Townsquare Media Q1 Revs Fall 6.4%, Loss Widens
| RADIO ONLINE | Tuesday, May 9, 2017 | 6:25pm CT |
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Townsquare Media reported first quarter net revenue decreased 6.4% to $88.4 million from $94.4 million in 2016. Broadcast and digital grew 1.2%, to $76.1 million and entertainment 35.8% to $12.3 million. Excluding political revenue, net revenue decreased 5.4% to $88 million. Adjusted EBITDA fell 16% to $10.1 million from $12 million, while operating income (OI) was $3.28 million down from $5.79 million. The company posted a net loss of $3 million, as compared to a loss of $1.4 million in the year-ago period.
"2017 has started off well, with first quarter net revenue of $88.4 million, net loss of $3.0 million and Adjusted EBITDA of $10.1 million, in line with our expectations," commented Chairman/CEO Steven Price. "Our Local Marketing Solutions segment [broadcast/digital], which increased 1.2% over the prior year period, and 2.5% excluding the impact of political revenue, continues to show consistent, organic growth demonstrating the strength of our local products and services. Our local digital offerings have been especially strong, and we believe we will see continued strength as we begin to utilize our first party data capabilities in combination with our digital platform."
