Townsquare Media Chairman/CEO Steven Price is satisfied with his company’s Q1 performance.
Saying that the year has started off well for the owner of small- and medium-market radio stations, in addition to a growing live events division, Townsquare saw its net income dip and its net loss widen.
Tough comps due to political dollars seen in Q1 are the key reason for the fall.
First quarter net revenue of $88.4 million was seen. That’s down from $94.4 million in Q1 2016.
Meanwhile, Townsquare suffered a net loss of $3 million (16 cents per share), widening from $1.38 million (8 cents).
The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 9 cents per share.
Adjusted EBITDA of $10.1 million was in line with his expectations. It was down from $12 million in Q1 2016.
Price remarked, “Our Local Marketing Solutions segment, which increased 1.2% over the prior year period, and 2.5% excluding the impact of political revenue, continues to show consistent, organic growth demonstrating the strength of our local products and services. Our local digital offerings have been especially strong, and we believe we will see continued strength as we begin to utilize our first party data capabilities in combination with our digital platform.”
Investors were less than pleased with the results, sending TSQ shares down 9.25%, to $10.60, in Tuesday’s trading.