Beasley Revenues, Income Up In Third Quarter 2022

Q3 Results

BEASLEY BROADCAST GROUP, INC. saw third quarter 2022 revenues rise just a little and net income go from loss to gain, with a 1.2% year-over-year revenue increase to $63.8 million and income going from a loss of $1.6 million to a gain of $500,000 (2 cents/diluted share). The revenue rise was attributed to increases in digital revenue, political and other revenue, partially offset by a slight decrease in audio revenue, blamed on "softness" in national agency sales. The company ended the quarter with $290 million in  debt and $32.8 million in cash and cash equivalents on hand.

CEO CAROLINE BEASLEY, promoting the "strong period of operating and financial performance," added that “like many companies, we are managing through some challenging market conditions with a focus on what we can control. We continue to experience increased volatility in national spot advertising, which accounted for approximately 15% of our third quarter net revenues. The ongoing strength of our digital and local audio advertising revenues is helping us to partially offset these declines. We are also taking actions on the expense side, and have implemented approximately $10.0 million in expense reductions, of which roughly half were from a reduction to headcount."

BEASLEY pointed to a 23.1% increase in digital revenue (16% of overall revenues), which was boosted by the acquisition of a white label digital agency in late JUNE. "In both the second and third quarters," she added, "digital revenue accounted for a larger share of our revenue than national advertising, and we expect this revenue source to continue offsetting national spot weakness in the coming quarters."

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