NAPLES, FLA. — The owner of broadcast radio stations in markets including Tampa-St. Petersburg, Philadelphia, Detroit and Boston, where WBZ-FM “98.5 The Sports Hub” is its revenue and expense leader, has released its fourth-quarter and full-year 2024 earnings.
The arrival of the results from Beasley Media Group turns out to be a good one for the company led by CEO Caroline Beasley. That’s not to say challenges seen by the publicly traded company have totally evaporated.
For Q4 2024, a net loss of $2.1 million was seen (-$1.17 per diluted share), shifting from a Q3 2024 net income total of $6.4 million ($4.25 per share).
And, the net loss came despite a revenue gain to $67.3 million from $65.7 million in the quarter ending December 31, 2024, and a decline in operating expenses in the quarter to $53.23 million, from $56.15 million.
Before one gets too judgmental, however, there are some apples-to-oranges comps to consider even when factoring in $8.3 million in political ad dollars Beasley’s stations attracted in Q4 ’24. In 2023, Beasley had WJBR-FM 99.5 in Wilmington, Del.; today the station is WVCW and a part of non-secular broadcaster VCY America. Additionally, Beasley took in $6 million in one-time income thanks to the extinguishment of franchise fees tied to the sale of the Overwatch League e-Sports team it owned, the Houston Outlaws.
Further, Beasley cites “substantial one-time costs” related to a September 2024 exchange offer and October 2024 refinancing effort — along with “significant severance expenses” incurred in Q4 2024 as part of a reduction-in-force initiative.
While those were factors to consider, “ongoing softness in the commercial advertising market” is the biggest spectre Beasley must contend with. Overcoming the closure of its Guarantee Digital arm will also need to be measured for Ms. Beasley and CFO Lauren Burrows Coleman. In Q4, digital revenue declined 4.1% to $11.5 million; Digital accounted for 17.1% of Beasley’s total net revenue.
For some investors, that might sound alarms, given the prowess seen at peers such as Townsquare Media. Yet, “disciplined expense management and strategic streamlining efforts” led to EBITDA per indenture (measured on a non-GAAP basis) of $12.5 million in Q4, rising from $6.2 million a year earlier.
For the full year of 2024, net revenue dipped to $240.3 million, from $247.1 million. Importantly, Beasley’s net loss shrank to $5.9 million, from $75.1 million.
Commenting on the results, Caroline Beasley said 2024 “was a transformative year” for the company founded by her father, the late George Beasley. The executive leadership team took “decisive actions” to strengthen the balance sheet, as it streamlined operations and positioned the company for long-term success.
“Through disciplined cost management and strategic capital initiatives, we achieved approximately $20 million in annualized expense reductions, improved our leverage profile, and enhanced our financial flexibility,” she said ahead of an 11am Eastern earnings call for analysts and investors. “These efforts, combined with the continued momentum of our digital business—now representing nearly 20% of total revenue—have reinforced our ability to navigate industry challenges while capitalizing on new growth opportunities in audio and digital media. As we enter 2025, we remain focused on executing our strategy to drive sustainable revenue growth, expand our digital offerings, and optimize our sales approach. We see substantial opportunities in harnessing data-driven insights, enhancing direct-to-consumer engagement, and providing our advertisers with cutting-edge marketing solutions. With a refined portfolio of premium brands, a leaner and more agile cost structure, and a strengthened financial foundation, Beasley is well-positioned to accelerate our digital evolution and deliver long-term value for our shareholders, audiences, and partners.”
On the earnings call, Beasley shared that for the first quarter of 2025, same-station revenue is pacing down 10%.
Beasley shares, which trades on the Nasdaq market as “BBGI,” finished Wednesday’s trading at $5.90.
