Beasley’s pro forma revenues in the third quarter were flat compared to the same period in 2016, “despite the non-recurrence of $0.6 million in political revenue,” as CEO Caroline Beasley noted, with pro forma station operating income up 16.9 percent. Including the stations acquired in the January purchase of Greater Media, net revenue was $58.9 million, compared to $27.5 million in Q3 2016. The numbers were partly offset by the disposition of the Charlotte and Greenville-New Bern-Jacksonville stations and, as noted, the impact on the comparison of political revenue.
Overall, Beasley Media’s net income was $6.1 million (22 cents per diluted share) compared to $1.7 million (7 cents per share). Caroline Beasley said, “The operating and financial benefits of the Greater Media transaction are becoming more visible as we continue making progress on our synergy realization and integration initiatives, which are focused on driving SOI margin expansion.”
The Detroit cluster generated double-digit revenue increases while the Philadelphia cluster rebounded from a transition-related revenue decline earlier this year to an increase of 1% in the third quarter. These increases were offset by declines in the Tampa, Charlotte, and Las Vegas clusters. The 29% revenue increase in Detroit was due, in part, to format changes made last year in that marker, according to CEO Caroline Beasley.
Total outstanding debt is approximately $219 million, down from $225 million at June 30, 2017. Debt has been reduced by $49 million year-to-date.
So far Beasley has realized $9.8 Million in synergies from the Greater Media deal with another $1 Million expected in Q4.
The Beasley Las Vegas cluster is the biggest drag on Beasley. One problem is, ex-CBS radio management has run that Beasley cluster with the same old bad habits, with no innovative or break-through ideas. Most Vegas Beasley on-air personnel are paid $12 an hour, and the sales comp plans are low compared to the market. Beasley either needs fresh new management with new thinking in Las Vegas, or sell the stations if they can find a buyer.
Beasleys stations in Philly are a J O K E. I would only work for them if Entercom dumps ME!!!
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