Revenue fell and income rose year-to-year in BEASLEY BROADCAST GROUP, INC.’s fourth quarter 2020, according to preliminary unaudited financial results released by the company TODAY (1/14).
Net revenue decreased 5.8%-6.5% to about $67.4 million to $67.9 million, which the company blames on the impact of the COVID-19 pandemic, partially offset by growth in digital, esports and political revenue. Station Operating Income increased about 23.1% to 28.8% to $19.2 million to $20.1 million, while EBITDA increased 25% to 33.8% to $17 million to $18.2 million; the increases were attributed to BEASLEY’s pandemic response, including cost-cutting, plus a boost from political advertising and an expected gain on a land sale.
CEO CAROLINE BEASLEY said, “We expect to report top-line revenue improvement in the second half of the year, with sequential quarter-over-quarter growth in both the third and fourth quarters of 2020. Our preliminary fourth quarter performance also demonstrates the significant operating benefits from the actions we took earlier this year to address the pandemic, including reducing station operating expenses and negotiating discounts with landlords, service providers and partners. Although it is difficult to predict what the impact of COVID-19 will be in the coming months, we remain optimistic that the commercial advertising market will return to more normalized revenue levels as we move further into the year, following broad vaccine distribution.”