Beasley’s Q1 Mostly Flat

Beasley Broadcast Group said consolidated net revenue fell 1.4% to $24.5 million in the first quarter, compared to the same period last year. Operating income from continuing operations was flat at $4.7 million. Station operating income was also flat at $7 million.
On a same-station basis, the company said, consolidated net revenue declined 0.9% to $24.5 million and SOI increased 1.6% to $7 million.
Beasley reported net income of $2 million, or $0.08 per diluted share, for the first quarter, compared to a net loss of $11.0 million, or 45 cents per diluted share, last year.
Chairman/CEO George G. Beasley blamed world events and competitive pressures.
“Although some of our market clusters located near military bases in North Carolina and Georgia did better on a spot advertising basis than we originally expected and our Las Vegas cluster continued to out-perform the market, these contributions were not enough to offset the lingering effect of a format challenge and the absence of Miami Dolphins playoff revenue this year at our Miami cluster.”
Expressing cautious optimism looking ahead, he said, “We intend to promote our stations during the spring Arbitron ratings period, especially in Philadelphia, where we recently launched a new morning show, and in Las Vegas, to support our successful cluster.”
In the second quarter, Beasley foresees a net revenue drop in the mid-single digit percentage range.