Beasley Broadcast reports Q2 EPS (35c) vs (49c) last year

Reports Q2 revenue $63.462M vs $64.810M last year. Commenting on the financial results, Caroline Beasley, Chief Executive Officer, said, “Despite ongoing challenges related to the economy and softness in the national spot market, Beasley’s successful digital transformation, continued local audio leadership and revenue diversification initiatives, combined with our proactive initiatives to reduce expenses, resulted in net loss declining by more than $4.0 million in both the quarter and year-to-date periods, compared to the same periods in 2022, as well as quarterly adjusted EBITDA growth of 16.8% and 2023 year-to-date Adjusted EBITDA growth of 28.1%. During the quarter, we made additional progress with reducing leverage and strengthening our balance sheet as we repurchased another $3 million of our debt at a discount and lowered quarterly interest expense which support our goal to drive cash flow growth. We are generating cash from operations, and we expect to continue to generate positive cash flow for the full year.”