Business
Beasley Broadcast Group Fourth Quarter Revenue Increases to $72.0 Million
Fourth Quarter Operating Loss of $33.5 Million Inclusive of $44.2 Million Non-cash Impairment Losses Conference Call and WebcastToday, February 16, 2023 at
About this update from Beasley Broadcast Group, Inc.
[{"type":"text","content":"Fourth Quarter Operating Loss of $33.5 Million Inclusive of $44.2 Million Non-cash Impairment Losses\nConference Call and WebcastToday, February 16, 2023 at 11:00 a.m. ET877-407-4018 or 201-689-8471, conference ID 13735868 or www.bbgi.comReplay information provided below NAPLES, Fla., Feb. 16, 2023 (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 twelve-month periods ended December 31, 2022. Summary of Fourth Quarter and Full Year Results In millions, except per share dataThree Months EndedDecember 31,Twelve Months EndedDecember 31, 2022202120222021Net revenue$72.0 $70.7$256.4 $241.4 Operating income (loss) 1(33.5)6.5(36.1)14.7 Net income (loss) 1(25.8)10.6(43.4)(1.5)Net income (loss) per diluted share 1($0.87)$0.36($1.47)($0.05)Station operating income (SOI - non-GAAP)13.9 13.943.1 42.0 1Operating loss, net loss and net loss per diluted share for the three months ended December 31, 2022 include $44.2 million of non-cash impairment losses related to FCC licenses, goodwill and franchise rights. Operating loss, net loss and net loss per diluted share for the twelve months ended December 31, 2022 include $54.7 million of non-cash impairment losses related to FCC licenses, goodwill and franchise rights. Net loss and net loss per diluted share in the three and twelve months ended December 31, 2021 reflect a $10.0 million gain on forgiveness of long-term debt. Net loss and net loss per diluted share in the twelve months ended December 31, 2021 reflect a $5.0 million loss on extinguishment of long-term debt. Net revenue during the three months ended December 31, 2022 increased 1.8% to $72.0 million, primarily reflecting a year-over-year increase in digital revenue, political revenue and other revenue, partially offset by a slight decrease in audio revenue related to softness in the national agency business. Beasley reported an operating loss of $33.5 million in the fourth quarter of 2022, compared to operating income of $6.5 million in the fourth quarter of 2021, primarily due to $44.2 million of non-cash impairment losses and higher operating expenses related to digital, partially offset by lower corporate and depreciation and amortization expense. The financial information included in this release reflect...