Live events and digital ad sales powered Townsquare Media to growth during the first quarter. The company reports revenue increased 2.5% to $81.1 million during the first three months of the year. While local ad sales were flat, Townsquare says its live event revenue rose 5.1% and its digital sales jumped 29% despite softer e-commerce revenue.
CEO Steve Price says had it not been for the loss of political revenue and a decision to pull the plug on two multi-day music festivals, company revenue would have grown 6.5% during the quarter. “We are pleased with our first quarter performance, in the face of challenges presented by harsh weather conditions which particularly affected our Northeastern markets,” Price says. The operator of small and mid-market radio stations reported total first quarter net income of $131,000.
On a conference call with investors, CFO Stuart Rosenstein said Townsquare Media expects pro forma net revenue to grow high-single digits in the second quarter. And for all of 2015, he said they still expect to see mid- to high-single digit growth.
The company recently refinanced its capital structure, a move it estimates will save the company $11 million a year in interest expenses. Townsquare’s current debt totals $532.2 million.