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Beasley Revenue Falls, Income Rises In Fourth Quarter
February 10, 2021 at 5:39 AM (PT)
Q4 Results
BEASLEY BROADCAST GROUP fourth quarter 2020 revenue fell 5% year-to-year to $68.5 million, blamed on pandemic-related advertising decreases, but net income rose 234% to $11 million (38 cents/diluted share), with income including a $4.4 million gain on dispositions, $3.6 million in other operating income and $2.2 million of non-cash impairment losses in 2020 and a $17.1 million gain on dispositions and $13.7 million of non-cash impairment losses in fourth quarter 2019.
CEO CAROLINE BEASLEY said, “BEASLEY’s 2020 fourth quarter financial results reflect the ongoing recovery of our business and solid execution by our teams in generating sequential quarter-over-quarter revenue growth that exceeded the high-end of the preliminary range we announced in JANUARY.