Townsquare Media Q4 Net Revenues Decline 3.7%

RADIO ONLINE | Tuesday, March 13, 2018 | 5:53pm CT

Townsquare Media

Townsquare Media reported fourth quarter net revenue decreased 3.7%, and 0.2% excluding political revenue, to $114.2 million from $118.6 million in 2016. Local Marketing Solutions (broadcast and digital) net revenue increased 0.4%, and 5.2% excluding political revenue, while Entertainment (events) net revenue declined 17.4%. Adjusted EBITDA decreased 12.7%, to $21.6 million. The company posted a net loss of $27.1 million ($1.42 per diluted share) as compared with net earnings of $3.2 million (14 cents) in the year-ago period.

"We are pleased to announce another strong result in our Local Marketing Solutions segment, which delivered net revenue growth of 0.4% in the fourth quarter of 2017, and 1.9% for the full year, despite the loss of political revenue. This was the 16th consecutive quarter of positive, organic net revenue growth for this segment of our Company. Excluding political revenue, Local Marketing Solutions net revenue increased 5.2% in the fourth quarter of 2017, our strongest quarter of the year, and 3.9% for the full year," commented Townsquare Co-CEO Bill Wilson.

The company also announced that its board of directors had approved the initiation of a quarterly cash dividend of $0.075 per share. The dividend will be payable on May 15, 2018 to shareholders of record as of the close of business on April 2.

"The Board's decision to approve a dividend reflects confidence in our current capitalization, the strength of our balance sheet, our free cash flow generation, and our outlook for 2018," commented Townsquare Co-CEO Dhruv Prasad. "Our quarterly cash dividend of $0.075 per share, or $0.30 per share on an annual basis, commences in May 2018."