Business
Beasley Broadcast Group Third Quarter Revenue Increases 26.7% to $62.9 Million
Conference Call and WebcastToday, November 2, 2021 at 10:00 a.m. ET334-777-6978, conference ID 3009277 or www.bbgi.comReplay information provided below
About this update from Beasley Broadcast Group, Inc.
[{"type":"text","content":" Conference Call and WebcastToday, November 2, 2021 at 10:00 a.m. ET334-777-6978, conference ID 3009277 or www.bbgi.comReplay information provided below NAPLES, Fla., Nov. 02, 2021 (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, 2021. Summary of Third Quarter and Year-to-Date Results In millions, except per share dataThree Months EndedSeptember 30,Nine Months EndedSeptember 30, 2021 2020 2021 2020 Net revenue$62.9 $49.6 $170.7 $137.7 Operating income (loss) 1 4.9 0.8 8.1 (23.9)Net loss 1 (1.6) (2.7) (12.1) (29.8)Net loss per diluted share 1($0.06)($0.08)($0.41)($1.02)Station operating income (SOI - non-GAAP) 11.7 8.1 28.0 3.8 1 Operating income, net loss and net loss per diluted share reflect a $5.0 million loss on the modification of long-term debt in the nine months ended September 30, 2021. Operating loss, net loss and net loss per diluted share reflect $6.8 million of non-cash impairment losses and a $2.8 million loss on the modification of long-term debt in the nine months ended September 30, 2020. Net revenue during the three months ended September 30, 2021 increased 26.7% to $62.9 million, primarily reflecting a year-over-year increase in audio advertising revenue, digital and other revenue due to the continued recovery of the commercial advertising market from the effects of the COVID-19 pandemic, partially offset by a decrease in political revenue. Beasley reported operating income of $4.9 million in the third quarter of 2021 compared to operating income of $0.8 million in the third quarter of 2020, largely reflecting the year-over-year increase in net revenue and Station Operating Income (SOI, a non-GAAP financial measure), in addition to lower depreciation and amortization expense, partially offset by higher operating and corporate expenses. Beasley reported a net loss of $1.6 million, or $0.06 per diluted share, in the three months ended September 30, 2021, compared to a net loss of $2.7 million, or $0.08 per diluted share, in the three months ended September 30, 2020. The year-over-year improvement was primarily due to higher revenue and SOI, partially offset by higher interest expense resulting from the issuance of senior secured notes in February...