Beasley Revenues Down For Q1
May 4, 2006 at 6:22 AM (PT)
BEASLEY BROADCAST GROUP first quarter 2006 revenues dropped 5.4% to $27.1 million, blamed on the soft ad sales envrionment. The company's PHILADELPHIA market stations saw increases in revenue but its other nine clusters saw declines. Net income rose 0.2% to $1.6 million (7 cents/diluted share).
A statement from Chairman/CEO GEORGE BEASLEY said "first quarter 2006 market conditions were challenging and for several reasons our stations under performed their markets. However, with lower station operating expenses we recorded gains in operating income and SOI while net income remained constant with last year's first quarter. This was achieved despite a half million dollar year-over-year reduction in non-cash trade sales revenue as we intentionally reduced such inventory to re-allocate it for cash advertising. Notwithstanding the current market environment, we believe we have in place strategies to address many of the issues that weighed on our stations in the first quarter."
The company expects second quarter revenue to fall 8% year-to-year.