TOWNSQUARE REPORTS FIRST QUARTER 2018 RESULTS
Greenwich, CT - May 8, 2018 - Townsquare Media, Inc. (NYSE: TSQ) ("Townsquare," the "Company," "we," "us," or "our") announced today financial results for the first quarter ended March 31, 2018.
“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 Dhruv Prasad, Co-Chief Executive Officer of Townsquare. “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, 2018.”
“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,” commented Bill Wilson, Co-Chief Executive Officer of Townsquare. “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, 2018 to shareholders of record as of the close of business on June 28, 2018.
First Quarter Highlights*
As compared to the first quarter of 2017:
◦Local Marketing Solutions net revenue increased 5.9%, or 5.6% excluding political revenue
◦Entertainment net revenue increased 10.8%
◦Net revenue increased 6.6%, or 6.3% excluding political revenue
◦Net loss increased $23.6 million, and net loss from continuing operations increased $23.7 million
◦Adjusted EBITDA increased 12.7%
Diluted net loss per share and diluted Adjusted Net Loss Per Share were $1.44 and $0.12, respectively
Repaid $9.5 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 March 31, 2018 Compared to the Quarter Ended March 31, 2017
Net revenue for the quarter ended March 31, 2018 increased $5.8 million, or 6.6%, to $94.2 million, as compared to $88.4 million in the same period last year. Local Marketing Solutions net revenue increased $4.5 million, or 5.9%, to $80.6 million and Entertainment net revenue increased $1.3 million, or 10.8%, to $13.7 million, largely due to the timing of a live event. Excluding political revenue, net revenue increased $5.6 million, or 6.3%, to $93.5 million and Local Marketing Solutions net revenue increased $4.2 million, or 5.6%, to $79.9 million.
Net loss for the quarter ended March 31, 2018 increased $23.6 million to $26.6 million, as compared to $3.0 million in the same period last year. Net loss from continuing operations increased $23.7 million to $26.6 million, as compared to $2.9 million in the
The following information was filed by Townsquare Media, Inc. (TSQ) on Tuesday, May 8, 2018 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.