NAPLES — Naples-based radio operator Beasley Broadcast Group reported a nearly 150 percent increase in its fourth-quarter profits.
The company’s net income for the three months ending Dec. 31, 2010 grew to $3.3 million, up from $1.4 million in the same quarter a year ago.
For the year, profits rose more than 131 percent, reaching $8 million in 2010.
Earnings per share in the fourth quarter of 2010 increased to 15 cents, up from 6 cents a year ago.
For the year, earnings rose to 35 cents a share, up from 15 cents in 2009.
The company reported net revenues of $27 million for the fourth quarter, up about 3 percent from $26.2 million in 2009.
Net revenues for 2010 were $98 million, up from $96.7 million in 2009.
In the fourth quarter of last year, the company saw net revenue increases at stations in several markets, including Philadelphia and Las Vegas. There were declines in the Miami-Fort Lauderdale market, related to the non-renewal of sports programming rights.
Commenting on the company’s results, George G. Beasley, chairman and CEO, said revenue growth reflects an improving industry environment.
“We believe our success in driving profitable same-station revenue growth is attributable to our focus on our core product and our ability to build digital extensions for our core content and the creation of new online, text and mobile content and applications that heighten listener engagement and provide marketing solutions to advertisers.”
Founded in 1961, Beasley Broadcast owns and operates 42 stations in eleven markets in the U.S., including Fort Myers.