Beasley Broadcast Group (NASDAQ:BBGI) Posts Earnings Results

Beasley Broadcast Group (NASDAQ:BBGI) announced its earnings results on Wednesday. The company reported $1.77 earnings per share for the quarter, Zacks reports. Beasley Broadcast Group had a negative net margin of 95.44% and a negative return on equity of 19.90%.

Here are the key takeaways from Beasley Broadcast Group’s conference call:

• Beasley said it has made major progress on the capital structure, including selling Fort Myers assets, restructuring about $184 million of notes into roughly $98 million of new PIK notes, repurchasing first lien debt, and adding a $35 million ABL for liquidity.
• First-quarter results remained under pressure, with revenue of $41.3 million and adjusted EBITDA of about $600,000 on a same-station basis, as local and national agency spending stayed weak.
• Digital revenue grew 18% year over year on a same-station basis, with owned-and-operated digital up about 26% and now making up a much larger share of digital revenue.
• Management highlighted early proof points in Tampa and Boston, where stronger digital adoption and local direct execution are supporting budget attainment, market share gains, and better revenue stability.
• The company expects Q2 revenue to decline in the mid- to high-single digits on a same-station basis, reflecting continued macro pressure and a slower-than-hoped recovery in April, May, and June pacing.

Beasley Broadcast Group Stock Up 6.5%

Shares of BBGI traded up $1.02 on Wednesday, hitting $16.80. 21,101 shares of the stock traded hands, compared to its average volume of 899,114. The company has a market capitalization of $30.34 million, a PE ratio of -0.15 and a beta of 4.69. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.00 and a current ratio of 1.00. The business has a 50 day simple moving average of $9.82 and a 200 day simple moving average of $6.68. Beasley Broadcast Group has a one year low of $3.14 and a one year high of $26.37.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (d)” rating on shares of Beasley Broadcast Group in a research report on Friday, March 27th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, Beasley Broadcast Group currently has a consensus rating of “Sell”.

Institutional Investors Weigh In On Beasley Broadcast Group

Several institutional investors and hedge funds have recently made changes to their positions in BBGI. HRT Financial LP purchased a new stake in Beasley Broadcast Group in the fourth quarter worth approximately $129,000. Osaic Holdings Inc. purchased a new stake in Beasley Broadcast Group in the second quarter worth approximately $83,000. Susquehanna International Group LLP purchased a new stake in Beasley Broadcast Group in the third quarter worth approximately $85,000. Finally, Gamco Investors INC. ET AL boosted its holdings in Beasley Broadcast Group by 22.3% in the third quarter. Gamco Investors INC. ET AL now owns 56,154 shares of the company’s stock worth $296,000 after purchasing an additional 10,238 shares during the last quarter. Institutional investors own 21.73% of the company’s stock.

About Beasley Broadcast Group

Beasley Broadcast Group, Inc is a diversified media company primarily engaged in the ownership, operation and licensing of radio broadcast stations across the United States. Headquartered in Naples, Florida, the company provides local and regional audiences with a mix of music, news, talk and sports programming designed to serve diverse demographic markets. Through its portfolio of stations, Beasley generates advertising revenues by offering on-air spots, sponsorships and promotional partnerships to national and local advertisers.

In addition to traditional over-the-air programming, Beasley Broadcast Group offers digital services that include live audio streaming, podcast production, mobile apps and website content for many of its radio brands.