(Beasey Earnings article updated with new information on the first half of the year.)
NAPLES, Fla. (
Beasley Broadcast Group
saw earnings surge in the second quarter, reflecting the company's lowered interest and operating expenses and higher revenues in key markets.
For the three months ended June 30, the company saw earnings jump more than 185% to $2 million, or 9 cents a share, compared with earnings of $708,862, or 3 cents a share, in the same period a year ago.
Beasley reduced its interest expenses by 9.5% and total operating costs were down 2.6%, including a 7.7% drop in expenses related to services.
Revenue rose 5.6% to $24.9 million from $23.6 million during the quarter, driven by higher revenue from the company's Las Vegas, Philadelphia and Ft. Myers-Naples markets. Management said advertising activity was up in the second quarter.
"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," said George Beasley, chairman and CEO of Beasley Broadcast Group.
For the first half of the year, earnings rose more than 250% to $2.57 million, or 11 cents a share, compared with earnings of $716,806, or 3 cents a share, in the same period a year ago.
Total revenue rose 1.3% to $46.8 million from $46.2 million. The company has 42 stations in eleven radio markets across the United States.
The company expects to see higher levels of political spending in the second half of the year, and predicts that future revenues are poised to "match or exceed the performance of the market."
Beasley shares are up almost 7% today to around $5.55.
-- Reported by Theresa McCabe in Boston.
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