Beasley Broadcast Group Reports Second Quarter 2024 Financial Results

Beasley Broadcast Group, Inc., a multi-platform media company, has released its financial results for the second quarter ending June 30, 2024. The company reported a net revenue of $60.4 million, reflecting a 4.8% decrease compared to the same period last year. Despite the decline in revenue, the company saw improvements in other key financial metrics.

Financial Highlights

For the second quarter of 2024, Beasley Broadcast Group reported a net loss of $0.3 million, or $0.01 per diluted share, a significant improvement from the net loss of $10.4 million, or $0.35 per diluted share, in the second quarter of 2023. The company's adjusted EBITDA increased by 11.4% year-over-year to $8.8 million, driven by lower operating and corporate expenses.

Business and Operational Highlights

Beasley Broadcast Group's digital revenue grew by 5.7% year-over-year, or 10.4% on a same-station basis, reaching $13.0 million. Digital revenue accounted for 21.5% of the company's net revenue. Additionally, revenue from new customers grew by 16.5% year-over-year, and the company generated $586,000 in political revenue. Local revenue, including digital packages sold locally, accounted for 72.8% of net revenue.

Strategic Initiatives and Corporate Developments

The company has been focusing on expense management initiatives, which resulted in approximately $2 million in expense savings compared to the prior year. Beasley Broadcast Group expects to achieve $10 million in annualized expense savings. The company is also leveraging its digital platforms, with 37% of its total audience listening via digital channels.

Management's Perspective

Caroline Beasley, Chief Executive Officer, commented on the financial results, stating, "Beasley’s second quarter results highlight the ongoing progress we are making to position the Company for sustainable, profitable growth. The continued success of our digital transformation strategy led to a 10.4% year-over-year increase in same-station second quarter digital revenue, partially offsetting ongoing challenges related to softness in the audio advertising spot market."

Future Outlook

Looking ahead, Beasley Broadcast Group aims to continue leveraging its digital platforms and local brands to drive revenue growth. The company remains focused on achieving its full-year 2024 goal of digital revenue accounting for 20% to 25% of total revenue. Additionally, the company expects to benefit from political revenue through the end of the year and is taking aggressive actions to address near-term challenges through expense management initiatives.

SEC Filing: BEASLEY BROADCAST GROUP INC [ BBGI ] - 8-K - Aug. 12, 2024