Business
Beasley Broadcast Group Reports Preliminary Fourth Quarter Financial Results
NAPLES, Fla., Jan. 14, 2021 (GLOBE NEWSWIRE) -- Beasley Broadcast Group, Inc. (Nasdaq: BBGI) (“Beasley” or the “Company”), a multi-platform media company,
About this update from Beasley Broadcast Group, Inc.
[{"type":"text","content":"NAPLES, Fla., Jan. 14, 2021 (GLOBE NEWSWIRE) -- Beasley Broadcast Group, Inc. (Nasdaq: BBGI) (“Beasley” or the “Company”), a multi-platform media company, today announced preliminary unaudited financial results for the three months ended December 31, 2020. Beasley generated net revenue of approximately $67.4 million to $67.9 million for the three months ended December 31, 2020, compared to reported net revenue of $72.1 million for the three months ended December 31, 2019, representing a year-over-year decrease of between 5.8% and 6.5%. Beasley’s estimated fourth quarter 2020 net revenue reflects a year-over-year decrease in commercial advertising revenue due to the ongoing impact of the COVID-19 pandemic, partially offset by growth in digital, esports and political revenue.Fourth quarter 2020 Station Operating Income (SOI, a non-GAAP financial measure) increased by approximately 23.1% to 28.8% year-over-year to approximately $19.2 million to $20.1 million, compared to reported fourth quarter 2019 SOI of $15.6 million. Fourth quarter 2020 SOI less corporate expenses increased by approximately 47.9% to 58.8% year-over-year to approximately $15.0 million to $16.1 million, compared to fourth quarter 2019 SOI less corporate expenses of $10.1 million. Fourth quarter 2020 EBITDA increased by approximately 25.0% to 33.8% year-over-year to approximately $17.0 million to $18.2 million, compared to reported fourth quarter 2019 EBITDA of $13.6 million. The year-over-year increases in SOI, SOI less corporate expenses and EBITDA are primarily attributable to Beasley’s initiatives to address the COVID-19 pandemic, including reducing operating expenses and corporate overhead and realigning our company-wide cost structure, the benefit of political advertising, as well as an expected gain on a land sale that occurred during the fourth quarter of 2020. Commenting on the preliminary financial results, Caroline Beasley, Chief Executive Officer, said, “We expect to report top-line revenue improvement in the second half of the year, with sequential quarter-over-quarter growth in both the third and fourth quarters of 2020. Our preliminary fourth quarter performance also demonstrates the significant operating benefits from the actions we took earlier this year to address the pandemic, including reducing station operating expenses and negotiating discoun...