Business
Beasley Broadcast Group First Quarter Net Revenue Rises 15.6% to $55.7 Million
Quarterly Net Revenue Growth Driven by a 13.5% Increase in Audio Segment Revenue and a 35.5% Increase in Digital Segment Revenue Conference Call and
About this update from Beasley Broadcast Group, Inc.
[{"type":"text","content":"Quarterly Net Revenue Growth Driven by a 13.5% Increase in Audio Segment Revenue and a 35.5% Increase in Digital Segment Revenue\n Conference Call and WebcastToday, May 9, 2022 at 10:00 a.m. ET773/305-6853, conference ID 9879579 or www.bbgi.com Replay information provided below NAPLES, Fla., May 09, 2022 (GLOBE NEWSWIRE) -- Beasley Broadcast Group, Inc. (Nasdaq: BBGI) (“Beasley” or the “Company”), a multi-platform media company, today announced operating results for the three months ended March 31, 2022. Summary of First Quarter Results In millions, except per share dataThree Months EndedMarch 31, 20222021Net revenue$55.7$48.2Operating loss12.72.5Net loss13.710.7Net loss per diluted share1$0.13$0.36Station operating income (SOI - non-GAAP)5.95.2 1 Operating loss, net loss attributable to BBGI stockholders and net loss per diluted share reflect a $1.9 million non-cash impairment loss in the three months ended March 31, 2022. Net loss attributable to BBGI stockholders and net loss per diluted share reflect a $5.0 million loss on extinguishment of long-term debt in the three months ended March 31, 2021. Net revenue during the three months ended March 31, 2022 increased 15.6% to $55.7 million, primarily reflecting a year-over-year increase in audio and digital revenue due to the continued recovery of the commercial advertising market from the effects of the COVID-19 pandemic. Beasley reported an operating loss of $2.7 million in the first quarter of 2022 compared to an operating loss of $2.5 million in the first quarter of 2021. The increase in operating loss is primarily the result of an increase in operating expenses, which reflects additional cost of sales related to the revenue increase, other expenses related to sports and marketing, and additional expenses related to the Company’s digital agency build out. Operating loss in the three months ended March 31, 2022 reflects a $1.9 million non-cash impairment loss related to the sale of WWNN-AM in Boca Raton on April 1, 2022. Interest expense increased $1.1 million to $6.8 million in the first quarter of 2022, resulting from the issuance of senior secured notes in February 2021. As a result of these factors, Beasley reported a net loss of $3.7 million, or $0.13 per diluted share, in the three months ended March 31, 2022, compared to a net loss of $10.7 million, or $0.36 per diluted...