Business
Beasley Broadcast Group Reports Second Quarter Financial Results
Conference Call and WebcastToday, August 4, 2020 at 11:00 a.m. ET334-777-6978, conference ID 2309168 or www.bbgi.com Replay information provided below
About this update from Beasley Broadcast Group, Inc.
[{"type":"text","content":" Conference Call and WebcastToday, August 4, 2020 at 11:00 a.m. ET334-777-6978, conference ID 2309168 or www.bbgi.com Replay information provided below NAPLES, Fla., Aug. 04, 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 six‑month periods ended June 30, 2020.\n The results presented herein reflect actual results including the operations of WDMK-FM in Detroit since its acquisition in August 2019. Summary of Second Quarter and Year-to-Date Results In millions, except per share dataThree Months EndedJune 30,Six Months EndedJune 30, 2020201920202019Net revenue$30.4$65.7$88.0$123.3Operating income (loss) 1(17.6)10.7(24.8)17.5Net income (loss) 1(18.2)4.3(27.1)5.6Net income (loss) per diluted share 1($0.63)$0.15($0.95)$0.20Station operating income (loss) (SOI - non-GAAP)(11.0)17.9(4.2)28.1 1 Operating income (loss), net income (loss) and net income (loss) per diluted share reflect a $2.8 million loss on the modification of long-term debt in the three months ended June 30, 2020, $6.8 million of non-cash impairment losses in the six months ended June 30, 2020 and a $3.5 million gain on dispositions in the six months ended June 30, 2019. Net revenue during the three months ended June 30, 2020 reflects a year-over-year decrease in commercial advertising, digital advertising and other revenue due to the impact of the COVID-19 pandemic, partially offset by growth in esports revenue and contributions from the August 2019 acquisition of WDMK-FM. Beasley reported an operating loss of $17.6 million in the second quarter of 2020 compared to operating income of $10.7 million in the second quarter of 2019, largely reflecting the year-over-year decrease in Station Operating Income (SOI, a non-GAAP financial measure), in addition to higher depreciation and amortization, partially offset by lower corporate expenses. Second quarter 2020 interest expense decreased 15.3% to $3.9 million compared to interest expense of $4.5 million in the prior year period, due to lower interest rates, which offset the increase in long-term debt outstanding. Beasley reported a net loss of $18.2 million, or $0.63 per diluted share, in the three months ended June 30, 2020, compared to net income of $4.3 million, or $0.15 per diluted shar...