“We are pleased to announce another strong result in our Local Marketing Solutions segment, which delivered net revenue growth of 0.4% in the fourth quarter of 2017, and 1.9% for the full year, despite the loss of political revenue. This was the 16th consecutive quarter of positive, organic net revenue growth for this segment of our Company. Excluding political revenue, Local Marketing Solutions net revenue increased 5.2% in the fourth quarter of 2017, our strongest quarter of the year, and 3.9% for the full year,” commented Bill Wilson, Co-Chief Executive Officer of Townsquare.
The Company also announced today that its Board of Directors approved the initiation of a quarterly cash dividend of $0.075 per share. The dividend will be payable on May 15, 2018 to shareholders of record as of the close of business on April 2, 2018.
“The Board’s decision to approve a dividend reflects confidence in our current capitalization, the strength of our balance sheet, our free cash flow generation, and our outlook for 2018,” commented Dhruv Prasad, Co-Chief Executive Officer of Townsquare.
“Our quarterly cash dividend of $0.075 per share, or $0.30 per share on an annual basis, commences in May 2018.”
Fourth Quarter Highlights (Compared to the 4Q 2016):
- Local Marketing Solutions net revenue increased 0.4%, and 5.2% excluding political revenue
- Entertainment net revenue decreased 17.4%
- Net revenue decreased 3.7%, and 0.2% excluding political revenue
- Local Marketing Solutions net revenue increased 1.9%, and 3.9% excluding political revenue
- Entertainment net revenue decreased 8.6%
- Net revenue decreased 1.7%, and 0.4% excluding political revenue
- Net income from continuing operations decreased 138.3%
- Adjusted EBITDA decreased 8.8%, to $97.2 million, consistent with previously issued guidance
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