Beasley Broadcast reports Q3 EPS ($2.25) vs 2c last year

Reports Q3 revenue $60.119M vs $63.82M last year. Commenting on the financial results, Caroline Beasley, Chief Executive Officer, said, “Beasley’s third quarter financial results reflect the well-publicized economic challenges and continued advertising market softness which we outlined in the prior quarters. While we saw sequential month-over-month improvement in our advertising revenue performance from August to September, our net revenues for the 2023 third quarter decreased 5.8% year-over-year, or 3.2% when excluding the year-over-year decrease in political advertising revenue of $1.9 million. Importantly, Beasley’s ongoing expense management, revenue diversification and new business initiatives resulted in lower operating expenses and healthy growth across our digital, network and other revenue sources, and we generated third quarter adjusted EBITDA of $5.5 million.”