Townsquare Media Second-Quarter Revenues Rise, Boosted By Live Events
August 4, 2016 at 4:33 AM (PT)
TOWNSQUARE MEDIA, INC. second-quarter 2015 net revenue increased 16.7% to $19.6 million (pro forma up 2.1% to $2.8 million), as the company saw a revenue boost from the addition of NORTH AMERICAN MIDWAY ENTERTAINMENT (NAME). The Local Marketing Solutions segment, which includes radio, rose 3% (3.5% pro forma) to $86.7 million; Entertainment, which includes live events and digital assets, increased 51.2% to $50.5 million (off 0.2% pro forma). Adjusted EBITDA fell 11.6% to $25.3 million, blamed on the seasonality of NAME; pro forma, Adjusted EBITDA rose 4.1%.
"We are pleased to report solid results for the first half of 2016, with pro forma net revenue and Adjusted EBITDA increasing approximately 4% over the prior year, with strength in our Local Marketing Solutions segment," said Chairman/CEO STEVEN PRICE. "In the second quarter, we delivered net revenue growth of 16.7% over the prior year. On a pro forma basis, net revenue increased 2.1%, which was in line with our expectations, and Adjusted EBITDA increased 4.1%, which exceeded our guidance. In addition, we were able to strengthen our balance sheet through the repurchase of $17 million of Unsecured Senior Notes."