With its stock price at a 10-year-low, the Naples, Fla.-based company traded on Wall Street under the Beasley Broadcast Group name has much ground to gain should it wish to reverse a decline in share value prompted by the sell-off of BBGI shares from the Bordes family acquired as part of its sale of Greater Media.
Could the company’s Q3 results, to be revealed in a week, provide a spark? Or, will the results only further weaken an already strained stock?
In August, when Beasley’s Q3 results were released, Beasley CEO Caroline Beasley said the company remains committed to “strategic priorities of improving top- and bottom-line performance, reducing debt and leverage, and returning capital to shareholders through our quarterly cash dividend.”
She added, “With enhanced opportunities to monetize our strong core programming and local brands, we remain confident in the radio industry and in Beasley’s growth prospects going forward.”
Ms. Beasley also said she looked forward to “realizing the strategic benefits of the WDMK-FM and WDMK-HD2 translators” in Detroit.
But, no specific financial prognostications were offered. With BBGI going ex-dividend in late September and failing to spark a rebound, just how Beasley performed in Q3 is somewhat unclear.
Answers will come at 10am Eastern on Nov. 7.
The Q3 announcement comes as Caroline Beasley was among the speakers featured at the 2019 Drive to Digital conference, held Wednesday at the British Library Conference Centre in central London.
Drive to Digital is an annual event for the U.K. radio and the audio industry, which brings together 250 executives from national and local broadcasters, device and car manufacturers, retailers and the supply chain, U.K. Government and regulators. The goal: to showcase digital radio progress and highlight market developments and opportunities.
During the session moderated by Xperi VP/Radio Joe D’Angelo, Ms. Beasley shared her insight on radio in the United States as well as new digital capabilities and innovation impacting the industry, including QUU ad sync technology.