\NAPLES — The hotly contested national elections in November boosted Beasley Broadcast Group's revenues 9.1% to $27.4 million in the fourth quarter compared with the same quarter one year ago.
The radio-station operator reported net income rose 6.4% to $3.6 million in the fourth quarter compared with the same quarter in 2011. The rise in net income came despite a 6.1% jump in expenses, including increased commissions related to the higher revenue and a boost in promotional spending.
“Fourth-quarter revenue growth reflects several factors, including the cyclical return of political advertising, particularly in our Las Vegas, Miami and Wilmington market clusters; continued strength in key advertising categories including automotive; a full quarter's contribution from KOAS-FM in Las Vegas which was acquired in the third quarter, and overall strength in the company's Philadelphia, Las Vegas, Fort Myers and Augusta, Ga., market clusters,” says George G. Beasley, chairman and CEO of the company that bears his name, in a statement.
The company has also been strengthening its balance sheet by repaying debt. “We ended the fourth quarter with our lowest leverage ratio in over 10 years and remain committed to using cash from operations to further lower debt and pursue other initiatives that can enhance shareholder value,” Beasley says in the statement.
Founded by George Beasley and his family in 1961, the company owns and operates 43 stations (27 FM and 16 AM) located in 11 large and mid-size markets in the United States. The company also provides management services to an FM station in Las Vegas for which it has an option to purchase, and it operates one station in the expanded AM band in Augusta, Ga.