Townsquare's Q1 Net Revs Up 2.5%
May 7, 2015 at 6:29 AM (PT)
TOWNSQUARE MEDIA has released financial results for the first quarter ended MARCH 31st, 2015.
As compared to the first quarter of 2014:
- Net revenue increased 2.5%, and 6.5% excluding political revenue and non-recurring festivals
- Local Advertising net revenue was flat
- Live Events net revenue increased 5.1%, and 59.7% excluding non-recurring festivals
- Other Media and Entertainment net revenue increased 29.0%
- Pro forma Adjusted EBITDA decreased 5.6%, consistent with previously issued guidance
"In the first quarter of 2015, we delivered net revenue growth of 6.5% excluding political revenue and non-recurring festivals. We are pleased with our first quarter performance, in the face of challenges presented by harsh weather conditions which particularly affected our Northeastern markets. These challenges impacted our Local Advertising segment and were offset by the strength in our Live Events segment and in Other Media and Entertainment," commented Chairman/CEO STEVEN PRICE.