Business
Beasley Broadcast Group Reports Fourth Quarter Net Revenue of $72.1 Million
Conference Call and WebcastToday, February 18, 2020 at 10:00 a.m. ET334/323-0501, conference ID 6600898 or www.bbgi.comReplay information provided below
About this update from Beasley Broadcast Group, Inc.
[{"type":"text","content":" Conference Call and WebcastToday, February 18, 2020 at 10:00 a.m. ET334/323-0501, conference ID 6600898 or www.bbgi.comReplay information provided below \n NAPLES, Fla., Feb. 18, 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 twelve-month periods ended December 31, 2019. The results presented herein reflect actual results including the operations of WXTU-FM in Philadelphia since its acquisition in September 2018 and WDMK-FM in Detroit since its acquisition in August 2019. Summary of Fourth Quarter ResultsIn millions, except per share dataThree Months EndedDecember 31,Year EndedDecember 31, 2019 2018 2019 2018 Net revenue$72.1 $75.6 $261.6 $257.5 Operating income 111.2 13.9 38.1 34.3 Net income 14.8 2.1 13.5 6.5 Net income per diluted share 1$0.17 $0.08 $0.48 $0.24 Station operating income (SOI - non-GAAP)15.6 20.6 60.4 61.7 1 Operating income, net income and net income per diluted share reflect a $17.1 million gain on dispositions and $13.7 million of non-cash impairment losses in the three months ended December 31, 2019. For the full year, operating income, net income and net income per diluted share reflect a $4.4 million charge due to the change in fair value of contingent consideration in the twelve months ended December 31, 2018, a $20.7 million gain on dispositions and $13.7 million of non-cash impairment losses for the twelve months ended December 31, 2019. The $3.5 million, or 4.6%, year-over-year decrease in net revenue during the three months ended December 31, 2019 reflects the cyclical impact of strong political adverting revenue recorded in the prior year period, partially offset by fourth quarter 2019 revenue increases in six of the Company’s market clusters. Beasley reported operating income of $11.2 million in the fourth quarter of 2019 compared to operating income of $13.9 million in the fourth quarter of 2018, largely reflecting the year-over-year decrease in SOI, in addition to higher corporate expenses related to digital growth investments and a $12.4 million non-cash impairment charge related to Beasley’s AM stations in Boca Raton and Atlanta and a $1.3 million impairment loss on an investment, partially offset by a $17.1 million gain from land and tower sales during the ...