Net revenue in Q4 was $27.3 million, down half a percent from $27.4 in Q4 2012. CEO George Beasley blamed the lack of political dollars. Excluding political, Beasley Q4 same station revenue was up 2%.
A $0.4 million, or 2.5%, increase in station operating expenses related to operating KVGS-FM in Las Vegas (acquired in September), as well as a rise in sales and programming expenses, caused Q4 station operating income to decrease by $0.6 million, or 5.2%, to $10.2 million, as compared to Q4 2012.
Q4 net income and net income per diluted share was $3.6 million and $0.16, respectively, which compares with net income and net income per diluted share of $3.6 million and $0.16, respectively, in the same period last year.
Said George Beasley, Chairman and CEO: “Beasley Broadcast Group’s fourth quarter net revenue decline primarily reflects a reduction in political spending as in the fourth quarter of 2012 we recorded approximately $1.2 million in political advertising revenue. While we were not able to fully offset the cyclical impact of political revenue, the fourth quarter radio advertising environment in our markets remains healthy and on an actual basis we reported just a slight decline in net revenue compared with last year. Excluding the benefit of political advertising in the year-ago quarter, Beasley Broadcast Group’s 2013 fourth quarter same station net revenue rose approximately 2% and, reflecting our success throughout 2013, actual full year net revenue rose 4.7% while same station net revenue for 2013 was up 1.9% versus full year 2012.”
For the company’s five markets that report to Miller Kaplan – which represent approximately 76% of total fourth quarter revenue – Beasley station cluster revenue declined by 2.6%. The total revenue for all reporting radio stations in these markets decreased by 4.1% for the quarter, noted Beasley.