"We are pleased to pre-announce strong results for the fourth quarter. These results are in line with our previously issued guidance. We expect our 2014 audit to be completed in March. However, given our desire to provide the market with timely information, we believe this pre-announcement is prudent. We look forward to discussing our results with you in more detail on our fourth quarter conference call in March and are excited for the year ahead," commented Steven Price, Chairman and Chief Executive Officer of Townsquare Media, Inc.
The Company expects to report full financial results related to the quarter ended December 31, 2014 on or about March 16, 2015.
The Company is providing the following preliminary financial results:
Fourth Quarter Highlights
- Pro forma net revenue of $93.0 million to $94.0 million, an increase of approximately 9% to 10% compared to the fourth quarter of 2013
- Pro forma Adjusted EBITDA excluding duplicative and non-recurring corporate expenses of $24.0 million to $25.0 million, an increase of approximately 5% to 9% compared to the fourth quarter of 2013
- Pro forma net revenue of $384.0 million to $385.0 million, an increase of approximately 8% compared to 2013
- Pro forma Adjusted EBITDA excluding duplicative and non-recurring corporate expenses of $97.9 million to $98.9 million, an increase of approximately 3% to 4% compared to 2013
- Nearly 30% of net revenue was derived from sources other than the sale of terrestrial radio station advertising
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