Net revenue for the final quarter of 2015 increased over 20 percent to $113.0 million, and was driven by a $16.1 million increase in Live Events. Net income soared as a result to $10.2 million for full year 2015, versus a loss in 2014.
“In 2015, we delivered net revenue growth of 18%, driven by growth across all segments and the acquisition of North American Midway Entertainment (“NAME”). We believe our diversified strategy remains sound, demonstrated by the stability of our Local Advertising business and the outsized growth in our other businesses,” commented Steven Price, Chairman and Chief Executive Officer of Townsquare.
“In addition, we further diversified our business, with approximately half of revenue now derived from sources other than the sale of terrestrial radio advertising.”Mr. Price continued, “2015 was an exciting year for Townsquare. We completed two strategic transactions, refinanced our capital structure, locking in long-term, favorable interest rates, and voluntarily repaid a portion of our term loan debt. On a pro forma basis, net revenue grew 5.4% in 2015 and both revenue and EBITDA were in line with the guidance that we provided at the start of 2015.”
Fourth Quarter Highlights
As compared to the fourth quarter of 2014:
- Net revenue increased 20.6%
- Local Advertising net revenue excluding political increased 3.5%
- Live Events net revenue increased 298.7%
- Other Media and Entertainment net revenue increased 44.1%
- As compared to 2014:
- Net revenue increased 18.0%
- Local Advertising net revenue excluding political increased 1.9%
- Live Events net revenue increased 138.5%
- Other Media and Entertainment net revenue increased 33.4%
- Excluding NAME, net revenue and Adjusted EBITDA were $412.5 million and $93.7 million, respectively
- Nearly 50% of pro forma net revenue was derived from sources other than the sale of terrestrial radio station advertising
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