Beasley Broadcast Group revealed an 8.8% revenue increase for the 2nd quarter of the year, compared to 2021 numbers.
The company also explained a $5.4 million operating loss and a net loss of $14.5 million.
"The operating loss in the second quarter of 2022 primarily reflects an $8.6 million non-cash impairment loss due to an increase in the discount rate used in the analyses to estimate the fair value of FCC licenses and goodwill in a rising interest rate environment. For the comparable three months ended June 30, 2021, the company recorded $1.5 million of other operating income, net from life insurance proceeds related to the death of George Beasley, the company's former chairman. As a result of these factors, Beasley reported a net loss of $14.5 million, or a negative $0.48 per diluted share, in the three months ended June 30, 2022, compared to net income of $0.2 million, or $0.01 per diluted share, in the three months ended June 30, 2021."
"Beasley delivered another period of strong top-line results in the second quarter, reflecting solid year-over-year growth across all of our revenue sources," said CEO Caroline Beasley. "Net revenue increased 8.8%, inclusive of a 4.3% rise in audio revenue and a 34.3% rise in digital revenue, with digital accounting for 16.5% of second-quarter net revenue.
"Digital remains a central component of our revenue diversification strategy, and the momentum we are seeing in our digital business is further underpinned by our ability to grow digital revenue 37% on a quarterly sequential basis, while also improving our digital margin. Our new business performance was robust this quarter, as we recorded $7.8 million in new in new business revenue was a 60% increase from the first quarter of the year and a 16% growth year-to-year.
Beasley also has acquired what they call a "white-label digital agency" that will see an influx of cashflow in the next revenue numbers.
"Looking ahead, we will continue to focus on controlling what we can control, maximizing our growth opportunities, managing our expenses and capital structure, serving our audiences and advertisers, and delivering results for our stockholders," Caroline Beasley said.
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