Beasley Broadcast Group, Inc. (BBGI) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $1.69 million, or $ 0.07 a share in the quarter, against a net loss of $0.74 million, or $0.03 a share in the last year period.
Revenue during the quarter grew 5.58 percent to $27.73 million from $26.26 million in the previous year period. Operating margin for the quarter period stood at positive 13.70 percent as compared to a negative 0.30 percent for the previous year period.
Operating income for the quarter was $3.80 million, compared with an operating loss of $0.08 million in the previous year period.
Caroline Beasley, Interim chief executive officer and chief financial officer, said, "Beasley's strong third quarter revenue, SOI and net income growth reflect solid industry fundamentals, strength across our platform of existing stations, high levels of operating discipline and the benefits of our initiatives to de-lever and strengthen our balance sheet. In the third quarter we again outperformed our markets that report to Miller Kaplan on a combined revenue basis, a trend we expect to continue. Specifically, our clusters generated an approximate 7.8% increase in net revenue compared with an increase of 2.6% in the overall markets. Our outperformance was broad-based and included our clusters in Tampa-St. Petersburg, Augusta, Charlotte, Fayetteville, Las Vegas and Greenville-New Bern-Jacksonville."
Operating cash flow improves significantly
Beasley Broadcast Group, Inc. has generated cash of $13.14 million from operating activities during the nine month period, up 32.48 percent or $3.22 million, when compared with the last year period.
The company has spent $1.50 million cash to meet investing activities during the nine month period as against cash outgo of $2.09 million in the last year period.
The company has spent $9.31 million cash to carry out financing activities during the nine month period as against cash outgo of $10.99 million in the last year period.
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