Townsquare Q2 Net Revenues Up $2.6%, Earnings Flat

RADIO ONLINE | Thursday, August 10, 2017 | 1:05am CT

Townsquare Media reported second quarter net revenue increased 2.6% to $140.7 million as compared to $137.2 million in 2016. Local Marketing Solutions (radio) grew 4.3% to $90.5 million while Entertainment fell 0.5% to $50.2 million, due to revenue declines in certain live events and national digital business. Excluding political revenue, net revenues grew 2.9% to $140.1 million and Local Marketing Solutions rose 4.8%. The company posted a net income of $5.6 million, down 0.7% from $5.6 million in the year-ago period.

"We are pleased to report another solid quarter that was in line with our expectations," commented Chairman/CEO Steven Price. "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."