Beasley Revenues, Income Up In Strong Q4
February 8, 2011 at 4:18 AM (PT)
BEASLEY BROADCAST GROUP fourth quarter 2010 revenue rose 3.1% to $27 million, attributed to increases at the company's PHILADELPHIA, WILMINGTON, LAS VEGAS, FAYETTEVILLE and AUGUSTA clusters, offsetting a $1.1 million slip at the MIAMI cluster based on the loss of DOLPHINS football at Sports WQAM-A/MIAMI. Same station consolidated net revenue jumped 9%. Net income was up 146.5% to $3.3 million (15 cents/diluted share).
Chairman/CEO GEORGE G. BEASLEY said, "Fourth quarter 2010 same-station net revenue rose 9.1%, marking the strongest quarterly same-station top-line growth we have generated since early 2005. Our fourth quarter same-station revenue growth reflects the improving industry environment and was driven by increases at many of our market clusters, including PHILADELPHIA, MIAMI, LAS VEGAS, WILMINGTON, AUGUSTA and FAYETTEVILLE. With the Company's streamlined operating and cost structure, we are generating significant flow through from revenue growth and reflecting that strong operating leverage, fourth quarter same-station SOI increased 24.5% to $10.4 million, the highest level of fourth quarter SOI that we've achieved since the fourth quarter of 2006, while SOI margins rose to 39%, up from 34% in the fourth quarter last year.
"We believe our success in driving profitable same-station revenue growth is attributable to our focus on our core product and our ability to build digital extensions for our core content and the creation of new online, text and mobile content and applications that heighten listener engagement and provide marketing solutions to advertisers. These factors allowed us to enter 2011 with healthy ratings and clusters across our markets. We also continue to strengthen our balance sheet by repaying $3.3 million against the credit facility during the fourth quarter which reduced total bank debt to $142.0 million from $151.8 million at the end of 2009 and again lowered our leverage ratio.
"Looking forward, we remain focused on our station clusters' sales matching or exceeding their market's revenue performance, continuing to grow revenue related to our interactive and digital initiatives and further addressing the balance sheet through continued reductions in borrowings."