Beasley Broadcasting Group has released operating results for the three-month and twelve-month periods ended December 31, 2018.
As previously reported, on May 1, 2017, the Company completed the sale of six stations in Greenville-New Bern-Jacksonville, and on December 19, 2017, Beasley completed an asset exchange transaction whereby the company exchanged AC WMJX/Boston and $12.00 million for Sports WBZ-F/Boston. On September 27, 2018, Beasley completed the acquisition of WXTU/Philadelphia from Entercom Communications for $38.0 million. Prior to the acquisition closing, on July 23, 2018, the Company began operating WXTU under a local marketing Agreement (LMA). during the term of the LMA, the Company included net revenues and station operating expenses, including the associated LMA fee from operating WXTU, in its consolidated financial statements.
Commenting on the financial results, CEO Caroline Beasley said, “Our record 2018 fourth quarter and full year revenue and strong operating results, despite the benefit of non-cash transaction related and tax items in the 2017 period, highlight the value being created as we execute strategies to expand our scale, diversify our revenue mix and leverage the value of our local brands in our core and ancillary verticals. Actual fourth quarter revenue rose by 29.1% on a year-over-year basis driven by net revenue increases at ten of our clusters, recent acquisitions and station swaps and approximately $3.9 million of fourth quarter gross political revenue. While we remain focused on diversifying our operating base, our fourth quarter pro-forma revenue rose an impressive 9.9%. Fourth quarter net income declined from 2017 levels solely because of gains and tax benefits in the year-ago period that did not recur in the 2018 fourth quarter."