Loading
NAPLES -- Beasley Broadcast Group Inc. (symbol: BBGI) reported a 1.7% gain in quarterly net income on Friday, despite a 6.8% decrease in revenues.
The radio broadcasting company attributed the decline in revenues -- a drop of about $1.8 million -- to lower political spending relative to the same time a year ago, when the races for a U.S. Senate seat and the Florida governorship dominated the airwaves.
Lower revenues pushed operating income down as well, despite a 5% reduction in expenses, the Naples-based firm explained in its earnings release.
But by reducing its debt, Beasley lowered its interest payments for the quarter, allowing for a slight gain in profits ($57,000).
“We made repayments totaling $5.9 million against the credit facility, reducing total bank debt to $126.7 million at December 31, 2011 from $142.0 million at the end of 2010,” explains CEO George Beasley in the release. “We ended the fourth quarter with our lowest leverage ratio in over five and a half years and remain committed to using cash from operations to further lower debt as well as other initiatives that can enhance shareholder value.”
Several members of the Beasley family spoke to the Business Review about their business for a November story (see “Public Family,” Nov. 11).
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
