After Beasley Media layoffs at Boston radio stations, company reports 6% drop in revenue

Following a round of layoffs across Beasley Media Group radio stations, the company has reported a 6% drop in revenue amid a decline in audio advertising.

A day after the parent company of 98.5 The Sports Hub and other Boston stations cut 7% of its workforce, the radio conglomerate released its first quarter financial report.

Beasley’s net revenue during the first three months of the year was $54.4 million — a 5.9% decrease from the previous year’s first quarter revenue of $57.8 million.

Beasley reported an operating loss of $1.1 million in the first quarter, compared to operating income of $0.4 million in the first quarter last year.

The Florida-based company cited a “decline in audio advertising and other revenue due to Beasley’s Wilmington station and esports divestitures as well as ongoing softness in the commercial advertising business, partially offset by growth in digital and political advertising revenue.”

On Tuesday, longtime local DJs were let go by Beasley amid the rash of company layoffs. Those employees who were laid off include Country 102.5 DJ Jackson Blue and 105.7 WROR’s Jaybeau Jones.

Beasley in the first quarter also reported net income of about $8,000, or $0.00 per diluted share — compared to last year’s net loss of $3.5 million, or $0.12 per diluted share. The year-over-year improvement was primarily due to the $6 million gain on the sale of an investment in Broadcast Music, Inc. holdings and lower interest expense.

“In summary, Beasley’s underlying fundamentals — mainly, our local audio and digital platforms and audience engagement — remain strong,” CEO Caroline Beasley said in a statement.

“We are proud of our teams’ steadfast commitment to delivering exceptional content and services to our listeners, advertisers, online users and sports fans, and remain confident that the actions we are taking to transform our company and strengthen our balance sheet, are laying the foundation for future growth and success,” the CEO added.

Other first quarter stats that the company highlighted include:

• Revenue from new customers grew 53% year over year.
• Generated $548,000 in political revenue.
• Local revenue, including digital packages sold locally, accounted for 69% of total revenue.
• Digital revenue grew 10% year-over-year, or 20% year-over-year on a same station basis, to $11 million.
• Digital revenue accounted for 20% of total company revenue.
• 38% of its total audience listens via the company’s digital platforms.