Townsquare Reports Q3 Net Revenues Up 1.9%, Earnings Down
|RADIO ONLINE | Wednesday, November 7, 2018|
Townsquare Media reported third quarter net revenue increased 1.9% to $114.1 million, as compared to $111.9 million in 2017. Revenue rose 9.5% excluding live events net revenue. Adjusted EBITDA climbed 6.9% to $21.8 million from $16.98 million. Interactive net revenue increased 22.9% adding 850 new subscribers, ending the quarter with approximately 14,500 subscribers. The company posted a 32.2% decline in net income to $9.7 million (52 cents), as compared to $14.3 million (38 cents) in the year-ago period.
"We are pleased to announce another strong quarter at Townsquare, our fourth since Bill Wilson and I started our partnership as Co-Chief Executive Officers one year ago," commented Co-Chief Executive Officer Dhruv Prasad. "We implemented a strategic plan focused on the stability and profitable growth of Townsquare's local branded media, marketing solutions, and live events businesses, and that plan has helped yield three consecutive quarters of revenue and EBITDA growth so far in 2018."
"Our third quarter results were at the top end of our previously issued guidance and are reflective of the strong performance we have generated with our ‘local first' strategy," added Co-Chief Executive Officer Bill Wilson. "Net revenue increased 1.9% and Adjusted EBITDA increased 6.9% in the third quarter, driven by the continued impressive growth of our digital businesses, particularly Townsquare Interactive and Townsquare Ignite."
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 February 15, 2019 to shareholders of record as of the close of business on December 27.