looking like the broadcast radio industry had a distinctly mediocre second quarter, as more broadcast radio groups post lackluster financial results.
The latest weak performance comes from
Beasley Broadcast Group, where revenues slipped due to slumping demand in select mid-Atlantic markets.
Beasley -- which owns 44 stations in 11 markets across the U.S. -- saw total
revenues fall 3.6% from $26.9 million in the second quarter of 2013 to $25.9 million in the second quarter of 2014, the company announced Friday.
Beasley attributed the decline to weak ad
demand in its Philadelphia, Wilmington, Delaware, and Greenville-New Bern-Jacksonville, North Carolina markets.
There was some good news, at least in relative terms, as chairman and
CEO George Beasley noted that “Overall, we outperformed in our five market clusters that report to Miller Kaplan. In these markets, which accounted for approximately 78% of total second quarter
revenue, Beasley station cluster revenue declined 5.2%, compared with the total revenue for all reporting radio stations in these markets which were down 6.0% for the quarter.”
Beasley also saw total digital revenues increase 24%, while reducing its debt to $102 million, achieving its lowest leverage ratio in a decade.
As noted, Beasley isn’t alone
in reporting less than stellar second-quarter results.
Emmis said total radio revenues were flat at $45 million in March, April, and May (the broadcaster’s first fiscal quarter).
Station operating income came to $13.4 million, up 2.3% from $13.1 million in the same period of 2013. Emmis outperformed the radio business in general in the local markets where it owns radio
stations, including New York, Indianapolis, Los Angeles, Austin and St. Louis. On average, these local markets saw revenue fall 5.5%, while Emmis' local revenues were up 1.6%.
Channel Media and Entertainment, formerly Clear Channel Radio, revealed that total revenues edged up less than 1% from $805.6 million to $806.3 million, as growth at its traffic and weather businesses
-- as well as higher political and digital advertising -- were mostly offset by drops in national and local radio revenues.