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Townsquare Q4 Net Revenue Up 5.8%, Earnings Rise
RADIO ONLINE | Tuesday, March 14, 2017 |
Townsquare Media reported fourth quarter net revenue increased 5.8% to $119.5 million from $113 million in 2015. Local Marketing Solutions net revenue was up 5.1%, to $91.3 million and Entertainment net revenue grew 8% to $28.2 million. Excluding political revenue, net revenue increased 2.7% to $114.2 million and Local Marketing Solutions revenue gained 1.1%, to $86.0 million. The company posted a net income boost of 34.1% to $3.2 million as compared to $2.4 million in the year-ago period.
"In 2016, we delivered net revenue, net income and Adjusted EBITDA growth of 17%, 127% and 9%, respectively. On a pro forma basis, net revenue growth of 3.0% was driven by the strong performance of our local products and offerings within our Local Marketing Solutions segment, where pro forma net revenue increased 5.1% over the prior year," commented Townsquare Chairman/CEO Steven Price. "This year we focused on strengthening our balance sheet; through EBITDA growth and debt repayment we reduced net leverage from 5.5x at the start of the year, to 4.9x at year end."
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