10-25-13
Chairman and CEO George Beasley said, ?Excluding the benefit of political advertising in the year-ago quarter, same station net revenue rose approximately 4.4%. The third quarter revenue increase reflects growth in local and digital revenue, strength in our largest market clusters in Philadelphia and Miami, and continued growth in Augusta. Beasley says for its five markets that report to Miller Kaplan ? 76% of its third quarter revenue ? those clusters grew revenue by 6.8% while the total revenue for all reporting radio stations in these markets declined by 1.4% for the quarter.
Beasley went on to say, ?In addition to our focus on core programming and expanding our on-air and digital advertising platforms, we continue to strengthen our balance sheet. Reflecting solid cash flows from operations, we made repayments totaling $2.0 million against the credit facility during the third quarter, reducing borrowings to $110.2 million at September 30, 2013 from $119 million at the end of last year?s third quarter. Our debt and leverage reduction initiatives over the last few years are delivering strong benefits to our income statement as third quarter interest expense declined year-over-year by over 25% or approximately $0.5 million while our leverage ratio is now at its lowest level in over 10 years. We intend to continue using cash from operations to further lower debt as well as pursue other initiatives that can enhance shareholder value.
Add a Comment Send This Story To A Friend
