Townsquare Media posted first quarter revenue that was in line with the company’s expectations, according to financial data released Tuesday. For the first three months ending March 31, Townsquare recorded net revenue of $88.4 million, a drop of 6.4% or $3 million less than the same period a year ago. Adjusted EBITDA was $10.1 million.
Steven Price, chairman and CEO of Townsquare Media, said during an earnings call the company did manage to pay down $6.7 million of long-term debt. Connecticut-based Townsquare still has debt totaling $572 million and finished the quarter with $40.6 million cash on-hand.
The company has sufficient liquidity available to use to operate the business over the next 12 months and service debt, according to today’s earnings data.
The broadcaster’s local marketing solutions, which includes radio, mobile and digital ads, was up about 1.2% in Q1, but the entertainment division nose-dived 35.8% to $12.3 million. Price attributed that drop to the timing of a live event and the sale of certain live events.
“There were number of items that make a year-over-year comparison of our first quarter entertainment result difficult,” Price said. Townsquare, with 312 radio stations and local websites in 66 U.S. markets, owns a variety of festivals and North American Midway Entertainment (NAME).
National has continued to have a “negative impact” on the local markets, Price said, with the financial services and entertainment sectors off in Q1 while retail was up.
Townsquare CFO Stuart Rosenstein said on the earnings call broadcaster’s full year guidance remains on track with full year total revenue expected at $525 million to $535 million. The company recorded total revenue in 2016 of $516.9 million.