Beasley Broadcast Group reported a 2.8% year-over-year increase in net revenue to $27.8 million for the second quarter. The increase primarily reflects higher revenue from the Tampa-St. Petersburg and Charlotte clusters.
At the same time Station Operating Income dropped 2.8% reflecting a $1 million increase in expenses of higher bonuses, cash promotions, event/concert expenses and third party costs associated with digital services, at those same clusters.
The company is also incurring expenses by putting in expanded infrastructure to prepare for the integration of the Greater Media stations.
Speaking of that recently-announced deal, Beasley Interim CEO and CFO told analysts on an earnings call the transaction is a “transformational growth opportunity” for the company. After the deal closes, which is expected this fall, Beasley will have expanded its station geographic footprint by about 40% and double its audience reach, she said.
The deal “will unite two companies with successful long-term family roots.”
During the second quarter, Beasley made credit facility repayments totaling $3 million, reducing borrowings to $83 million at June 30 and declared its eleventh consecutive quarterly cash dividend.