Beasley Q1 Net Revenue Increases 6.3%

Beasley Broadcast Group, Inc. says first quarter net revenues increased 6.3% to $26.1 million from $24.5 million in the same period of 2003. Beasley credits improved performances in eight of its ten markets for the rise.
Operating income for the period was flat at $4.7 million compared to the year ago period, while station operating income was $7.1 million, up 2.2% from $7 million in the year-ago period.
Net income was $0.2 million, or $0.01 per basic and diluted share, compared to $2.0 million, or $0.08 per basic and diluted share, for Q1.
“With stronger than expected revenue performances across our portfolio, 2004 is off to a solid start,” said Chairman/CEO George Beasley. “We saw significant revenue increases at Miami-Ft. Lauderdale and Ft. Myers-Naples market clusters, which more than offset a revenue decline at our Philadelphia cluster, where a format change at one of our two FM stations created difficult year-over-year revenue comparisons. Importantly, our Fayetteville market cluster, which was impacted by troop deployments in 2003, saw its first revenue increase in over a year.”