Business
Beasley Broadcast Group Reports Fourth Quarter Revenue of $65.7 Million and Diluted EPS of $0.21
Conference Call and WebcastToday, February 12, 2024 at 11:00 a.m. ET877-407-4018 or 201-689-8471, conference ID 13744073 orwww.bbgi.com Replay information
About this update from Beasley Broadcast Group, Inc.
[{"type":"text","content":"Conference Call and WebcastToday, February 12, 2024 at 11:00 a.m. ET877-407-4018 or 201-689-8471, conference ID 13744073 orwww.bbgi.com Replay information provided below NAPLES, Fla., Feb. 12, 2024 (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, 2023. For further information, the Company has posted a presentation to its website regarding the fourth quarter highlights and accomplishments that management will review on today’s conference call. Summary of Fourth Quarter and Full Year Results In millions, except per share dataThree Months EndedDecember 31,Twelve Months EndedDecember 31, 2023202220232022Net revenue$65.7$72.0$247.1$256.4Operating income (loss) 17.6(31.7)(82.0)(34.3)Net income (loss) 16.4(24.5)(75.1)(42.1)Net income (loss) per diluted share 1$0.21($0.83)($2.51)($1.43)Adjusted EBITDA (non-GAAP)$4.7$9.9$20.6$25.1 1 Operating income (loss), net income (loss) and net income (loss) per diluted share in the three and twelve months ended December 31, 2023 include $1.0 million and $99.8 million, respectively, of non-cash impairment losses and a $6.0 million gain from the Overwatch e-sports league franchise fee extinguishment. Operating loss, net loss and net loss per diluted share in the three and twelve months ended December 31, 2022 include $42.4 million and $52.9 million, respectively, of non-cash impairment losses and a $3.4 million gain on exchange. Net revenue during the three months ended December 31, 2023 reflects a year-over-year decrease in cyclical political advertising as well as in commercial advertising, related to continued softness in the agency business. Beasley reported fourth quarter operating income of $7.6 million, an increase of $39.3 million compared to an operating loss of $31.7 million in the fourth quarter of 2022. The year-over-year improvement in fourth quarter 2023 operating income largely reflects a year-over-year decrease in operating expenses and non-cash impairment losses, as well as a $6.0 million gain from the Overwatch e-sports league franchise fee extinguishment, compared to a $3.4 million gain on exchange in the 2022 fourth quarter. Beasley reported net income of $6.4 million, or $0.21 per diluted share, in the three mon...