2-3-2012
Beasley Broadcasting reported Q4 2011 numbers this morning and net revenue to a hit of nearly 7%. Beasley CEO George Beasley said, ?Our fourth quarter revenue decline reflects a combination of weak overall national spending in our markets and several unique national advertising issues that we have addressed or which were essentially one time in nature. In addition, approximately one third of the overall revenue decline relates to a reduction in political spending in a non-election year."
Mr. Beasley went on to say, "Even during periods of lower revenue, our bottom line continues to benefit from our streamlined cost and operating structure. In light of the challenges faced during the quarter, we lowered station operating expenses by 5% while total operating expenses for the quarter were also reduced by 5% on a year-over-year basis. These factors, combined with a significant reduction in interest expense, led to a 1.7% increase in 2011 fourth quarter net income."
?Radio advertising remained relatively stable despite widespread economic concerns and volatility in the capital markets throughout the year. Importantly, during the fourth quarter and throughout 2011, we continued to make progress across the organization in enhancing operating efficiencies and maintaining a disciplined approach to spending. Overall, the industry recorded seven consecutive quarters of growth through the third quarter of 2011 which underscores our belief that radio remains both resilient and highly relevant in a digital world. During the quarter, the Company celebrated its 50th consecutive year in radio broadcasting and our success over this period has been defined by our ability to bring consumers and advertisers a platform that efficiently addresses their respective needs."
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