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Beasley Broadcast Group, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in net revenue to $58,190,116 from $60,119,757 in the same quarter the previous year, primarily due to a decrease in local agency revenue and the disposition of WJBR-FM.
Operating expenses for the quarter were $49,946,133, slightly down from $50,117,044 in the previous year. This decrease is attributed to cost reductions following the termination of esports operations.
The company reported a net loss of $3,560,575 for the quarter, compared to a net loss of $67,536,837 in the previous year. The reduction in net loss is largely due to the absence of FCC licenses impairment losses recorded in the prior year.
Interest expense decreased to $6,092,820 from $6,445,746, reflecting the impact of repurchases of the Existing Notes.
Corporate expenses decreased to $4,296,615 from $4,493,277, mainly due to increased digital expenses allocated to operating expenses.
Beasley completed a 1-for-20 reverse stock split on September 23, 2024, affecting both Class A and Class B Common Stock.
The company recorded a gain of $6,026,776 from the sale of an investment in Broadcast Music, Inc. during the nine months ended September 30, 2024.
The filing details recent debt refinancing activities, including the issuance of new senior secured notes and the exchange of a portion of existing notes.
Beasley does not anticipate resuming quarterly dividend payments in the near future, as restricted by recent debt covenants.
The company continues to focus on optimizing its operations across audio and digital segments, with a noted increase in digital revenue year-over-year.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Beasley Broadcast Group Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.