NAPLES — Radio-station operator Beasley Broadcast Group says advertising growth in Fort Myers, Las Vegas and Philadelphia helped push revenues up 6.5% in the quarter ending March 31 compared with the same quarter in 2012.
Beasley recently reported it earned $2.42 million on revenues of $24.8 million in the three months ending March 31. That compares with net income of $2.4 million on revenues of $23.3 million in the same quarter one year ago.
“Beyond our company-wide focus on programming and ratings, which serve as the foundation for the success of our on-air and digital advertising platforms, we continue to strengthen our balance sheet,” says George Beasley, chairman and CEO, in a statement.
“Our debt and leverage reduction initiatives over the last few years have reduced our leverage ratio to its lowest level in over 10 years and we intend to continue deploying cash from operations to further reduce debt and pursue other initiatives that can enhance shareholder value, including the return of capital through possible dividend declarations or share repurchases,” Beasley says.
Founded in 1961, Beasley Broadcast owns and operates 43 stations (27 FM and 16 AM) in 11 large- and mid-size markets in the U.S. The company also provides management services to an FM station in Las Vegas for which it has an option to purchase, and operates one station in the expanded AM band in Augusta, Ga.
Beasley Broadcast's shares are publicly traded (symbol: BBGI; recent stock price: $6.62).