Townsquare Media Reports 127 Percent Increase In 2016 Income

Townsquare Media announced Monday financial results for the fourth quarter and year ended December 31, 2016.

"In 2016, we delivered net revenue, net income and Adjusted EBITDA growth of 17%, 127% and 9%, respectively.  On a pro forma basis, net revenue growth of 3.0% was driven by the strong performance of our local products and offerings within our Local Marketing Solutions segment, where pro forma net revenue increased 5.1% over the prior year," commented Steven Price, Chairman and Chief Executive Officer of Townsquare.  "This year we focused on strengthening our balance sheet; through EBITDA growth and debt repayment we reduced net leverage from 5.5x at the start of the year, to 4.9x at year end."

Fourth Quarter Highlights:  As compared to the fourth quarter of 2015 on an actual basis:

• Net revenue increased 5.8%
• Local Marketing Solutions net revenue increased 5.1%
• Entertainment net revenue increased 8.0%
• Net income increased 34.1%
• Adjusted EBITDA increased 18.1%
• Diluted net income and diluted Adjusted Net Income Per Share were $0.12 and $0.19, respectively

Full Year Highlights:  As compared to the year ended December 31, 2015 on an actual basis:

• Net revenue increased 17.1%
• Net income increased 127.3%
• Adjusted EBITDA increased 9.0%

As compared to the year ended December 31, 2015 on a pro forma basis:

• Net revenue increased 3.0%
• Local Marketing Solutions net revenue increased 5.1%
• Entertainment net revenue decreased 0.9%
• Net income increased 145.5%
• Adjusted EBITDA increased 4.1%