Beasley Broadcast Group has reported its finances for the third quarter of 2021, as net revenue increased 26.7 percent to $62.9 million. The company attributed it to “a year-over-year increase in audio advertising revenue, digital and other revenue due to the continued recovery of the commercial advertising market from the effects of the COVID-19 pandemic, partially offset by a decrease in political revenue.”
Beasley reported operating income of $4.9 million in the third quarter of 2021 compared to operating income of $0.8 million in the third quarter a year ago. The company also reported a net loss of $1.6 million in Q3 of 2021, compared to a net loss of $2.7 million a year ago.
Commenting on the financial results, CEO Caroline Beasley said, “Beasley’s strong third quarter financial results reflect the operating and financial benefits of our digital transformation and revenue diversification initiatives, which are becoming more visible as we move deeper into the post-pandemic economic recovery. Accelerating demand from consumers and advertisers for our premium content and multi-platform marketing solutions drove third quarter net revenue of $62.9 million, marking a 6% increase over second quarter 2021 levels and a 27% increase over the comparable prior year period. Top line growth, combined with the meaningful actions we have taken over the past year to permanently reduce costs and improve operating efficiencies, resulted in a significant 45% year-over-year increase in SOI to $11.7 million, as well as positive free cash flow of approximately $1.7 million.
“While the Delta variant impacted some markets during the quarter, strong growth in core radio advertising and digital advertising revenue resulted in year-over-year total revenue increases across nearly all of our markets, with healthy double-digit growth in Atlanta, Boca Raton, Boston, Detroit, Fort Myers, Las Vegas, New Jersey, Philadelphia, Tampa and Wilmington. The growth was primarily driven by a significant increase in sports betting revenue.”
