Beasley Q4 Revenues Fall
February 13, 2006 at 6:40 AM (PT)
BEASLEY fourth quarter consolidated net revenue declined 8.4% to $30.6 million, blamed on a loss of political advertising and MIAMI DOLPHINS football (which moved from BEASLEY's WQAM-A/MIAMI to crosstown WAXY-A (790 THE TICKET) for the 2005 season), as well as the format change in OCTOBER at Adult Standards KJUL/LAS VEGAS (now Country KCYE (104.3 THE COYOTE)).
Operating income fell from $8.6 to $4.8 million, partly reflecting a $2 million impairment charge for the company's AUGUSTA cluster and $300,000. of stock-based compensation expense. Net income fell more than 50% to $3.9 million (6 cents/diluted share).
The company anticipates a 7% drop in first quarter net revenue.