Broadcaster reports advertising drop

NAPLES — Beasley Broadcast Group blamed a decline in advertising and rising expenses for a quarterly drop in sales and profits.

Beasley, which operates 44 radio stations, posted net income of $2.5 million in the third quarter ending Sept. 30 on revenues of $24.5 million. That compares with net income of $3.2 million on revenues of $26 million in the same quarter one year ago.

On Oct. 1, Beasley announced plans to exchange five radio stations in the Philadelphia and Miami-Fort Lauderdale markets for a total of 14 CBS Radio stations in the Tampa-St. Petersburg, Charlotte and Philadelphia markets.