Townsquare Reports 3Q Revenue Increased 27.9% YOY

Townsquare Media, Inc.announced today financial results for the third quarter ended September 30, 2016.

“In the third quarter, net revenue and Adjusted EBITDAincreased 28% and 32% over the prior year, respectively, and net income decreased 4%. Excluding the impact of a one-time impairment charge, net income increased 12% over the prior year,” commented Steven Price, Chairman and Chief Executive Officer of Townsquare. “On a pro forma basis, our Local Marketing Solutions segment
continued its positive momentum by delivering another quarter of solid growth, with net revenue increasing approximately 4% over the prior year period. These results were offset by a decline in our Entertainment segment due primarily to exceptionally poor weather at four of our largest fairs.
Excluding those fairs, Townsquare’s pro forma net revenue and Adjusted EBITDA increased approximately 2% and 3%, respectively.”

Third Quarter Highlights

As compared to the third quarter of 2015 on an actual basis:

• Net revenue increased 27.9%
• Net income decreased 3.6%
• Adjusted EBITDA increased 32.4%

As compared to the third quarter of 2015 on a pro forma basis:

• Net revenue was approximately flat
• Local Marketing Solutions net revenue increased 3.8%
• Entertainment net revenue decreased 4.5%
• Net income decreased 31.7%
• Adjusted EBITDA decreased 2.1%

Diluted net income and diluted Adjusted Net Income Per Share were $0.58 and $0.67, respectively
Year to Date Highlights

As compared to the first nine months of 2015 on an actual basis:

• Net revenue increased 21.1%
• Net income increased 155.7%
• Adjusted EBITDA increased 6.5%

As compared to the first nine months of 2015 on a pro forma basis:

• Net revenue increased 2.2%
• Local Marketing Solutions net revenue increased 5.1%
• Entertainment net revenue decreased 2.4%
• Net income increased 134.1%
• Adjusted EBITDA increased 0.5%