Beasley Broadcast Group Second Quarter Revenue Rises 5.6% To $24.9 Million; Same-Station Net Revenue Rises 6.6%
The $1.8 million, or 46.4% year-over-year improvement in 2010 second quarter operating income reflects the increased net revenue as well as benefits of the Company's cost containment measures which collectively resulted in a 2.6% reduction in total operating expenses including a 7.7% reduction in costs of services and flat corporate general and administrative expenses which more than offset a 2.1% rise in selling, general and administrative expenses which were primarily related to the higher revenue levels.
Second quarter 2010 station operating income (SOI), a non-GAAP financial measure, rose $1.8 million, or 26.5% to $8.5 million compared with the 2009 second quarter, reflecting both the higher net revenue in the period as well as a 2.7% decline in station operating expenses. On a same-station basis second quarter 2010 SOI rose 21.2% to $8.5 million, from $7.0 million in the same period of 2009.
The growth in 2010 second quarter net income and net income per basic and diluted share reflect the rise in operating income in the period and a $0.3 million, or 9.5% reduction in interest expense as a result of lower outstanding credit facility balances which more than offset a $0.8 million, or 135.9% rise in income tax expense.
Please refer to the "Calculation of SOI," "Reconciliation of SOI to Net Income," "Calculation of Same-Station SOI," and "Reconciliation of Same-Station SOI to Net Income" tables at the end of this announcement for a discussion regarding SOI calculations.Commenting on the results, George G. Beasley, Chairman and Chief Executive Officer, said, "The radio industry and Beasley Broadcast Group are continuing to see a rebound in advertising spending and the 6.6% rise in second quarter same-station net revenue was the Company's best comparison since late 2007. The significant growth in second quarter SOI, operating income and net income again highlights the value of the Company's streamlined cost structure and the significant operating leverage in our model.
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