Townsquare Media has announced today financial results for the fourth quarter and year ended December 31, 2017.
“We are pleased to announce another strong result in our Local Marketing Solutions segment, which delivered net revenue growth of 0.4% in the fourth quarter of 2017, and 1.9% for the full year, despite the loss of political revenue. This was the 16th consecutive quarter of positive, organic net revenue growth for this segment of our Company. Excluding political revenue, Local Marketing Solutions net revenue increased 5.2% in the fourth quarter of 2017, our strongest quarter of the year, and 3.9% for the full year,” commented Bill Wilson, Co-Chief Executive Officer of Townsquare.
The Company also announced today that its Board of Directors approved the initiation of a quarterly cash dividend of $0.075 per share. The dividend will be payable on May 15, 2018 to shareholders of record as of the close of business on April 2, 2018.
“The Board’s decision to approve a dividend reflects confidence in our current capitalization, the strength of our balance sheet, our free cash flow generation, and our outlook for 2018,” commented Dhruv Prasad, Co-Chief Executive Officer of Townsquare. “Our quarterly cash dividend of $0.075 per share, or $0.30 per share on an annual basis, commences in May 2018.”
Net revenue for the quarter ended December 31, 2017 decreased $4.4 million, or 3.7%, to $114.3 million, as compared to $118.7 million in the same period last year. Local Marketing Solutions net revenue increased $0.4 million, or 0.4%, to $91.6 million and Entertainment net revenue decreased $4.8 million, or 17.4%, to $22.6 million, due to revenue declines in certain of our live events and in our national digital business. Excluding political revenue, net revenue decreased $0.3 million, or 0.2%, to $113.1 million and Local Marketing Solutions net revenue increased $4.5 million, or 5.2%, to $90.5 million.