Beasley Broadcast Group said its operating results exceeded earlier estimates for the three- and nine-month periods ended Sept. 30, although it reported a net loss for the first nine months of the year.
George Beasley said, "We are beginning to see more confidence from our advertisers, in general, and we remain cautiously optimistic about our revenue and cash flow prospects in the fourth quarter."
July through September, consolidated net revenue rose 0.4% to $28.8 million. Broadcast Cash Flow rose 23.1%. EBITDA rose 22.3% and after-tax cash flow rose 39.2%. On a same-station basis, consolidated net revenue rose 5% to $28.8 million; and BCF increased 27.4% to $9.4 million.
For the nine months ended Sept. 30, consolidated net revenue declined 3.2% to $82 million, while BCF rose 14.5%. On a same-station basis, net revenue decreased 0.3% to $81.9 million; BCF rose 19.7%.
The company reported a net loss of $6.2 million for the first nine months of 2002, citing write-down charges, unrealized gains and writing off long-term debt. The group has 41 stations in ten markets.