Beasley Reports Revenue Increase For Q4
February 12, 2007 at 5:30 AM (PT)
BEASLEY BROADCAST GROUP fourth-quarter net revenue rose 13.9% to $34.8 million, with net income up 93.8% to $3 million (13 cents/diluted share). The revenue boost came primarily from the addition of new acquisitions KDWN-A/LAS VEGAS and WJBR/WILMINGTON, DE, plus increases in AUGUSTA, GA; FT. MYERS-NAPLES; and LAS VEGAS. Same-station revenue rose 6.7% to $32.6 million. The company also noted a double-digit year-to-year gain at Sports WQAM-A/MIAMI but added that the MIAMI cluster continues to underperform the market.
Chairman/CEO GEORGE BEASLEY said, "In the fourth quarter BEASLEY BROADCAST GROUP significantly exceeded the revenue guidance provided at the time we reported our third-quarter results as the operational, personnel and programming changes implemented since late 2005 contributed to broad-based strength across our station portfolio. With programming and on-air changes in place in various clusters, we remain focused on our long-term goal of out-performing the markets in which we operate, building our portfolio through select strategic acquisitions and supporting shareholder value."
The company projects first-quarter net revenue to increase by 9% year-to-year (2% same-station).