Mission Statement, Vision, & Core Values (2024) of Beasley Broadcast Group, Inc. (BBGI)

An Overview of Beasley Broadcast Group, Inc. (BBGI)

General Summary of Beasley Broadcast Group, Inc. (BBGI)

Beasley Broadcast Group, Inc. (BBGI) is a publicly traded company specializing in radio broadcasting and digital media. Founded in 1961, the company has established a strong presence in the industry through its network of radio stations across the United States. As of 2024, BBGI operates 63 radio stations in 15 markets, including major cities like Boston, Tampa, and Philadelphia. The company's primary services include audio broadcasting, digital advertising, and event promotions.

In 2024, Beasley Broadcast Group reported total sales of $173.0 million, a decrease from the previous year's $181.4 million. This decline is attributed to a reduction in local agency revenue and the sale of WJBR-FM in Wilmington, DE, which impacted audio revenue significantly.

Company's Financial Performance in the Latest Financial Reports

In the nine months ended September 30, 2024, Beasley Broadcast Group reported a net revenue of $173,006,119, down 4.6% from $181,360,600 in the same period of 2023. The audio segment generated $137,748,127, reflecting a decrease of 5.8%, while digital revenue increased to $35,257,992, marking a growth of 5.4%.

The company's operating expenses were $148,534,924, down 2.3% from $152,098,261 in 2023. This decrease was primarily due to reductions in corporate expenses, which fell to $12,584,218 from $13,381,403.

BBGI recorded a net loss of $3,828,626 for the nine months ended September 30, 2024, a significant improvement compared to a net loss of $81,504,032 in the same period of 2023. This reduction in net loss is attributed to the absence of FCC licenses impairment losses, which were $88,245,065 in 2023.

Introduction to Beasley Broadcast Group as a Leader in the Industry

Beasley Broadcast Group continues to be recognized as a leader in the radio broadcasting industry, leveraging its extensive portfolio of radio stations and digital platforms to connect with audiences nationwide. As of 2024, the company has adapted to changing market conditions, focusing on enhancing its digital advertising capabilities while maintaining a robust audio presence.

With strategic investments in technology and programming, Beasley Broadcast Group positions itself to capitalize on emerging trends in media consumption, thereby ensuring its competitiveness and relevance in the evolving landscape of audio and digital media. For more insights on the company's ongoing success and strategic initiatives, further exploration is encouraged.

Mission Statement of Beasley Broadcast Group, Inc. (BBGI)

Overview of Beasley Broadcast Group, Inc. Mission Statement

Beasley Broadcast Group, Inc. (BBGI) emphasizes its commitment to delivering high-quality broadcasting services, fostering community engagement, and ensuring innovative digital solutions. The mission statement serves as a guiding principle for the company's strategic objectives, shaping its operational focus and long-term aspirations.

Core Component 1: Delivering Quality Broadcasting Services

BBGI is dedicated to providing superior broadcasting services through its various platforms. The company's audio revenue for the nine months ended September 30, 2024, amounted to $137.7 million, a decrease of $8.5 million from the previous year, primarily due to a drop in local agency revenue and the sale of WJBR-FM. Despite this decline, BBGI remains focused on enhancing the quality of its broadcasts and improving listener experiences.

Core Component 2: Community Engagement

BBGI places a strong emphasis on engaging with local communities through its broadcasting initiatives. The company has historically focused on local programming that resonates with its audience, thereby fostering a strong community connection. In 2024, BBGI's digital revenue increased by $1.8 million to $35.3 million, highlighting its commitment to expanding its digital footprint and engaging with audiences through innovative channels.

Core Component 3: Innovative Digital Solutions

Recognizing the evolving media landscape, BBGI is committed to integrating innovative digital solutions into its operations. The company’s digital segment has shown resilience, with a 5.4% growth in revenue compared to the prior year. This reflects BBGI's strategic focus on adapting to digital trends and enhancing its service offerings to meet changing consumer preferences.

