Beasley Revenues, Income Rise In First Quarter
May 3, 2011 at 4:23 AM (PT)
BEASLEY BROADCAST GROUP first quarter net revenue rose 5.5% (same-station up 6%) year-to-year to $23.1 million, and net income jumped 195.3% to $1.5 million (7 cents/diluted share). The company said that the revenue increase reflected increases at nine of its eleven market clusters.
Chairman/CEO GEORGE G. BEASLEY said, "Our 6.0% first quarter same-station revenue growth reflects the improved industry environment and the strength of our stations and ratings in their markets, which drove revenue increases at nine of our eleven market clusters including PHILADELPHIA, MIAMI and LAS VEGAS, our largest revenue markets. BEASLEY's 2011 first quarter results mark our fourth consecutive quarter of same station revenue growth which, combined with ongoing expense management, led to our fifth consecutive quarter of solid SOI and margin gains. Reflecting the Company's streamlined operating and cost structure, first quarter same-station SOI increased 24.8% to $7.6 million, while SOI margins rose to 33%, up from 28% in the first quarter last year.
"The consistency of growth in our operating results demonstrates that our strategies of the last few years to focus on our core product and build digital extensions for our core content that heighten listener engagement and provide marketing solutions to advertisers, is the right path for us to continue to compete well and succeed in our markets. At the same time, we remain focused on our capital structure where quarter-by-quarter we are further reducing debt, interest expense and our leverage ratio. During the MARCH 2011 quarter, we strengthened our balance sheet by repaying $3.2 million against the credit facility, reducing total bank debt to $138.8 million from $142.0 million at the end of 2010. We ended the first quarter with the Company's lowest leverage ratio since mid-2006 and expect to continue using cash from operations to further lower debt."