Beasley Reports a ‘Mixed’ 2003

Chairman/CEO George Beasley described 2003’s financial numbers as “mixed, reflecting the general performance of the industry as a whole.”
He said the 41 station company did better than expected in Miami, Las Vegas and Ft. Myers, but blamed an uncertain advertising climate due to the war in Iraq for declines in Fayetteville, which is located near several military bases. Philadelphia also was off, for several reasons.
In the last quarter, consolidated net revenue fell 1.7% to $32.1 million compared to the same quarter a year earlier. For the year of 2003, it was $114.5 million, just below the $114.7 million of 2002.
The company continues to pay down debt and lower its interest expenses. The company expects net revenue to increase 1% in the first quarter.