BET reports earnings hike
Revenue for its fiscal 1993 first quarter was $ 17.3 million, a 31% increase over $ 13.2 million in revenues for the similar period a year ago.
BET topper Robert Johnson attributed the upturn to stronger ads sales and subscriber revenues. National spot advertising for the BET Cable Network increased 37% over last year's comparable quarter while total subscriber revenue for BET Holdings increased 30% from a year ago.
Overall, the company reported a 5% increase in the average number of subscribers reported to the BET Cable Network by its affiliates during the first quarter of fiscal 1993 to 30.2 million subscribers, compared with 28.7 million during the first quarter of fiscal 1992.
BET's total ad revenues jumped $ 2.2 million, or 29%, to $ 9.7 million from $ 7.5 million in the first quarter of fiscal 1992. BET Cable Network ad revenues increased to $ 8.9 million from $ 7.4 million in the year ago period, primarily the result of a 37% increase in national spot advertising, the company said.
Ad revenues from the company's magazine publishing operations increased to $ 800,000 from $ 100,000 in the first quarter of fiscal 1992, when its Young Sisters and Brothers publication was launched.
But the company's magazine operations overall reported a loss of $ 900,000 for the 1993 first quarter, compared to a loss of $ 500,000 in the year ago period due to the consolidation of Emerge's results into BET Holdings' operating results. The company said it anticipates additional losses related to YSB and Emerge until the magazines are fully established.
