Beasley Broadcasting Group Inc - BBGI STOCK NEWS

Beasley Broadcast Group, Inc. (BBGI) announces its operating results for the three- and twelve-month periods ended December 31, 2023. Despite a decrease in net revenue, the company reported a significant improvement in operating income and net income compared to the previous year. Adjusted EBITDA decreased due to lower net revenue. The CEO highlighted the impact of cyclical political revenue and ongoing advertising market softness, offset by revenue diversification and cost management initiatives.

Beasley Broadcast Group, Inc. (BBGI) will release its 2023 fourth quarter and full year financial results on February 12, 2024, followed by a conference call and webcast. Interested parties can access the call and webcast through various channels, including a live webcast on the company's website. Questions from analysts, institutional investors, and debt holders can be submitted via email before the event.

Beasley Broadcast Group, Inc. (Nasdaq: BBGI) reported a net loss of $67.5 million in the third quarter of 2023, inclusive of $88.8 million of non-cash impairment losses. Adjusted EBITDA was $5.5 million, reflecting a year-over-year decrease primarily due to lower net revenue. Digital revenue grew by 9.1% and accounted for 18.6% of quarterly revenue. Operating expenses and corporate expenses decreased by 2.7% and 12.5%, respectively.

Beasley Broadcast Group to report 2023 Q3 financial results on November 1, 2023

Beasley Broadcast Group, Inc. (Nasdaq: BBGI) announced its operating results for the three-month period ended June 30, 2023. Net revenue decreased 2.1% to $63.5 million, primarily due to a decline in audio revenue offset by an increase in digital revenue. The company reported a net loss of $10.4 million, a reduction of more than $4.0 million compared to the same period in 2022. Adjusted EBITDA increased 16.8% to $7.7 million. Beasley's digital revenue grew by 14.8% year-over-year, accounting for 19.4% of total revenue.

Beasley Broadcast Group, Inc. (BBGI) reported a 3.7% increase in net revenue for Q1 2023, totaling $57.8 million, driven by robust digital growth and local spot revenue. Operating income improved to $0.4 million, a significant turnaround from a loss of $2.7 million in Q1 2022, reflecting effective cost management and revenue diversification. However, the company experienced a net loss of $3.5 million or $0.12 per diluted share, showing a slight improvement from a $3.7 million loss year-over-year. Station Operating Income (SOI), a non-GAAP measure, rose 21% to $7.1 million, underscoring the success of Beasley’s digital initiatives and reduced operating expenses. As of March 31, 2023, the company held $35.9 million in cash and had a total debt of $290 million.

Beasley Broadcast Group (Nasdaq: BBGI) is set to release its 2023 first quarter financial results before market opening on April 26, 2023. A conference call will follow at 11:00 a.m. ET to discuss these results. Interested parties can join the call by dialing 877-407-4018 or 201-689-8471, using conference ID 13738280. A live webcast will also be available on the company's website.

The company, celebrating its 62nd anniversary, operates 61 AM and FM stations across 14 markets, reaching approximately 20 million consumers weekly. The conference call will allow for questions from analysts and investors, submitted up to 9:00 a.m. ET on the same day.

Beasley Broadcast Group, Inc. (BBGI) reported a fourth-quarter operating loss of $33.5 million, primarily due to $44.2 million in non-cash impairment losses. For the three months ended December 31, 2022, net revenue increased 1.8% to $72.0 million, driven by gains in digital and political revenues, despite a drop in audio revenue. The net loss for the quarter was $25.8 million, with a diluted share loss of $0.87. For the full year, net revenue reached $256.4 million, but operating losses totaled $36.1 million, compared to operating income of $14.7 million in 2021. The company is finalizing its impairment assessment, which may lead to adjustments in the reported results.