As the first pure-play radio company to report Q2 earnings, Beasley set the bar high. Its net revenues were up 2.3% to $25.5 million in the quarter and station operating income rose 7.2% to $9.1 million.
“Beasley Broadcast Group extended its record of revenue growth with a 2.3% net revenue improvement in the 2011 second quarter as station clusters in our two largest markets – Miami and Philadelphia – significantly out-performed their markets. Beasley’s second quarter results mark our fifth consecutive quarter of same station revenue growth, which combined with ongoing expense management, led to our sixth consecutive quarter of station operating income and margin gains. Notwithstanding the concerns of further slowdowns in the US economy and revenue volatility in our markets, we generated a 4.1% rise in same station revenue during the first half of 2011,” said a pround Chairman and CEO, George Beasley.
With growth driven by its two biggest markets, the company reported that revenues were essentially flat for its other nine market clusters.
Net income rose 37.7% to $2.8 million. That improved earnings per shae to 12 cents from nine cents a year ago.
Other members of company management, who also carry the Beasley last name, were set to conduct the quarterly conference call with Wall Street analysts.