Beasley Broadcast Group (NASDAQ:BBGI) Issues Quarterly Earnings Results

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

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 Price Performance

BBGI stock traded up $1.02 during midday trading on Wednesday, reaching $16.80. 21,101 shares of the company’s stock traded hands, compared to its average volume of 899,114. The company has a 50-day simple moving average of $9.82 and a two-hundred day simple moving average of $6.68. Beasley Broadcast Group has a 1-year low of $3.14 and a 1-year high of $26.37. The company has a market cap of $30.34 million, a price-to-earnings ratio of -0.15 and a beta of 4.69. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.68.

Institutional Investors Weigh In On Beasley Broadcast Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Gamco Investors INC. ET AL increased its holdings in Beasley Broadcast Group by 22.3% during the 3rd quarter. Gamco Investors INC. ET AL now owns 56,154 shares of the company’s stock valued at $296,000 after purchasing an additional 10,238 shares in the last quarter. HRT Financial LP acquired a new stake in Beasley Broadcast Group during the 4th quarter valued at $129,000. Susquehanna International Group LLP acquired a new stake in Beasley Broadcast Group during the 3rd quarter valued at $85,000. Finally, Osaic Holdings Inc. acquired a new stake in Beasley Broadcast Group during the 2nd quarter valued at $83,000. 21.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Beasley Broadcast Group Company Profile

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.