Beasley Income Off For Q2
August 2, 2007 at 5:45 AM (PT)
BEASLEY BROADCAST GROUP second quarter net revenue rose 8.2% to $34.8 million (same-station 1%), but net income fell 32.4% to $2.1 million (9 cents/diluted share). The revenue increase was mostly due to the addition of Talk KDWN-A/LAS VEGAS and AC WJBR/WILMINGTON, DE and inproved performance at six of the company's 11 clusters.
Chairman/CEO GEORGE BEASLEY said that revenue "exceeded the guidance provided at the time we reported our first quarter results primarily reflecting better-than-expected performance in our mid-size markets. In addition, 2007 second quarter results benefited from growing contributions from our interactive initiatives. Second quarter interactive revenues surpassed the $1.0 million mark, accounted for 3.1% of the Company's total revenue and rose approximately 126% over
levels achieved in the same period last year. With these results, we believe we are on track to achieve our goal of deriving 5% of our net revenue from this new source during the next twelve months."
BEASLEY added that "We believe the KDWN and WJBR acquisitions, our initiatives company-wide to drive revenue growth through programming and personnel changes, our Beasley interactive initiatives and HD radio conversions are all far along in terms of their potential to contribute to improving results. Format, ratings, management and sales team reviews continue on an ongoing basis and we'll react swiftly to market and national changes. By adhering to this strategy, we can drive additional station and market turnarounds and exceed industry growth rates."
The company projects same-station revenue to fall 3% for third quarter (a rise of 6% including KDWN and new KBET-A/LAS VEGAS, WJBR, and the return of the MIAMI DOLPHINS to Sports WQAM-A/MIAMI).