NAPLES — Beasley Broadcast Group reported net income grew 55% to $2.4 million on revenues of $23.3 million in the first quarter ending March 31 compared with the same quarter in 2011.
The Naples-based radio station operator says the company's net income grew because of lower depreciation and interest expenses. Revenues grew 1%, driven by the company's Fayetteville, N.C., cluster of stations.
“Our debt and leverage reduction initiatives over the last few years are delivering strong benefits to our income statement as first quarter interest expense declined by over 43%, or more than $1 million, compared with the same period last year while our leverage ratio is now at its lowest level in almost six years,” says George Beasley, the company's chairman and CEO. “We currently intend to continue using cash from operations to further lower debt as well as other initiatives that can enhance shareholder value.”
Beasley says six of the 11 markets it operates in reported higher quarterly revenues from local and digital advertisers, offsetting the continuing weakness from national advertisers. In the Fayetteville, N.C., area, quarterly revenues increased 8.3%.
Founded in 1961, Beasley owns and operates 42 stations in 11 markets in the U.S. The company's stock is publicly traded (symbol: BBGI; recent price: $4.47).