Beasley Broadcast Group has released its fiscal report for the second quarter of 2017. Thanks to recent station acquisitions, net revenue jumped 119.7 percent from $27.8 million in Q2 2016 to $61 million this year. Station operating income was up from $8 million to $16.1 million. Operating income grew to $12.8 million, while net income increased from $2.5 million a year ago to $3.9 million in 2017’s second quarter.
The $33.2 million, or 119.7 percent, year-over-year increase in net revenue during the quarter reflects the operation of stations in Boston, Philadelphia, Detroit and New Jersey acquired from Greater Media, partially offset by the disposition of the Charlotte and Greenville-New Bern-Jacksonville clusters.
On November 1, 2016, Beasley acquired 18 radio stations via their deal with Greater Media. The actual results presented herein reflect the Company’s legacy Beasley Broadcast Group broadcasting and digital operations and the results from the acquired Greater Media stations. On January 6, 2017 the Company completed the sale of WFNZ-AM and three Greater Media stations in Charlotte. On May 1, 2017 the company completed the sale of six stations in Greenville-New Bern-Jacksonville, and as a result, the quarter and six months ended June 30, 2017 include one month of operations from these stations. The pro-forma results reflect the Company’s legacy Beasley Broadcast Group broadcasting and digital operations and the results from the Greater Media stations, excluding the aforementioned Charlotte and Greenville-New Bern-Jacksonville stations, as if the transaction had been completed on January 1, 2016.
CEO Caroline Beasley commented, “Following our second full quarter of results including the Greater Media markets, we are beginning to realize the benefits from this transaction in terms of scale and opportunity, as reflected by the 119.7% increase in consolidated net revenue and 100% rise in SOI compared to the prior year.”