Beasley Reports Q4 Financial Results
February 12, 2016 at 5:48 AM (PT)
BEASLEY BROADCAST GROUP, INC. fourth-quarter 2015 revenue from continuing operations rose from $18.6 million to $28.4 million, with income up from $1.8 million to $3.3 million (8 to 14 cents/diluted share). 2015's net income included a $600,000 charge from refinancing debt and a pre-tax $3.5 million non-cash goodwill impairment charge involving AC WJBR/WILMINGTON, DE. 2014s net income included $1.7 million of transaction and termination expenses related to the swap of stations with CBS RADIO that brought BEASLEY into the TAMPA and CHARLOTTE markets and traded away stations in PHILADELPHIA (BEASLEY retained one AM and received another AM in the swap) and MIAMI.
Chairman/CEO GEORGE G. BEASLEY said, “Throughout 2015 we implemented a broad range of operating, programming, sales and local strategies intended to extract operating and financial synergies from the stations acquired in the 2014 Asset Exchange. I am pleased to report that we achieved our goal of our clusters outperforming the markets that report to MILLER KAPLAN for the first time in DECEMBER 2015 and expect this trend to continue in 2016. Success with our integration and profitability initiatives is also reflected in fourth-quarter 2015 SOI of $9 million and an SOI margin of 31.7%, as well as net income of $3.3 million or $0.14 per diluted share.
“Combined fourth-quarter pro forma revenue from our clusters in CHARLOTTE and TAMPA-ST. PETERSBURG, the new markets we entered as a result of the Asset Exchange, declined by a negligible amount. However, we successfully lowered station operating expenses in these markets resulting in a moderate quarter-over-quarter rise in SOI from these clusters despite the benefit in the year ago period of almost $1 million in political revenue.
“As we complete the integration of the new stations, we also continue to make progress in strengthening our capital structure and reducing debt, while returning capital to shareholders. On NOVEMBER 30th, 2015, the Company entered into a new credit agreement which extended our debt maturity and provided added flexibility under the credit agreement. We also made credit facility net repayments totaling $1.2 million, reduced borrowings to $89 million at year-end 2015 and declared our ninth consecutive quarterly cash dividend.
“Looking forward, we remain focused on operating our station clusters to match or exceed their market’s revenue performance. Our focus on localism supports our solid ratings in most markets, and in 2016 we look forward to benefiting from the programming, personnel, cost-efficiency and operating changes put in place over the last year as well as the return of political advertising.”