Beasley Reports Net Loss For Q2; ‘Cautiously Optimistic’ For Rest of Year

Beasley Broadcast Group, Inc. said for the three months that ended June 30, consolidated net revenue increased 11.6% to $30.2 million from $27.1 million in the same period
of 2000. Broadcast cash flow was $8.5 million, compared to $8.9 million in Q2 2000.
Consolidated net revenue was $24 million, compared to $25.4 million in Q2 2000, while broadcast cash flow was $7 million, compared to $8.9 million in the same period of 2000.
For the second quarter of 2001, the Company reported a net loss of $4.1 million, or $0.17 per share, compared to net income of $1 million, or $0.04 on a per share basis, in the same period a year ago.
“The first half of the year was one of the toughest periods of time we’ve faced at Beasley,” said George Beasley, Chairman/CEO.
Some bright spots, he said, make him “cautiously optimistic” about the remainder of the year. “Our country music-formatted station in Philadelphia, WXTU(FM), just received its best 25-54 numbers since the 1997 Summer book. This success, combined with rating wins at stations like KSTJ(FM) in Las Vegas, which was reformatted last September, WPOW(FM) in Miami and KMEZ(FM) in New Orleans, give us reason to feel confident
that when the advertising market rebounds, we will be well positioned to capitalize on it.”