BEASLEY BROADCAST GROUP has released operating results for the three-month period ended MARCH 31st. The results presented reflect actual results including the operations of WXTU/PHILADELPHIA during that time.
The $2.5 million, or 4.6%, year-over-year increase in net revenue during the three months reflects growth in the Company’s PHILADELPHIA cluster primarily related to the SEPTEMBER 2018 acquisition of Country WXTU, growth in the Company’s TAMPA cluster, primarily related to the 2018 acquisition of an event company, and revenue growth in three of the Company’s other radio markets, partially offset by declines in the remaining markets where the company operates.
BEASLEY reported operating income of $6.8 million in the first quarter of 2019 compared to operating income of $0.4 million in the first quarter of 2018. The year-over-year increase in operating income, “reflects the higher revenue and a 2019 first-quarter gain of $3.5 million on dispositions while the year ago period was impacted by a $4.4 million charge due to the change in fair value of contingent consideration.”
Commenting on the financial results, CEO CAROLINE BEASLEY said, “The ongoing execution of our strategies to expand our scale, diversify our revenue mix and leverage the value of our premium local brands and content continued to serve BEASLEY well in the first quarter of 2019. The strength of our station clusters in three of our top five largest revenue markets as well as contributions from recent acquisitions and station swaps resulted in a 4.6% revenue increase and more than offset the $0.8 million year-over-year decline in revenue from our prior relationship with U.S. TRAFFIC NETWORK, which was discontinued in the third quarter of 2018. As a result, BEASLEY’s first quarter net income rose to $1.4 million, we generated a 6.2% year-over-year increase in SOI and generated an overall margin improvement.”