Beasley Broadcast Group Q2 Net Income Rises 37.3% to $3.9 Million
July 27, 2012 at 5:17 AM (PT)
BEASLEY BROADCAST GROUP has announced financial results for the period ended JUNE 30th, 2012.
* Net revenue for the quarter was down to $24.8 million, from $25.5 million in 2011, a change of -2.8%.
* Station operating income rose to 10.2 million from 9.1 million in 2011, up 11.6%.
* Operating income was up 19.6% to 7.7 million from 6.4 million in 2011
* Net income was 3.9 million, up from 2011's 2.8 million, a rise of 37.3%.
Commenting on the results, Chairman/CEO GEORGE G. BEASLEY said, "Our second-quarter revenue performance principally reflects overall industry weakness in the first month of the quarter, a revenue decline at our FAYETTEVILLE cluster partially related to lower levels of auto advertising and lower revenue in the FT. MYERS market due to the fact that in the year ago period we hosted a concert. While net revenue was down mid-single digits in APRIL, low single digit revenue growth resumed in MAY and JUNE and extended through JULY. The Company's streamlined operating structure and ongoing expense management initiatives combined with a music license fee settlement drove the $1.1 million rise in 2012 second-quarter SOI. On a reported basis, second-quarter SOI margins rose to 41.0% up from 35.7% in the same quarter last year. However, even excluding the benefit of the music license fee settlement, 2012 second-quarter SOI margins remained strong and would have been 37.9% or more than 200 basis points over last year's levels."
"Our focus on core programming is delivering ratings strength in many markets while we concurrently expand our on-air and digital advertising platforms," continued BEASLEY. "We also continue to strengthen our balance sheet and capital structure and during the second quarter, we made repayments totaling $3.2 million against the credit facility, which reduced total bank debt to $120.2 million at JUNE 30th, 2012 from $135.7 million at the end of last year's second quarter. We ended the second quarter with our lowest leverage ratio in over 10 years and remain committed to using cash from operations to further lower debt and other initiatives which can enhance shareholder value."