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Beasley Broadcast Group Inc.
The Naples-based media company earned $2.1 million in profits on third quarter revenues of $24.2 million. While the revenue total represents a 0.9% drop over the year, net income is up 51.2%.
Reductions in operating costs, interest expense, and income taxes led the improved profitability, the company said in a release.
The company's overall industry appears to be recovering as well. Says CEO George Beasley, “Beasley Broadcast Group continues to benefit from the rebound in radio advertising activity.”
Beasley's nine-month profits of $4.7 million are a 122% improvement over the first nine months of 2009.
Beasley Broadcast Group operates 42 radio stations across the country.
Nicholas Financial Inc.
The Clearwater-based specialty consumer finance firm brought in $15.7 million in third quarter revenues, up 11% from a year ago. Those revenues generated $3.9 million in profits, for an over-the-year increase of 70%.
CEO Peter Vosotas said increased business boosted the company's recent results, and that the firm is considering the opening of additional branch locations this year.
Nicholas Financial currently operates 54 branch locations throughout the Southeast and Midwest U.S. The direct-to-consumer lender has managed 20 consecutive years of revenue growth.
NeoGenomics Inc.
Despite a 19% year-over-year increase in third quarter revenue, the Fort Myers-based laboratory testing company lost more than $1 million over the three-month period.
NeoGenomics' total net loss was $1.2 million, a 59% greater loss than what the company posted in last year's third quarter.
Sales and marketing expenses increased $190,000 over the year, general and administrative costs went up $461,000, and the company spent an additional $100,000 in a recent work force reduction. Combined, that $751,000 in additional expense represents 63% of the company's loss this quarter.
“Although our financial results don't fully reflect the improvements in our business yet, we believe the company is in a stronger position today than ever before,” argued CEO Doug VanOort in a release.
“We are continuing to implement initiatives to increase our sales force productivity,” he said, “and with important managed care plans now under contract, we are beginning to experience price stabilization.”
NeoGenomics specializes in cancer genetics diagnostic testing. The Fort Myers-based lab has additional facilities in Nashville, Tenn. and Irvine, Calif.
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