Beasley Revenue Off …

Beasley saw its net revenue drop in the first quarter of the year. The broadcast company said revenue was $27.1 million.
The decline compared to last year’s Q1 “primarily reflects the current radio advertising environment,” it stated. “The company recorded a revenue gain in Philadelphia but its revenue fell in the nine other markets in which it operates.” Net revenue during the quarter also reflects a reduction in trade sales at its radio stations.
Chairman/CEO George G. Beasley said market conditions were “challenging.” He said with lower station operating expenses the company recorded gains in operating income and station operating income while net income remained constant. “This was achieved despite a half million dollar year-over-year reduction in non-cash trade sales revenue as we intentionally reduced such inventory to re-allocate it for cash advertising.”
Beasley said it is anticipating an 8% revenue drop in the second quarter, at this time.