Beasley Q3 Net Revenues Up 10.6% to $65.1 Million

RADIO ONLINE | Friday, November 2, 2018

Today Beasley Broadcast Group, Inc. announced operating results for the three-month and nine-month periods ended September 30. Net revenue was reported to be $65.1 million, up from $58.9 million over the same period a year ago.

As previously reported, on May 1, 2017, the Company completed the sale of six stations in Greenville-New Bern-Jacksonville, and on December 19, 2017, Beasley completed an asset exchange transaction whereby the Company exchanged its Boston adult contemporary station WMJX-FM and $12.0 million for Boston's sports station WBZ-FM.

On September 27, 2018, Beasley completed the acquisition of WXTU-FM in Philadelphia from Entercom Communications Corp. for $38.0 million. Prior to the acquisition closing, on July 23, 2018, the Company began operating WXTU-FM under a local marketing agreement ("LMA"). During the term of the LMA, the Company included net revenues and station operating expenses, including the associated LMA fee from operating WXTU-FM, in its consolidated financial statements.

The results presented herein reflect the operations and results from WBZ-FM in the three and nine months ended September 30, 2018 and WMJX-FM in the three and nine months ended September 30, 2017. The results also reflect approximately two months of contribution from WXTU-FM in the three and nine months ended September 30, 2018 and four months of contribution from the Greenville-New Bern-Jacksonville stations in the nine-month period ended September 30, 2017.

"In the third quarter, we continued to execute on our integration strategy focused on premium local programming to support our goals of ratings and market leadership at acquired stations, while remaining opportunistic in further building our scale and revenue diversification to drive growth and SOI margin expansion," said CEO Caroline Beasley. "Third quarter net revenue rose 10.6% in 2018 compared to the prior year period, primarily reflecting the strengthening over the last year of our Boston and Philadelphia clusters, as well as the overall revenue outperformance of our leading station clusters in their respective markets."