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NAPLES -- Beasley Broadcast Group Inc. (symbol: BBGI) posted a 12.6% increase in third quarter net income with $2.3 million in quarterly profits earned, up from $2.1 million a year ago.
Despite the gain in profits, revenues fell for the Naples-based company, for fall 2011 lacked political advertising spending. Both revenues and operating income were down, to $24 million (-1%) and $5.6 million (-4.8%) respectively.
But a 30% decrease in interest expense more than made up for those slight losses, the company explains in a release. With revenues and expenses staying essentially flat, CEO and Chairman George Beasley says the firm was able to put $3.2 million toward its outstanding debt, reducing total bank debt to $132.6 million, down from $142.0 million at the end of 2010.
Despite the earnings gain, Beasley stock remains near its 52-week low of $3.59 per share, at a current price just more than $4 as of early Friday.
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