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NAPLES — Profits grew 38% over the year for Beasley Broadcast Group Inc. (symbol: BBGI) in the recently concluded quarter, to $2.8 million. Net revenues increased 2.3% for the Naples-based radio broadcast company, to $25.5 million, while expenses stayed flat.
In particular, growth at Beasley's Miami-Fort Lauderdale and Philadelphia operations helped fuel the revenue increase, while operating expenses were consistent at $19 million.
The company also spent $700,000 less on interest payments toward short-term debt in the recently concluded quarter. Says CEO George Beasley: “We ended the second quarter with our lowest leverage since mid-2006 and remain committed to using cash from operations to further lower debt and other initiatives which can enhance shareholder value.”
Beasley's combined profits over the first six months of 2011 are $4.4 million, 70% higher than last year. However, the value of its common stock is down 29% so far this year, to $4.24 a share.
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