Beasley Revenues Fall For Q3
October 30, 2006 at 6:01 AM (PT)
BEASLEY BROADCAST GROUP third quarter net revenue dropped 3.1% to $31.1 million year-to-year and net income fell 37% to $2.4 million (15 to 10 cents/share). The revenue hit came from lower revenue at the company's PHILADELPHIA and MIAMI clusters and lower national ad sales, partially offset by revenue increases in LAS VEGAS and AUGUSTA, GA.
Chairman/CEO GEORGE BEASLEY said that the LAS VEGAS revenue gains came from the increases at Country KCYE (104.3 THE COYOTE), which flipped from Adult Standards in OCTOBER 2005, and in AUGUSTA. Referring to changes at the company's PHILADELPHIA cluster, he said that the company's "goal is to outperform the market in both local and national revenue growth." He blamed MIAMI's problems on WQAM-A's MARLINS contract and softness at Top 40-Rhythmic WPOW (POWER 96), "which we are seeking to address through operational and personnel changes."
The company looks for a 5% net revenue increase for fourth quarter, but excluding newly acquired Talk KDWN-A/LAS VEGAS and the LMA for AC WJBR/WILMINGTON, the company expects net revenues to drop 2% for the quarter.