Beasley Q1 Revenue Drops 3.7% - Radio World

Beasley Q1 Revenue Drops 3.7%

Beasley Q1 Revenue Drops 3.7%
Author:
Publish date:

Beasley Broadcast Group, Inc. said in the first three months of 2002, consolidated net revenue declined 3.7% to $24.9 million from $25.8 million in the same period of 2001. The decline is primarily due to the absence of approximately $0.9 million in non-recurring barter revenue related to two Internet investments originally made in 2000.
Broadcast Cash Flow, operating income or loss before corporate, general and administrative expenses, depreciation and amortization, increased 6.8% to $6.9 million, compared to $6.5 million in the first quarter of 2001. Earnings before interest, taxes, depreciation and amortization rose 7% to $5.7 million from $5.3 million in the year-ago first quarter.
Consolidated net revenue decreased 5.2% to $24.1 million from $25.4 million in the first quarter of 2001.
The company reported a net loss of $10.3 million, or $0.42 per share, compared to a net loss of $2.6 million, or $0.11 per share, in the first quarter of 2001.
"Improved business conditions and a 7% reduction in station operating expenses helped Beasley exceed its guidance and return to cash flow growth during the first quarter, stated Chairman/CEO George Beasley. "Our Philadelphia and Las
Vegas clusters performed very well in the period, led by significant year-over-year revenue increases at our two 80s-formatted stations in these markets.
"With an improved outlook for advertising spending, our
re-negotiated Florida Marlins broadcast contract at WQAM in Miami, and continuing investments in research, programming and personnel, we believe the company is well positioned to sustain its operating momentum going forward."

Related