NAPLES — Beasley Broadcast Group, an operator of 44 radio stations, posted higher profits as advertising revenues grew and expenses declined.
In the quarter ending Sept. 30, Beasley reported net income rose 176% to $3.2 million on revenues of $26 million compared with the same quarter one year ago. Besides a 5% increase in quarterly revenue, Beasley says it cut debt interest expense because of reduction and refinancing of existing debt.
“Our debt and leverage reduction initiatives over the last few years are delivering strong benefits to our income statement as third quarter interest expense declined year over year by over 25%, or approximately $500,000, while our leverage ratio is now at its lowest level in over 10 years,” says George Beasley, chairman and CEO, in a statement. “We intend to continue using cash from operations to further lower debt as well as pursue other initiatives that can enhance shareholder value.”
“The third quarter revenue increase reflects growth in local and digital revenue, strength in our largest market clusters in Philadelphia and Miami, and continued growth in Augusta,” Beasley says, in a statement. “The revenue growth and ongoing expense management initiatives offset planned increases in sales and programming expenses and investments in the further expansion of our digital offerings.”
Based in Naples, Beasley operates 44 stations in 11 large and mid-sized markets in the U.S. These include 28 FM stations and 16 AM stations. The company's shares are publicly traded (symbol: BBGI; recent price: $8.83).