Beasley Q1 Net Revenue Down 5.9% to $54.4 Million

RADIO ONLINE | Wednesday, May 8, 2024 | 11:51am CT

Beasley Media Group

Beasley Broadcast Group reported first quarter net revenue decreased 5.9% to $54.4 million from $57.8 million in 2023, primarily reflecting a year-over-year decline in audio advertising. Operating loss was $1.1 million, down from an operating income of $0.4 million, largely due to the year-over-year decrease in net revenue. Adjusted EBITDA declined to $0.7 million from $2.6 million. The company posted a net income of $8,000 (0 cents per diluted share) as compared to a net loss of $3.5 million (12 cents) in the year-ago period.

CEO Caroline Beasley said, "Beasley continues to advance our core initiatives, which are focused on driving revenue and cash flow, including our digital transformation, revenue diversification and expense management initiatives. We expect digital to account for between 20% and 25% of total revenue in 2024, driven by the ongoing growth and success of our premium content creation and digital services. On the new business front, our dedicated sales teams are leveraging the tremendous audience reach and engagement of our platform to attract new advertisers.

"In summary, Beasley's underlying fundamentals-mainly, our local audio and digital platforms and audience engagement-remain strong. We are proud of our teams' steadfast commitment to delivering exceptional content and services to our listeners, advertisers, online users and sports fans, and remain confident that the actions we are taking to transform our company and strengthen our balance sheet, are laying the foundation for future growth and success."