Business
Beasley Broadcast Group Reports Second Quarter Revenue of $63.5 Million
14.8% Digital Revenue Growth and Expense Management Lead to a $4.1 Million Reduction in Net Loss and a 16.8% Increase in Adjusted EBITDA Conference Call and
About this update from Beasley Broadcast Group, Inc.
[{"type":"text","content":"14.8% Digital Revenue Growth and Expense Management Lead to a $4.1 Million Reduction in Net Loss and a 16.8% Increase in Adjusted EBITDA\n Conference Call and WebcastToday, August 3, 2023 at 11:00 a.m. ET877-407-4018 or 201-689-8471, conference ID 13739796 or www.bbgi.com Replay information provided below NAPLES, Fla., Aug. 03, 2023 (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, 2023. For further information, the Company has posted a presentation to its website regarding the second quarter highlights and accomplishments which management will review on today’s conference call. Summary of Second Quarter and Year-to-Date Results In millions, except per share dataThree Months EndedJune 30,Six Months EndedJune 30, 2023 2022 2023 2022 Net revenue$63.5 $64.8 $121.2 $120.5 Operating loss 1 (4.5) (4.5) (4.1) (7.3)Net loss 1 (10.4) (14.5) (14.0) (18.0)Net loss per diluted share 1($0.35)($0.49)($0.47)($0.61)Adjusted EBITDA (non-GAAP) 7.7 6.6 10.4 8.1 1 Operating loss, net loss and net loss per diluted share for the three and six months ended June 30, 2023 include $10.0 million of non-cash impairment losses. Operating loss, net loss and net loss per diluted share in the three and six months ended June 30, 2022 reflect $8.6 million and $10.5 million, respectively of non-cash impairment losses. Net revenue during the three months ended June 30, 2023 decreased 2.1% to $63.5 million, primarily reflecting a year-over-year decline in audio revenue largely due to a decrease in agency revenue, which offset an increase in digital revenue. Despite a 4.3% year-over-year decline in operating expenses and flat corporate expenses compared to the second quarter of 2022, Beasley reported a 2023 second quarter operating loss of $4.5 million in the second quarter of 2023 compared to an operating loss of $4.5 million in the second quarter of 2022. The second quarter of 2023 operating loss largely reflects the impact of $10.0 million of non-cash impairment losses compared to $8.6 million of non-cash impairment losses in the second quarter of 2022. Beasley reported a net loss of $10.4 million, or $0.35 per diluted share, in the three months ended June 30, 2023, compared to a net loss of $14.5 million, or $0....