Townsquare Reports 'Solid' 2Q Results

Townsquare Media, Inc. announced today financial results for the second quarter ended June 30, 2016.

"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," commented Steven Price, Chairman and Chief Executive Officer of Townsquare. "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."

Second Quarter Highlights (compared to 2Q of 2015 on a pro forma basis):

• Net revenue increased 2.1%
• Local Marketing Solutions net revenue increased 3.5%
• Entertainment net revenue approximately flat
• Adjusted EBITDA increased 4.1%

Year to Date Highlights (compared to 2Q half of 2015 on a pro forma basis):

• Net revenue increased 3.9%
• Local Marketing Solutions net revenue increased 5.8%
• Entertainment net revenue approximately flat
• Adjusted EBITDA increased 3.9%

Net revenue for the quarter ended June 30, 2016 increased $19.6 million , or 16.7%, to $137.2 million , as compared to $117.5 million in the same period last year. This was driven primarily by the net revenue contribution of North American Midway Entertainment, which was acquired on September 1, 2015.  Local Marketing Solutions net revenue increased $2.6 million , or 3.0%, to $86.7 million and Entertainment net revenue increased $17.1 million , or 51.2%, to $50.5 million .