Beasley Broadcasting has reported its Q3 financial results for 2012, with net revene up 3.1 percent to $24.7 million. Operating income grew by 15.2 percent to $6.5 million. The $0.7 million rise in net revenue during quarter primarily reflects the acquisition of KOAS/Las Vegas which was acquired in Q3 and strength in the company's Las Vegas, Coastal Carolina and Augusta market clusters. Commenting on the results, Chairman/CEO George G. Beasley said, "The third quarter was an active and productive period for Beasley Broadcast Group. In addition to generating a 3.1 percent rise in net revenue which drove another period of SOI growth, we completed the strategic acquisition of KOAS-FM in Las Vegas and refinanced our senior secured credit facilities with terms that provide extended maturities and additional flexibility including the ability to return capital to shareholders. Our third quarter revenue growth principally reflects strength in our Las Vegas, Coastal Carolina, and Augusta market clusters, the cyclical benefit of political advertising and very strong year over year growth in the automotive advertising category."
Entercom Communications has announced its Q3 fiscal report, with net revenue up by two percent to $102.3 million. Station expenses fell by nine percent to $63.6 million, while station operating income grew by 25 percent to $38.7 million. David J. Field, Entercom President/CEO stated, "I am pleased to report that Entercom posted strong growth in Station Operating Income and EBITDA during the third quarter. Our focus on business model reinvention continued to reflect favorably on our operating expenses, which also benefited from the recent industry-wide settlement with BMI. The brands we reformatted in 2011 are now starting to contribute to growth and we made a number of operational moves during the quarter which will strengthen our competitive position and enhance our future growth prospects. Fourth quarter pacings look solid and we expect another quarter of solid growth in EBITDA."