Beasley Broadcast Q2 Net Rev Rises 8.3%
July 26, 2013 at 4:36 AM (PT)
BEASLEY BROADCAST GROUP has released operating results for the three-month period ended JUNE 30, 2013.
Net revenues rose from $24.8 million in the same period during 2012, to $26.9 million. Station operating income was off slightly from $10.2 million, to $10.1 million for the quarter. Operating income was down from $7.7 million to $7.4 million (3.6%). Net income was reported to be off from $3.9 million to $2.4 million.
Commenting on the results, Chairman/CEO GEORGE G. BEASLEY said, "BEASLEY BROADCAST GROUP generated its fourth consecutive period of top line growth as second quarter net revenue rose 8.3% and same station net revenue increased 4.2%. The increase in second quarter revenue reflects strong national and digital revenue growth which contributed to strength in several market clusters including PHILADELPHIA, LAS VEGAS, FT. MYERS and AUGUSTA. Overall, for our five markets that report to MILLER KAPLAN -- which represent approximately 75% of our total second quarter revenue -- BEASLEY station clusters grew revenue by 8.4% while the total revenue for all reporting radio stations in these markets declined by 2.4% for the quarter. We attribute our out-performance to our organization-wide focus on strong core programming and targeted localism, both of which are contributing to the Company's ratings strength in its markets."
"Notwithstanding the solid revenue growth, comparisons of our other financial metrics with the year-ago period are clouded due to the operating expense credit in last year's second quarter, and certain charges in the 2013 second quarter including a loss on the early extinguishment of debt and a prepayment fee incurred in connection with the refinancing of our second lien debt," added BEASLEY. "In addition, recent initiatives in the areas of sales, programming and the further expansion of our digital offerings are expected to drive long-term revenue growth, but are resulting in higher operating expenses on a short-term basis."