Beasley First-Quarter Revenues Rise
April 26, 2013 at 4:23 AM (PT)
BEASLEY BROADCAST GROUP, INC. saw first quarter net revenues rise 6.5% to $24.8 million, credited to increases in PHILADELPHIA, LAS VEGAS and FORT MYERS and the addition of KOAS/LAS VEGAS in third quarter 2012. Operating income rose 4% to $5.5 million, and net income rose 0.5% to $2.4 million (11 cents/diluted share). In addition, the company said that an APRIL 3rd amendment to its first lien credit agreement will lead to the recording of a loss on extinguishment of debt of $1.3 million in second quarter.
Chairman/CEO GEORGE G. BEASLEY said, "The solid first-quarter revenue growth led to another period of SOI growth, as consolidated SOI increased 4.1% year-over-year. First-quarter SOI margins also remain healthy at 32.7% but declined slightly from last year as station operating expenses rose due to our investments in our local sales teams.
"Beyond our company-wide focus on programming and ratings which serve as the foundation for the success of our on-air and digital advertising platforms, we continue to strengthen our balance sheet. During the first quarter, we made repayments totaling $1 million against the credit facility, reducing total bank debt to $115.7 million at MARCH 31st, 2013, from $123.4 million at the end of last year's first quarter."
BEASLEY added, "Our debt and leverage reduction initiatives over the last few years have reduced our leverage ratio to its lowest level in over 10 years and we intend to continue deploying cash from operations to further reduce debt and pursue other initiatives that can enhance shareholder value, including the return of capital through possible dividend declarations or share repurchases. Looking forward, we remain focused on managing our station clusters to match or exceed their market's revenue performance while delivering continued ratings strength through our strong core programming and targeted localism."