Reporting $57.7 million in revenue in Q1, Beasley Media Group, which owns 64 stations in 15 markets, was hit hard by the coronavirus crisis which forced business to close across the country. While that revenue number was flat compared to 2019, it did include revenue from WDMK-FM in Detroit which the company did not own until the middle of 2019.
The company reported digital revenue was up 49% and made up 9% of total first quarter revenue, compared to 6% in 2019. The company reported a net loss of $8.8 million in Q1 compared to net income of $1.4 million in Q1 of 2019.
Beasley did not host a conference call to discuss its revenue numbers. In a press release CEO Caroline Beasley said, “During the first quarter, the broadcast industry experienced a rapid deterioration in market conditions brought on by the onset of the COVID-19 pandemic, which resulted in a significant decline in commercial advertising revenue in March. Despite these challenges, first quarter net revenue was $57.7 million, primarily reflecting strong performance across our station clusters in seven markets during the months of January and February driven by robust political ad spending and contributions from WDMK-FM, as well as significant growth in digital and esports revenue. However, our top-line growth was not able to fully offset the acute challenges brought on by the COVID-19 pandemic during the three-month period, resulting in a year-over-year decline in first quarter SOI and Free Cash Flow.