Vision Statement of Beasley Broadcast Group, Inc. (BBGI)

Vision Statement Overview

The vision statement of Beasley Broadcast Group, Inc. (BBGI) emphasizes its commitment to creating a multi-platform media environment that fosters community engagement and delivers innovative broadcasting solutions. This vision is reflected in the company's strategies and operational goals for 2024.

Community Engagement

BBGI's vision focuses on enhancing community connection through local content and events. The company operates over 60 radio stations across key markets, including Augusta, GA; Boston, MA; and Philadelphia, PA. In 2024, BBGI plans to increase its local content offerings, aiming to strengthen its ties with listeners and advertisers alike.

The company's revenue from local advertising was approximately $137.7 million for the nine months ended September 30, 2024, which highlights the importance of community-driven content in its business model.

Innovation in Broadcasting

BBGI is committed to leveraging technology to innovate its broadcasting methods. The company has invested in digital platforms, with digital revenue reaching approximately $35.3 million for the nine months ended September 30, 2024, up from $33.5 million in the same period of the previous year.

This innovation includes the integration of digital advertising strategies with traditional radio broadcasting, ensuring a comprehensive approach to reaching audiences across multiple platforms.

Financial Performance and Goals

For the fiscal year 2024, BBGI has established financial goals that align with its vision of growth and sustainability. The company reported a net revenue of $173 million for the nine months ended September 30, 2024, reflecting a slight decline from $181.4 million in the same period of 2023. This decline is attributed to changes in local agency revenue and the sale of certain assets but is partially offset by growth in political advertising during the election cycle.

BBGI aims to enhance operational efficiency, targeting a reduction in operating expenses, which totaled approximately $148.5 million for the nine months ended September 30, 2024. The focus on cost management is crucial to achieving profitability while investing in innovative technologies.

Commitment to Sustainability

BBGI is also committed to sustainable practices in its operations. The company has initiated programs aimed at reducing its carbon footprint through energy-efficient broadcasting technologies. Investments in sustainable practices are not only beneficial for the environment but also resonate well with the increasingly eco-conscious consumer base.

Table: Beasley Broadcast Group Financial Highlights (2024)

Conclusion

BBGI's vision statement encapsulates its goals of community engagement, innovation, financial stability, and sustainability. As the company navigates the evolving media landscape in 2024, its commitment to these core principles will be essential for achieving long-term success.

Core Values of Beasley Broadcast Group, Inc. (BBGI)

Integrity

The core value of integrity is fundamental to Beasley Broadcast Group, Inc. (BBGI). It fosters trust and accountability among employees, clients, and stakeholders.

In 2024, BBGI demonstrated its commitment to integrity through transparent financial reporting and adherence to regulatory compliance. The company’s effective tax rate was reported at (27)% for the third quarter of 2024, reflecting its compliance with tax obligations.

Innovation

Innovation is a driving force behind BBGI's operations, enabling the company to adapt to changing market dynamics and consumer preferences. This value is evident in BBGI's investment in digital platforms.

In the first nine months of 2024, BBGI's digital revenue reached $35.26 million, up from $33.46 million in the same period in 2023, showcasing a strategic focus on digital growth.

Community Engagement

BBGI values community engagement, recognizing its role in fostering positive relationships within the markets it serves. The company actively participates in local events and charitable initiatives.

For instance, BBGI has consistently supported local charities and community events, contributing to a strong community presence across its operating markets, including Augusta, GA, and Philadelphia, PA.

Excellence

Excellence is a core value that drives BBGI to deliver high-quality services and products. The company emphasizes performance metrics and continuous improvement.

BBGI's operating income for the nine months ended September 30, 2024, was reported at $5.51 million, compared to an operating loss of $89.57 million in the prior year, indicating a strong recovery and commitment to operational excellence.

Respect

Respect underpins BBGI’s workplace culture, promoting diversity and inclusion among its workforce. The company strives to create an environment where every employee feels valued.

As of September 2024, BBGI maintained a workforce that reflects diversity across various demographics, ensuring a respectful and inclusive workplace environment.

Updated on 16 Nov 2024

Resources:

1. Beasley Broadcast Group, Inc. (BBGI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Beasley Broadcast Group, Inc. (BBGI)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View Beasley Broadcast Group, Inc. (BBGI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.