Townsquare Media Q2 Net Revs Rises 1.9%, Earnings Down
|RADIO ONLINE | Wednesday, August 8, 2018|
Townsquare Media reported second quarter net revenue increased 1.9% to $119.6 million from $117.3 million in 2017. Excluding political revenue, net revenue grew 1.3% to $118.3 million from $116.7 million. Adjusted EBITDA gained 1.3% to $0.4 million from $27.5 million. The company posted a 70.6% dip in net income to $1.6 million as compared to $5.6 million in the year-ago period. Net income from continuing operations increased 29.2% to $10.1 million from $7.8 million in 2017.
"We are pleased to announce that our second quarter financial results exceeded our previously issued guidance, continuing the momentum we experienced in the first quarter of the year. In the first six months of 2018, net revenue increased 2.6%, and 2.2% excluding political revenue, and Adjusted EBITDA increased 6.6%," commented Townsquare Co-CEO Bill Wilson. "Our second quarter and year to date revenue growth was primarily the result of the continued stability in our broadcast products and the strong revenue growth of our digital solutions."
"Through internal reorganization and the divestiture of North American Midway Entertainment, we have concluded the strategic reset that we initiated in late 2017 and have largely reoriented the Company towards the stability, profitable growth, and cash generation of the advertising, marketing solutions, and live events businesses in our local market footprint," added Co-CEO Dhruv Prasad. "Our strong performance in the first half of this year reinforces that this was the right strategy, and we remain committed to this plan moving forward."
The company also announced that its board of directors has approved a quarterly cash dividend of $0.075 per share. The dividend will be payable on November 15, 2018 to shareholders of record as of the close of business on September 27.