Townsquare Reports Second Quarter 2017 Results

Townsquare Media has announced its financial results for the second quarter ending June 30.

“We are pleased to report another solid quarter that was in line with our expectations,” commented Steven Price, Chairman and Chief Executive Officer of Townsquare.  “In the second quarter, net revenue increased 2.6%, and net income and Adjusted EBITDA were approximately flat.  Our second quarter performance was anchored by our Local Marketing Solutions segment, where revenue increased 4.3% over the prior year, and 4.8% excluding political revenue.  Our results in this segment are representative of the continued strength of our local advertiser solutions and the strength our local teams.”

Second Quarter Highlights

  • As compared to the second quarter of 2016:
    • Net revenue increased 2.6%, consistent with previously issued guidance
    • Local Marketing Solutions net revenue increased 4.3%
    • Entertainment net revenue was approximately flat
    • Net income was approximately flat
    • Adjusted EBITDA was approximately flat, consistent with previously issued guidance
  • Diluted net income and diluted Adjusted Net Income Per Share of $0.20 and $0.21, respectively

Year to Date Highlights

  • As compared to the first half of 2016:
    • Net revenue decreased 1.1%
    • Local Marketing Solutions net revenue increased 2.9%
    • Entertainment net revenue decreased 10.2%
    • Net income decreased 39.4%
    • Adjusted EBITDA decreased 5.0%
  • Repaid $6.7 million of long-term debt

Net revenue for the quarter ended June 30, 2017 increased $3.5 million, or 2.6%, to $140.7 million, as compared to $137.2 million in the same period last year.  Local Marketing Solutions net revenue increased $3.8 million, or 4.3%, to $90.5 million and Entertainment net revenue decreased $0.2 million, or 0.5%, to $50.2 million, due to revenue declines in certain of our live events and in our national digital business.  Excluding political revenue, net revenue increased $3.9 million, or 2.9%, to $140.1 million and Local Marketing Solutions net revenue increased $4.2 million, or 4.8%. Net income for the quarter ended June 30, 2017 decreased $39 thousand, or 0.7%, to $5.6 million as compared to $5.6 million in the same period last year