STOCKS TELEGRAPH

Tag: BBGI

  • Beasley Broadcast Group Inc [BBGI] Rallies on Strong Q3 Results and Q4 Outlook

    Beasley Broadcast Group Inc [NASDAQ:BBGI] was a big winner in yesterday’s session and closed the day with gains of 37%. This came after the company released strong Q3 results that indicate that the company had quite a strong run in the quarter. The company reported that net revenues rose by 63.4% compared to Q2 of 2020. 

    Commenting on the results, the CEO Caroline Beasley stated that the company made a solid recovery in Q2 and that these gains extended all the way into Q3. She further stated that the results were an indicator of the moves that the company undertook to mitigate the effects of the pandemic including cutting on station costs, a drop in headcount, discount negotiations with landlords, and furloughs.

    She also attributed it to a return of advertising in strategic aspects of the business while dealing with economic challenges, the quality of content that the company runs and how it serves the community. She further stated that the improvement was evident in the company’s SOI as recorded in Q3 of 2020. 

    The CEO also stated that all through Q3, the sales team pushed up monthly incremental revenue by 8%, 24%, and 22% in July, August, and September.

    She also stated that the total net revenues for October increased, but the expectation is that revenues for November will drop slightly towards single digit levels. Nonetheless, the company expects revenues to grow sustainably in the foreseeable future.

    The CEO stated due to the return of advertising in key categories and the political cycle, the company expects to keep generating good results from the money it has put into esports and other digital investments that have not been hit by the COVID-19 pandemic. It is partly due to these results that the company’s revenues in Q3 rose by 1.8% to revenues of $5 million.

    The CEO also noted that they were looking forward to more positive results in the future. This has a lot to do with the company’s station leaders and team members who have worked hard to return the company to positive cash flow situation. 

    The company wants to keep growing cash flows by growing its ratings, revenue diversification, and providing customers with top quality services to its listeners, while further taking steps to increase operational efficiency to safeguard the company’s long-term success.

    About Beasley Broadcast Group Inc

    Beasley Broadcast Group Inc is a radio broadcasting company and runs radio stations across the country. It is based in Naples, Florida. 

  • Beasley Broadcast Group (NASDAQ: BBGI) Announces Operating Results

    Beasley Broadcast Group, Inc. (NASDAQ: BBGI) shares traded up 75.00% in the pre-market trading session after the company revealed operating results for three and nine-month periods ended on 30 September 2020. The company has reported net revenue of $49.6 for the period of three months ended September 2020, as compared to the net revenue of $66.1 in the same period ended September 30, 2019.

    Beasley has recorded net revenue of $137.7 for the period of nine months ended September 30, 2020, as compared to the $189.5 net revenue of nine months period ended September 30, 2019. The decrease in the revenue showed the impact of the COVID-19 pandemic as the commercial advertising reduced due to the pandemic.

    The Broadcasting company has revealed that its operating income in the third quarter of 2020 was $0.8 compared to an operating income of $9.4 million in the third quarter of 2019. Additionally, its operating income during the nine months period ended September 30, 2020, was (23.9) as compared to the operating income of 26.9 during the nine months period ended September 30, 2020.

    Beasley Broadcast Group, Inc has experienced a net loss of $2.7 million, or $0.08 per diluted share, in the three months ended September 30, 2020, as compared to a net income of $3.0 million, or $0.11 per diluted share, in the three months ended September 30, 2019. The loss which the company reported is because of the coronavirus pandemic.

    The company has recorded a decline in Station Operating Income. It has revealed that its net income in three months period ended on September 30, 2020, was $8.1 as compared to the SOI of $16.7 in the three months period ended on September 30, 2019. Additionally, its SOI for nine months period ended on September 30, 2020, was $3.8 as compared to the same period of 2019 which has an SOI of $44.8.

    CEO Caroline Beasley anticipates that the company will experience strong recovery in the continued third period of 2020. The company has taken necessary steps such as reduction of the station, furloughs, headcount reductions. etc to reduce the impact of coronavirus pandemic.

    Beasley Broadcast Group, Inc. (NASDAQ: BBGI) shares were trading up 58.87% at $1.98 at the time of writing on Tuesday. Beasley Broadcast Group, Inc. (BBGI) share price went from a low point around $1.15 to briefly over $5.15 in the past 52 weeks.  BBGI market cap has remained high, hitting $35.56 million at the time of writing.