A “solid” quarter that was “in line” with expectations.
So reports Townsquare Media for Q2 of 2017, as reported by Chairman/CEO Steven Price.
The publicly traded company owns 312 radio stations and 325 local websites as well as a digital marketing company, live events and a digital advertising network. It’s one of the bigger U.S. radio companies by station count but focuses on smaller and mid-sized markets.
“In the second quarter, net revenue increased 2.6%, and net income and Adjusted EBITDA were approximately flat,” Price said in the announcement. “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.” Broadcast stations are part of that LMS segment. “Our results in this segment are representative of the continued strength of our local advertiser solutions and the strength our local teams,” he said.
For the year to date though, Townsquare’s overall net revenue is off 1.1% compared to a year ago, to $229.1 million. While the sector that includes broadcasting saw a 2.9% net revenue increase in the six-month period, the company’s entertainment segment revenue dropped due to declines in live events, sales of some live events and revenue drops in national digital business.
The company also highlighted that it has repaid $6.7 million of long-term debt this year.