Beasley Reports Mixed Financial Results for Q3 2024

RADIO ONLINE | Tuesday, November 5, 2024

Beasley Media Group

Beasley Broadcast Group reported third quarter net revenue decrease 3.2% to $58.2 million as compared to $60.1 million in 2023. The decline was largely attributed to a dip in audio advertising and the recent closures of operations in Wilmington and esports ventures. However, this was partially offset by growth in digital and political advertising revenues.

Operating income stood at $1.2 million for the quarter, marking a significant improvement over last year's operating loss of $85.5 million, which included substantial non-cash impairment losses. The company's net loss narrowed to $3.6 million, or $2.33 per diluted share, an improvement from the previous year's net loss of $67.5 million, or $45.08 per diluted share.

Digital revenue growth was a highlight, with a 1.1% increase year-over-year to $11.3 million. On a same-station basis, digital revenue saw an 11.7% increase to $11.1 million, reflecting the company's strategic focus on digital expansion.

Adjusted EBITDA slightly declined to $5.6 million from $6 million in the third quarter of 2023. This was primarily due to the lower net revenue, which could not fully capitalize on reduced operating and corporate expenses.

Beasley CEO Caroline Beasley commented, "This quarter, we've seen solid performance in our political advertising and a notable increase in digital revenue on a same-station basis. Our efforts to transform and optimize our business structure have positioned us for a healthier financial future. We are also thrilled to have Lauren Burrows Coleman join our team as the new CFO, enhancing our leadership with her extensive experience."