Business
Beasley Broadcast Group 2020 Third Quarter Net Revenue Rises 63.4% From Second Quarter Levels to $49.6 Million With Station Operating Income of $8.1 Million
Conference Call and WebcastToday, November 3, 2020 at 11:00 a.m. ET334/323-0501, conference ID 2300784 or www.bbgi.com Replay information provided below
About this update from Beasley Broadcast Group, Inc.
[{"type":"text","content":"Conference Call and WebcastToday, November 3, 2020 at 11:00 a.m. ET334/323-0501, conference ID 2300784 or www.bbgi.com Replay information provided below NAPLES, Fla., Nov. 03, 2020 (GLOBE NEWSWIRE) -- Beasley Broadcast Group, Inc. (Nasdaq: BBGI) (“Beasley” or the “Company”), a multi-platform media company, today announced operating results for the three- and nine-month periods ended September 30, 2020.\n The results presented herein reflect actual results including the operations of WDMK-FM in Detroit since its acquisition in August 2019. Summary of Third Quarter and Year-to-Date Results In millions, except per share dataThree Months EndedSeptember 30,Nine Months EndedSeptember 30, 2020201920202019Net revenue$49.6$66.1$137.7$189.5Operating income (loss) 10.89.4(23.9)26.9Net income (loss) 1(2.7)3.0(29.8)8.7Net income (loss) per diluted share 1($0.08)$0.11($1.02)$0.31Station operating income (SOI - non-GAAP)$8.1$16.7$3.8$44.8 1 Operating income (loss), net income (loss) and net income (loss) per diluted share reflect a $6.8 million non-cash impairment charge and a $2.8 million loss on the modification of long-term debt in the nine months ended September 30, 2020 and a $3.5 million gain on dispositions in the nine months ended September 30, 2019. Net revenue during the three months ended September 30, 2020 primarily reflects a year-over-year decrease in commercial advertising revenue due to the impact of the COVID-19 pandemic, partially offset by growth in digital, esports and political revenue and contributions from the August 2019 acquisition of WDMK-FM. Beasley reported operating income of $0.8 million in the third quarter of 2020 compared to operating income of $9.4 million in the third quarter of 2019, largely reflecting the year-over-year decrease in Station Operating Income (SOI, a non-GAAP financial measure) and higher depreciation and amortization, partially offset by lower corporate expenses. Beasley reported a net loss of $2.7 million, or $0.08 per diluted share, in the three months ended September 30, 2020, compared to net income of $3.0 million, or $0.11 per diluted share, in the three months ended September 30, 2019. The year-over-year decrease was primarily due to the aforementioned decline in net revenue related to the COVID-19 pandemic. SOI decreased to $8.1 million in the third quarter of 2020 compared to $16.7 mi...