Townsquare Q4 Net Revenue Rises 12%, Loss Narrows 40%
|RADIO ONLINE | Wednesday, March 13, 2019|
Townsquare Media reported fourth quarter net revenues grew 12%, and 14.4% excluding live events, to $108.9 million from $97.2 million in 2017. Net revenue increased 7.5% excluding political revenue. Interactive net revenue was up 28.5%, while advertising net revenue rose 12.6%. The company posted a net loss reduction of 39.9% to $16.3 million ($1.26 per share for continuing operations) as compared to a net loss of $27.1 million (50 cents) in the year-ago period.
"2018 was an exciting year for Townsquare. We reoriented our business to focus on the profitable growth of Townsquare's local media and digital marketing solutions offerings, completed two strategic, tuck-in radio acquisitions, initiated a dividend, and delivered strong revenue and Adjusted EBITDA growth that exceeded our business plan," commented CEO Bill Wilson.
Wilson continued, "In 2018, we delivered net revenue growth of approximately 5% and Adjusted EBITDA growth of over 7%, driven by the impressive growth of our digital businesses, which now total $120 million in annual net revenue and thus nearly 30% of our total net revenue. Further, we beat our previously issued 2018 revenue guidance. The fourth quarter delivered the strongest year over year growth in 2018, with net revenue growth of 12%, and we saw sequential improvement in our advertising business throughout the year."
The company also announced that its board of directors approved a quarterly cash dividend of $0.075 per share. The dividend will be payable on May 15, 2019 to shareholders of record as of the close of business on April 2.