TOWNSQUARE REPORTS SECOND QUARTER 2017 RESULTS
Greenwich, CT - August 9, 2017 - Townsquare Media, Inc. (NYSE: TSQ) ("Townsquare," the "Company," "we," "us," or "our") announced today financial results for the second quarter ended June 30, 2017.
“We are pleased to report another solid quarter that was in line with our expectations,” commented Steven Price, Chairman and Chief Executive Officer of Townsquare. “In the second quarter, net revenue increased 2.6%, and net income and Adjusted EBITDA were approximately flat. Our second quarter performance was anchored by our Local Marketing Solutions segment, where revenue increased 4.3% over the prior year, and 4.8% excluding political revenue. Our results in this segment are representative of the continued strength of our local advertiser solutions and the strength our local teams.”
Second Quarter Highlights*
As compared to the second quarter of 2016:
•Net revenue increased 2.6%, consistent with previously issued guidance
•Local Marketing Solutions net revenue increased 4.3%
•Entertainment net revenue was approximately flat
•Net income was approximately flat
•Adjusted EBITDA was approximately flat, consistent with previously issued guidance
Diluted net income and diluted Adjusted Net Income Per Share of $0.20 and $0.21, respectively
Year to Date Highlights*
As compared to the first half of 2016:
•Net revenue decreased 1.1%
•Local Marketing Solutions net revenue increased 2.9%
•Entertainment net revenue decreased 10.2%
•Net income decreased 39.4%
•Adjusted EBITDA decreased 5.0%
Repaid $6.7 million of long-term debt
* See below for discussion of non-GAAP measures and reconciliations to GAAP measures.
We have two reportable segments, Local Marketing Solutions, which provides broadcast and digital products and solutions to advertisers and businesses within our local markets, and Entertainment, which provides live event experiences and music and lifestyle content directly to consumers, and promotion, advertising and product activations to local and national advertisers.
Quarter Ended June 30, 2017 Compared to the Quarter Ended June 30, 2016
Net revenue for the quarter ended June 30, 2017 increased $3.5 million, or 2.6%, to $140.7 million, as compared to $137.2 million in the same period last year. Local Marketing Solutions net revenue increased $3.8 million, or 4.3%, to $90.5 million and Entertainment net revenue decreased $0.2 million, or 0.5%, to $50.2 million, due to revenue declines in certain of our live events and in our national digital business. Excluding political revenue, net revenue increased $3.9 million, or 2.9%, to $140.1 million and Local Marketing Solutions net revenue increased $4.2 million, or 4.8%.
Net income for the quarter ended June 30, 2017 decreased $39 thousand, or 0.7%, to $5.6 million as compared to $5.6 million in the same period last year.
The following information was filed by Townsquare Media, Inc. (TSQ) on Wednesday, August 9, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.