Home Login RADIO ONLINE RSS Facebook
Advertisement

Beasley Broadcast Q1 Net Revs up 3.7% to $57.8 Million


Beasley Broadcast Group
Beasley Broadcast Group

Beasley Broadcast Group reported first quarter net revenue increased 3.7% to $57.8 million from $55.7 million in 2022. Operating income rose to $400,000 from an operating loss of $2.7 million. Station operating income (SOI) grew 21% to $7.1 million from $5.9 million. The company posted a net loss of $3.5 million (12 cents per diluted share) as compared to a net loss of $3.7 million (13 cents) in the year-ago period.

CEO Caroline Beasley said, "Beasley's strong first quarter financial operating results highlight our continued local audio leadership and the ongoing success of our digital transformation and revenue diversification initiatives which are driving top-line and SOI growth. Despite ongoing challenges related to the economy and softness in the national spot market, Beasley generated healthy growth across its digital, local audio, and network revenue sources, as reflected by the 3.7% increase in first quarter net revenues to $57.8 million. Top-line growth was the primary factor contributing to an impressive 21% year-over-year increase in SOI to $7.1 million.

"Our digital strategy delivered first quarter digital revenue growth of 27.8% year-over-year, and accounted for 17.3% of total first quarter revenue. Similar to recent quarters, strong digital revenue performance was driven by Beasley's organic content creation initiatives and the roll-out of our tailored web services. Beasley continues to see accelerating demand from consumers for our innovative digital content, with our unique digital users more than doubling over the prior year quarter, resulting in a more than 90% year-over-year increase in sellable digital impressions. We believe we remain on path for this revenue source to reach 20% of total revenue by 2023 year-end.

"Total outstanding debt as of March 31, 2023 was $290.0 million, and first quarter interest expense slightly declined to $6.6 million. Beasley had $35.9 million of cash and cash equivalents on hand at quarter end. We intend to keep our cash on the balance sheet in order to maintain our strong liquidity position, while we monitor the economic environment.

"In summary, the experience of our team and strong competitive positions in our markets combined with the meaningful actions we have taken to reduce costs and improve operating efficiencies was again evident in the strength of our first quarter results. Looking ahead, while we are hopeful that the operating environment will improve in the second quarter, we are closely monitoring the economy."

Advertisement

Latest Radio Stories

Senators Urge FCC to Modernize Broadcast Ownership Rules
U.S. Senate
U.S. Senate
A bipartisan group of 22 U.S. Senators has called on the Federal Communications Commission (FCC) to overhaul long-standing broadcast ownership regulations, arguing that current rules are outdated and hinder local broadcasters from competing in today's digital media environment. The letter, sent May 6 to More

Jon Grayson Retires from KMBZ After 30 Years in Radio
Jon Grayson
Jon Grayson
Jon Grayson, longtime talk host and co-host of the midday show on KMBZ-FM, has announced his retirement, closing the chapter on a radio career that has spanned more than three decades and markets from Tampa to Kansas City. Grayson joined KMBZ in 2019 and quickly became a staple of the station's 10am-2pm More

Veteran Seattle Radio Host Kevin Diers Dies at 39
Kevin Diers
Kevin Diers
Kevin Diers, a prominent voice in Seattle music and radio, has passed away at the age of 39. Known for his deep passion for heavy metal and local music, Diers was the longtime host of Metal Shop and Loud & Local on 99.9 KISW-FM and also served as an announcer and board operator at public radio station KUOW. More
Advertisement

PodX Group to Acquire Majority Stake in Lemonada Media
PodX and Lemonada Media
PodX and Lemonada Media
International podcast company PodX Group has announced plans to acquire a majority stake in Lemonada Media, an independent podcast network in the U.S. The move represents PodX's first major step into the U.S. market and unites two influential forces in the global podcasting industry. Once completed, the More

Radio Ad Responders Spend More, Katz Analysis Finds
Katz Radio Group
Katz Radio Group
A new analysis from Katz Radio Group underscores the high value of radio-ad-influenced consumers, revealing they are more likely to spend across multiple categories than both the average U.S. adult and other ad-influenced adults. Drawing from recent Nielsen Scarborough data, Katz More

Saga Communications Q1 2025 Net Revenue Down 4.3%
Saga Communications
Saga Communications
Saga Communications reported a 4.3% decrease in net revenue for the first quarter of 2025, totaling $24.2 million, compared to $25.3 million in the same period last year. The company posted a net loss of $1.6 million for the quarter, matching its Q1 2024 loss, with a diluted loss per More

Return to Menu

Advertisement

Subscribe to our Newsletter
Radio news and headlines delivered right to your e-mail box -- and it's free.

Advertisement

Advertisement