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Beasley Broadcast Group (NASDAQ: BBGI) Announces Operating Results

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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.

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