Townsquare Media has released its second quarter financial results which showed a decline of 2.5% in total revenue during the three month period.
In April, May, and June, the company reported $118.2 million in net revenue. It featured an operating loss of $48.9 million during the time frame. While total revenue for the company declined 2.5%, digital revenue rose by 1%. Revenue from that sector made up 52% of its overall income.
“Our Q2 performance was driven by stabilizing and/or improving trends across segments: Townsquare Interactive returned to sequential revenue growth in each month of the quarter, as a result of positive subscriber trends that have improved dramatically compared to previous quarters; Digital Advertising net revenue growth continued at +1% year-over-year; and Broadcast Advertising net revenue was approximately flat as compared to the prior year, an improvement from first quarter declines,” said CEO Bill Wilson.
“Additionally, we continue to generate strong cash flow, granting us the ability to invest in our digital growth engine while preserving financial flexibility, as evidenced by our ongoing debt and share buybacks in the open market … We retain financial flexibility moving forward and we are confident in our ability to build shareholder value for our investors through long-term net revenue and cash flow growth, net leverage reduction, future dividend payments, and potential future share repurchases.”
During the quarter, Townsquare Media was able to retire $14 million of its outstanding debt according to the company’s financial reports.
