revenue grew 96.1% to $59.6 million from $30.4 million in 2020. Operating income climbed to $5.8 million from an operating loss of $17.6 million. Station Operating Income (SOI) increased by $21.1 million to $11.1 million from a negative SOI of $11 million. The company posted a net income of $0.2 million (one cent per diluted share) as compared to a net loss of $17.7 million (63 cents) in the year-ago period.
CEO Caroline Beasley said, "Beasley's strong 2021 second quarter financial results reflect growing momentum across our media platform, as the continuing broad-based economic recovery accelerated demand from consumers and advertisers for our premium content and marketing and advertising services. With the significant rebound in the commercial advertising market, second quarter net revenue of $59.6 million increased 24% over first quarter 2021 levels and 96% over the comparable prior year period.
"Top line growth combined with the meaningful actions we have taken over the past year to permanently reduce costs and improve operating efficiencies, resulted in a significant rebound in net income to $0.2 million and SOI to $11.1 million, as well as positive free cash flow of approximately $1.0 million.
"Throughout the second quarter, the resumption of advertising in key categories combined with the success of our content monetization strategies resulted in year-over-year revenue growth across all fifteen of our markets, with healthy double-digit revenue increases in Boston, Detroit, Philadelphia and Wilmington.
"While second quarter non-traditional revenue (NTR) and events revenue was minimal, we made the strategic decision to fully re-open our events business in the third quarter, given the continued strengthening of commerce and consumer activities in our markets, and expect incremental revenue from this source in the second half of 2021.
"As we work to return all of our revenue sources to pre-pandemic levels of operation, we are closely tracking potential impacts from the Delta variant and the uncertainty it may bring to businesses we serve and our future operating results."
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