Beasley Broadcast Group reported a 3% ($0.7 million) rise in net revenue for the quarter ending Sept. 30, as compared with the same period in 2011. Beasley also experienced a third quarter improvement of 15.2% year-over-year with $0.9 million in operating income.
The company cited the acquisition of KOAS(FM) in Las Vegas as an important factor in strengthening its market share, in addition to strong presence in the Coastal Carolina and Augusta, Ga. markets. The combination of quarterly revenue increases, reduced station operation costs, lower corporate expenses and depreciation all contributed to offset the higher operating income and 51.9% reduction in income tax. The $2.6 million pretax charge resulted in a 50.7% reduction of this quarter’s net income because of the extinguishment of a long-term debt.
“The third quarter was an active and productive period for Beasley Broadcast Group,” Chairman and CEO George G. Beasley said. “In addition to generating a 3.1% rise in net revenue which drove another period of SOI growth, we completed the strategic acquisition of KOAS in Las Vegas and refinanced our senior secured credit facilities with terms that provide extended maturities and additional flexibility including the ability to return capital to shareholders.”
