Business
Beasley Broadcast Group Reports Second Quarter Net Revenue of $64.8 Million
Conference Call and WebcastToday, August 1, 2022 at 10:00 a.m. ET773-377-9070, conference ID 9772619 or www.bbgi.comReplay information provided below NAPLES,
About this update from Beasley Broadcast Group, Inc.
[{"type":"text","content":" Conference Call and WebcastToday, August 1, 2022 at 10:00 a.m. ET773-377-9070, conference ID 9772619 or www.bbgi.comReplay information provided below NAPLES, Fla., Aug. 01, 2022 (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, 2022. Summary of Second Quarter and Year-to-Date Results In millions, except per share dataThree Months EndedJune 30,Six Months EndedJune 30, 2022 2021 2022 2021 Net revenue$64.8 $59.6 $120.5 $107.8 Operating income (loss) 1 (4.5) 5.8 (7.3) 3.3 Net income (loss) 1 (14.5) 0.2 (18.0) (10.5)Net income (loss) per diluted share 1$(0.48)$0.01 $(0.61)$(0.35)Station operating income (SOI - non-GAAP) 11.2 11.1 16.9 16.3 Operating income (loss) and net income (loss) per diluted share reflect an $8.6 million non-cash impairment loss in the three months ended June 30, 2022, and $1.5 million in other operating income, net in the three months ended June 30, 2021. Operating income (loss) and net loss per diluted share reflect a $10.5 million non-cash impairment loss in the six months ended June 30, 2022. Net loss attributable to BBGI stockholders and net loss per diluted share reflect a $5.0 million loss on extinguishment of long-term debt in the six months ended June 30, 2021. Net revenue during the three months ended June 30, 2022 increased 8.8% to $64.8 million, primarily reflecting a year-over-year increase in audio and digital revenue due to the continued recovery of the commercial advertising market from the effects of the COVID-19 pandemic and higher political advertising revenue. Beasley reported an operating loss of $4.5 million in the second quarter of 2022 compared to operating income of $5.8 million in the second quarter of 2021. The operating loss in the second quarter of 2022 primarily reflects an $8.6 million non-cash impairment loss due to an increase in the discount rate used in the analyses to estimate the fair value of FCC licenses and goodwill in a rising interest rate environment. For the comparable three months ended June 30, 2021, the Company recorded $1.5 million of other operating income, net from life insurance proceeds related to the death of George Beasley, the Company’s former Chairman. As a result of these factors, Beasley report...