Pandemic crushes media firm’s profit, revenue

NAPLES — Citing a sharp decline in advertising, Naples-based Beasley Broadcast Group reported an operating loss of $17.6 million in the second quarter, down from operating income of $10.7 million in the 2019 second quarter.

The company, which owns and operates 64 radio stations in 15 large- and mid-size U.S. markets, also reported a net loss of $18.2 million, or $0.63 per diluted share, in the quarter. That’s off from net income of $4.3 million, or $0.15 per diluted share, in the 2019 second quarter, according to a statement. In addition to the steep drop in ad sales, the company took a $2.8 million loss on the modification of long-term debt, resulting from an amendment to the credit agreement on June 30, the release adds.