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NAPLES — Radio station operator Beasley Broadcast Group reported advertising declined in the quarter ending June 30 compared with the same quarter one year ago.
Beasley, which operates 44 radio stations in 11 markets, reported revenues fell 3.6% to $25.9 million in the quarter ending June 30 compared with the same three months in 2013. However, net income rose 28.1% to $3 million over the same period on lower expenses.
“Second-quarter revenue levels reflect slower advertising spending across most markets where we operate, which led to declines in seven of our 11 markets and lower station operating income,” says George Beasley, chairman and CEO, in a statement.
“We continue to focus on debt reduction and returning capital to shareholders and during the second quarter we made credit facility repayments totaling $1.25 million, reducing borrowings to $102.25 million at June 30,” Beasley says in the statement. “Our debt and leverage reduction initiatives over the last few years are benefiting our bottom line, as we've lowered interest expense, while our leverage ratio remains near its lowest level in over 10 years. We intend to continue to allocate cash from operations to further reduce debt, pay quarterly cash dividends and to pursue other opportunities to enhance shareholder value.”
Founded in 1961, Beasley Broadcast Group is a radio broadcasting company that owns and operates 44 stations located in 11 large- and mid-size markets. The company, which is publicly traded (symbol: BBGI), also operates one station in the expanded AM band in Augusta, GA.
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