Beasley Broadcast Group Revenue Up, Income Falls For Second Quarter 2022

Q2 Numbers

BEASLEY BROADCAST GROUP, INC. second quarter 2022 net revenue grew 8.8% year-over-year to $64.8 million behind recovery from the pandemic and higher political advertising revenue. Net income fell from $200,000 to a loss of $14.5 million (1 to -48 cents/diluted share), including an $8.6 million non-cash impairment charge.

CEO CAROLINE BEASLEY touted "strong top-line results" in the quarter, including a 4.3%  increase in audio revenue and 34.3% in digital revenue, which she said “remains a central component of our revenue diversification strategy." She pointed to $7.8 million in new business revenue, up 60% from first quarter and 16% year-over-year. That, along with the acquisition of a "small white label digital agency" in JUNE, "continue(s) to demonstrate the inaccuracy of the perception that radio is more challenged than other segments of the technology, media, and telecom sectors," BEASLEY contended.

While citing the company's favorable financial position, stock buyback, and debt reduction moves that "provid(es) us with the financial flexibility to pursue a potential acquisition or investment in the digital space," BEASLEY warned that the company is “keeping a close eye on the declining economic environment and initiated cost reductions beginning in the second quarter.”

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