Townsquare Net Revs Up 6.6% In Q1


Solid Quarter

TOWNSQUARE MEDIA has released its financial results for the first quarter ended MARCH 31.

“We are pleased with our strong start to 2018. In the first quarter, net revenue increased 6.6% and Adjusted EBITDA increased 12.7% over the prior year period,” commented Co-CEO DHRUV PRASAD. “In addition to our strong operating results, we announced two strategic, tuck-in acquisitions of radio stations in NEW JERSEY and in upstate NEW YORK; repaid $9.5 million of first lien debt, ending the quarter with net leverage of 5.2x; and initiated our first quarterly dividend, which will be paid on May 15, 2018.”

“Once again, our Local Marketing Solutions segment drove the Company’s growth, with net revenue growth of 5.9%, or 5.6% excluding political revenue,” commented Co-CEO BILL WILSON. “Our first quarter growth in this segment was driven by continued strength across our local broadcast and digital product offerings, which culminated in our 17th consecutive quarter of positive, organic revenue growth.”

The Company also announced today that its Board of Directors approved a quarterly cash dividend of $0.075 per share. The dividend will be payable on August 15, 2018 to shareholders of record as of the close of business on JUNE 28, 2018.

As compared to the first quarter of 2017:

  • Local Marketing Solutions net revenue increased 5.9%, or 5.6% excluding political revenue
  • Entertainment net revenue increased 10.8%
  • Net revenue increased 6.6%, or 6.3% excluding political revenue
  • Net loss increased $23.6 million, and net loss from continuing operations increased $23.7 million
  • Adjusted EBITDA increased 12.7%
  • Diluted net loss per share and diluted Adjusted Net Loss Per Share were $1.44 and $0.12, respectively
  • Repaid $9.5 million of long-term debt

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