Beasley Broadcast Group, Inc. today announced operating
results for the three-month period ended March 31, 2013 as summarized below.
The $1.5 million, or 6.5%, rise in net revenue during the
three months ended March 31, 2013, compared with the same period in 2012
reflects strength in the Company's Philadelphia ,
Las Vegas and Fort Myers
market clusters including the acquisition of KOAS-FM in Las Vegas in the 2012 third quarter.
The $0.2 million, or 4.0%, year-over-year improvement in
2013 first quarter operating income reflects the quarterly revenue increase
which more than offset a 7.2%, or $1.3 million, rise in total operating
expenses, which included costs related to operating KOAS-FM in Las Vegas, and
higher sales expenses.
First quarter 2013 station operating income (SOI), a non-GAAP financial measure, rose $0.3 million, or 4.1%, to $8.1 million compared with the 2012 first quarter, as the higher quarterly net revenue more than offset a $1.2 million, or 7.7%, increase in station operating expenses.
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| George Beasley |
Commenting on the results, George G. Beasley, Chairman and
Chief Executive Officer, said, "The solid first quarter revenue growth led
to another period of SOI growth, as consolidated SOI (station operating income)
increased 4.1% year-over-year. First quarter SOI margins also remain healthy at
32.7% but declined slightly from last year as station operating expenses rose
due to our investments in our local sales teams.
"Beyond our company-wide focus on programming and
ratings which serve as the foundation for the success of our on-air and digital
advertising platforms, we continue to strengthen our balance sheet. During the
first quarter, we made repayments totaling $1.0 million against the credit
facility, reducing total bank debt to $115.7 million at March 31, 2013, from
$123.4 million at the end of last year's first quarter."
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