Beasley up 1% in Q3
Beasley Broadcast Group's Q3 net revenue rose 1% to 32.1 million from 31.8 million in Q3 '04. Operating income for the period declined 7% to 7.9 million, compared to 8.5 million in Q3 '04. Station operating income rose 4% to 11.2 million from 10.8 million in the year-ago period.
Net income was 3.8 million, or 0.15 per diluted share, in the three months ended Q3, compared to net income of 4.1 million, or 0.17 per diluted share, in Q3 '04. Per share results for the three months ended September 30, 2005 and 2004 are based on 24,291,056 and 24,363,737 diluted shares outstanding, respectively.
For the nine months YTD, consolidated net revenue increased 6% to 93.7 million from 88.8 million in the same period of 2004. Operating income from continuing operations was 20.2 million, compared to 21.3 million in the year-ago period, while SOI grew 2% to 28.6 million from 28.1 million.
Net income YTD was 9.2 million, or 0.38 per diluted share, compared to net income of 8.1 million, or 0.33 per diluted share, in Q3 '04. The increase reflects a 2.4 million loss on extinguishment of long-term debt.
Said CEO George Beasley: "Third quarter revenue growth reflects improved performance at our Philadelphia and Fort Myers-Naples station clusters, partially offset by decreases at our Augusta, Las Vegas and Miami station clusters. Net revenues for the period also reflect a decrease in trade sales revenue due to a company-wide effort to reduce the non-cash use of our station advertising inventory. We anticipate that many of the trends that affected third quarter revenue performance will continue into the fourth quarter. Early in the fourth quarter of 2005, we reformatted a station in Las Vegas, which is not airing commercials during its first month of operation. Revenue in the 2005 fourth quarter will also reflect decreased revenues at our Miami cluster, where our sport-talk station did not renew the program rights agreement to broadcast the Miami Dolphins football games this year, as well as the absence of 1.1 million in political advertising revenue."
For Q4, Beasley anticipates reporting a net revenue decrease of 12% compared to the year-ago level.
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