“We are pleased to report another solid quarter that was in line with our expectations,” commented Steven Price, Chairman and Chief Executive Officer of Townsquare. “In the second quarter, net revenue increased 2.6%, and net income and Adjusted EBITDA were approximately flat. Our second quarter performance was anchored by our Local Marketing Solutions segment, where revenue increased 4.3% over the prior year, and 4.8% excluding political revenue. Our results in this segment are representative of the continued strength of our local advertiser solutions and the strength our local teams.”
Second Quarter Highlights
- As compared to the second quarter of 2016:
- Net revenue increased 2.6%, consistent with previously issued guidance
- Local Marketing Solutions net revenue increased 4.3%
- Entertainment net revenue was approximately flat
- Net income was approximately flat
- Adjusted EBITDA was approximately flat, consistent with previously issued guidance
- Diluted net income and diluted Adjusted Net Income Per Share of $0.20 and $0.21, respectively
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