Business
Beasley Broadcast Group Third Quarter Net Revenue Rises 1.5% To $63.8 Million
Digital Revenue Increased 23.1% Year-over-Year Conference Call and Webcast Today, November 7, 2022 at 10:00 a.m. ET 773-305-6853, conference ID 9182446 or
About this update from Beasley Broadcast Group, Inc.
[{"type":"text","content":"Digital Revenue Increased 23.1% Year-over-Year Conference Call and Webcast Today, November 7, 2022 at 10:00 a.m. ET 773-305-6853, conference ID 9182446 or www.bbgi.com Replay information provided below NAPLES, Fla., Nov. 07, 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 nine-month periods ended September 30, 2022. Summary of Third Quarter and Year-to-Date Results In millions, except per share dataThree Months EndedSeptember 30,Nine Months EndedSeptember 30, 2022 2021 2022 2021 Net revenue$63.8$62.9 $184.4 $170.7 Operating income (loss)1 4.7 4.9 (2.6) 8.1 Net income (loss)1 0.5 (1.6) (17.5) (12.1) Net income (loss) per diluted share1$0.02($0.06)($0.60)($0.41)Station operating income (SOI - non-GAAP) 12.3 11.7 29.2 28.0 1Operating loss and net loss per diluted share reflect a $10.5 million non-cash impairment loss in the nine months ended September 30, 2022. Net loss per diluted share reflect a $5.0 million loss on extinguishment of long-term debt in the nine months ended September 30, 2021. Net revenue during the three months ended September 30, 2022 increased 1.5% to $63.8 million, primarily reflecting a year-over-year increase in digital revenue, political and other revenue, partially offset by a slight decrease in audio revenue related to softness in the national agency business. Beasley reported operating income of $4.7 million in the third quarter of 2022 compared to $4.9 million in the third quarter of 2021, this slight decrease was driven by a $1.2 million increase in corporate expenses related to investments in our digital business as well as severance expense, partially offset by a year-over-year increase in Station Operating Income (SOI, a non-GAAP financial measure). Third quarter 2022 interest expense decreased 5.7% to $6.6 million compared to interest expense of $7.0 million in the prior year period, due to Beasley’s repurchase of its senior secured notes over the past two quarters. Beasley reported net income of $0.5 million, or $0.02 per diluted share, in the three months ended September 30, 2022, compared to a net loss of $1.6 million, or $0.06 per diluted share, in the three months ended September 30, 2021. SOI increased by 5.1% to $12.3 million in the third quarter of 2022, u...