Townsquare Q1 Net Revenue Up 6.6%, Declares Dividend

RADIO ONLINE | Thursday, May 10, 2018

Townsquare Media

Townsquare Media reported first quarter net revenue increased 6.6% to $94.2 million from $88.4 million in 2017. Local Marketing Solutions (broadcast and digital) net revenue grew 5.9%, or 5.6% excluding political revenue, while Entertainment revenue (Events) was up 10.8%. The company posted a net loss of $26.5 million ($1.44 per diluted share as compared to a net loss from of $3 million (16 cents) in the year-ago period.

"We are pleased with our strong start to 2018. In the first quarter, net revenue increased 6.6% and Adjusted EBITDA increased 12.7% over the prior year period," commented Townsquare Co-CEO Dhruv Prasad. "In addition to our strong operating results, we announced two strategic, tuck-in acquisitions of radio stations in New Jersey and in upstate New York; repaid $9.5 million of first lien debt, ending the quarter with net leverage of 5.2x; and initiated our first quarterly dividend, which will be paid on May 15."

"Once again, our Local Marketing Solutions segment drove the Company's growth, with net revenue growth of 5.9%, or 5.6% excluding political revenue," added Co-CEO Bill Wilson. "Our first quarter growth in this segment was driven by continued strength across our local broadcast and digital product offerings, which culminated in our 17th consecutive quarter of positive, organic revenue growth."

The company also announced today that its board of directors approved a quarterly cash dividend of $0.075 per share. The dividend will be payable on August 15 to shareholders of record as of the close of business on June 28.