Townsquare Q2 Net Revenue Grew 7%, Earnings Up 554.6%
|RADIO ONLINE | Wednesday, August 7, 2019|
Townsquare Media reported second quarter net revenue grew 7.4% to $113.1 million from $105.3 million in 2018. Advertising net revenue increased 6% to $91.5 million, while interactive net revenue increased 30.8% to $15.3 million and Live Events declined 13.8% to $6.3 million. Excluding political revenue, net revenue was up 8.3% to $112.6 million and advertising net revenue grew 7.1% to $91 million. The company posted net income growth of 554.6% to $10.7 million as compared to $1.6 million in the year-ago period.
"Townsquare's strong momentum continued into the second quarter, with net revenue, net income from continuing operations, and Adjusted EBITDA increasing 7.4%, 23.5%, and 19.0%, respectively, over the second quarter of the prior year," commented Townsquare CEO Bill Wilson. "Our second quarter growth rates were fueled by an acceleration in Advertising net revenue growth, which increased 7.1% excluding political revenue over the prior year, and the strong net revenue growth of Townsquare Interactive, which increased 30.8% over the prior year."
Wilson added, "Our broad product suite of high quality, locally focused broadcast, digital and live event offerings has allowed us to provide complete, end-to-end marketing solutions for our customers while simultaneously driving net revenue and Adjusted EBITDA growth. With greater than one-third of our total net revenue originating from digital sources, Townsquare is not your average radio company."
The company also announced that its board of directors approved a quarterly cash dividend of $0.075 per share. The dividend will be payable on November 15, 2019 to shareholders of record as of the close of business on September 26.