Townsquare Media, Inc. (NYSE:TSQ) announced today financial results for the fourth quarter and year ended December 31, 2018.
Net revenue for the quarter ended December 31, 2018 increased $11.7 million, or 12.0%, to $109.0 million, as compared to $97.3 million in the same period last year.
Net loss for the quarter decreased $10.8 million, or 39.9%, to $16.3 million, as compared to $27.1 million in the same period last year. Net loss from continuing operations decreased $32.5 million or 350.5%, to a net loss of $23.2 million, as compared to net income of $9.3 million in the same period last year.
CEO Bill Wilson commented, "2018 was an exciting year for Townsquare. We reoriented our business to focus on the profitable growth of Townsquare's local media and digital marketing solutions offerings, completed two strategic, tuck-in radio acquisitions, initiated a dividend, and delivered strong revenue and Adjusted EBITDA growth that exceeded our business plan.
"In 2018, we delivered net revenue growth of approximately 5% and Adjusted EBITDA growth of over 7%, driven by the impressive growth of our digital businesses, which now total $120 million in annual net revenue and thus nearly 30% of our total net revenue. Further, we beat our previously issued 2018 revenue guidance."
Fourth-quarter net revenue showed growth of 12%.
Shares gained 29 cents a share soon after the opening bell, or 5.4%, to $5.79
