BBGI - Beasley Broadcast Group (BBGI) - Growth Initiatives Providing Some Cushion

Solid Q2 results. The company reported Q2 revenue of $64.8 million, slightly better than our estimate of $63.7 million, which was driven by strong Digital revenue growth, as well as expanding local advertising revenue. Adj. EBITDA of $6.99 million was in line with our expectation of $6.93 million.Strong Digital Growth. Digital revenue grew 34.3% year-over-year to $10.7 million, accounting for 16.5% of total company revenue in the quarter. With the recent acquisition of a digital agency, the company has an attractive platform for enhanced Digital revenue growth. We believe Beasley is on track to achieve its target of Digital revenue accounting for 20% of total revenue by year-end. Read More >>