Business
Beasley Broadcast Group Reports Second Quarter Revenue of $60.4 Million
Second Quarter Digital Revenue Grew 5.7% Year-over-year, and 10.4% on a Same Station Basis Net Loss Decreased by $10.2 Million and Adjusted EBITDA Grew 11.4%
About this update from Beasley Broadcast Group, Inc.
[{"type":"text","content":"Second Quarter Digital Revenue Grew 5.7% Year-over-year, and 10.4% on a Same Station Basis Net Loss Decreased by $10.2 Million and Adjusted EBITDA Grew 11.4% to $8.8 Million Conference Call and WebcastToday, August 12, 2024 at 11:00 a.m. ET877-407-4018 or 201-689-8471, conference ID 13747961 or www.bbgi.com Replay information provided below NAPLES, Fla., Aug. 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-month period ended June 30, 2024. For further information, the Company has posted a presentation to its website regarding the second quarter highlights and accomplishments that management will review on today’s conference call. In millions, except per share dataThree Months Ended June 30,Six Months Ended June 30, 2024 2023 2024 2023 Net revenue$60.4 $63.5 $114.8 $121.2 Operating income (loss) 5.4 (4.5) 4.3 (4.1) Net loss 1 (0.3) (10.4) (0.3) (14.0) Net loss per diluted share 1($0.01) ($0.35) ($0.01) ($0.47) Adjusted EBITDA (non-GAAP) [2] 8.8 7.9 9.6 10.7 Net loss and net loss per diluted share in the six months ended June 30, 2024 include a $6.0 million gain on sale of an investment in Broadcast Music, Inc. Net loss and net loss per diluted share in the three and six months ended June 30, 2023 include a $10.0 million non-cash impairment loss related to the sale of WJBR-FM.In the second quarter of 2024, we revised the definition of adjusted EBITDA. See “Definitions” below for additional detail. Prior period amounts have been revised to reflect the new definition. Second Quarter 2024 Highlights Revenue from new customers grew 16.5% year-over-yearGenerated $586,000 in political revenueLocal revenue, including digital packages sold locally, accounted for 72.8% of net revenueDigital revenue grew 5.7% year-over-year, or 10.4% year-over-year on a same station basis, to $13.0 millionDigital revenue accounted for 21.5% of net revenue37% of our total audience listens via the company’s digital platforms Net revenue during the three months ended June 30, 2024 decreased 4.8% to $60.4 million, primarily reflecting a year-over-year decline in audio advertising and other revenue due to Beasley’s Wilmington station and esports divestitures as well as ongoing softness in the commercial advertising business, par...